Rising demand for general aviation market growth at a CAGR of 4.8% between 2021 and 2028
NEW YORK, USA, February 11, 2022 /EINPresswire.com/ — According to the Insight Partners study on “General aviation market Forecast to 2028 – COVID-19 Impact and Global Analysis – By Component and Aircraft”, is expected to grow from US$26,208.00 million in 2021 to US$36,461.60 million by 2028; it is estimated to register a CAGR of 4.8% during the period 2021-2028.
Report Cover Details
Market size value in 26,208.00 million US$ in 2021
Market size value of US$36,461.60 million by 2028
CAGR growth rate of 4.8% from 2021 to 2028.
Forecast period 2021-2028
Base year 2021
Number of pages 161
No. Tables 88
Number of graphs and figures 73
Historical data available Yes
Segments covered Components and Aircraft
Regional scope North America; Europe; Asia Pacific; Latin America; AEM
Countries Covered USA, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report Coverage Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends
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Along with this, the growing need for non-scheduled business travel is forcing them to add new aircraft to their existing fleets, which is propelling the demand for business jets and turboprops across the globe. On the other hand, the demand for light sport and trainer aircraft is constantly growing all over the world. Growing interest of millennials in flying airplanes as their career advances is driving the demand for aviation training, thus contributing to increased deliveries of general aviation airplanes in different regions. Additionally, a few vendors of charter aircraft have experienced an increase in revenue in fiscal year 2020. Corporate sectors across the globe are major consumers of charter aircraft owing to the growing need for air travel to attend cross-border meetings and planned operational sessions among company personnel. . The aforementioned factors propel the demand for helicopters for domestic travel operations.
Demand for Electrification and Overhaul Services for Existing Fleet to Propel Market Growth:
The new and growing interest in aviation electrification is attracting contributions from manufacturers of aircraft, power supply equipment and battery storage. US federal agencies fund various efforts that include technological research, aircraft demand forecasting, and the environmental impacts of aircraft electrification. Most suppliers in the global aviation industry are focused on developing advanced electrical systems for deployment in different sets of aircraft. With the rapid growth of the aviation industry in recent years, the demand for aircraft overhaul services is also increasing. Emerging economies, such as those in APAC, have a strong focus on extending overhaul services to general aviation aircraft and helicopters. Economic growth, increasing number of air passengers and increasing spending on aviation infrastructure in APAC countries are the major factors driving the sales of aircraft overhaul services.
Impact of the COVID-19 pandemic on the general aviation market
The COVID-19 epidemic has been significantly affected around the world and continues to affect several countries. Until the spread of COVID-19, the aerospace industry was experiencing substantial growth in terms of production, despite huge backlogs from aircraft manufacturers; the global aviation industry has seen a significant increase in passenger numbers and an increase in aircraft purchases. Unfortunately, due to the COVID-19 pandemic, the demand for aircraft has been decimated, leading to lower order volumes among aircraft manufacturers and lower productions. The fall in production volumes penalized the activity of the various equipment manufacturers and associated technologies. Thus, general aviation activities were hard hit by the destabilization of aeronautical production. Additionally, until the first two quarters of the pandemic, the demand for personal air travel was on the rise as there were restrictions on commercial air travel imposed by various governments around the world which increased the demand for charter air travel during the pandemic.
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Market overview based on components:
Based on components, the general aviation market is segmented into avionics, airframe, landing gear, engine and others. In 2020, the engine segment accounted for the largest market share.
Aircraft Based Market Overview:
Based on aircraft, the general aviation market is divided into fixed wing and rotary wing. In 2020, the fixed-wing segment accounted for a larger share of the market.
Geographically, the general aviation market is primarily segmented into North America, Europe, Asia-Pacific, MEA, and South America.
General Aviation Market: Competitive Landscape and Key Developments
Airbus, Boeing, Leonardo SpA, Saab AB, Dassault Aviation, Pilatus Aircraft Ltd., Textron Inc., Bombardier, Gulfstream Aerospace Corporation and Embraer are some of the major players in the global general aviation market. Leading companies are focusing on expanding and diversifying their market presence and acquiring new customer base, thereby exploiting existing business opportunities.
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Some developments by key players are listed below:
In October 2021, Gulfstream Aerospace Corporation introduced the Gulfstream G800 and Gulfstream G400 to expand its family of state-of-the-art, high-tech general aviation aircraft.
In September 2021, Bombardier unveiled the new super-midsize Challenger 3500 business jet whose standard avionics systems include auto-throttle, Smart Link Plus and voice-activated cabin system.
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