General Aviation Market to Reflect Impressive Growth Rate in 2028 –
According to The Insight Partners study on “General Aviation Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Component (Avionics, Airframe, Landing Gear, Engine and Others) and Aircraft ( fixed-wing and rotary-wing)”, the market is expected to reach US$36,461.60 million by 2028 from US$26,208.00 in 2021; it is expected to register a CAGR of 4.8% during the period 2021-2028.
The general aviation market in North America is split between the United States, Canada and Mexico. In 2020, the United States held the largest market share at 61%, followed by Canada and Mexico. Due to the high standard of living in North America, air travel is the preferred means of transportation for both domestic and international travel. According to the General Aviation Manufacturers Association (GAMA), the general aviation market contributes more than US$247 billion annually to the US economy and employs more than 1.2 million citizens. General aviation aircraft logs 25.5 million flight hours each year in the United States; two-thirds of air traffic is for commercial purposes.
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Companies profiled in this report include: Airbus, Boeing, Leonardo SpA, Saab AB, Dassault Aviation, Pilatus Aircraft Ltd., Textron Inc., Bombardier, Gulfstream Aerospace Corporation, Embraer.
Charter operators are expanding their range of services by adding new routes. 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 charter aircraft vendors saw their revenue increase in fiscal 2020. In 2021, Club One (a charter airline company in India) announced that it ended 2020 better than 2019 with 10% increase in its activities, despite the loss of activity during the confinement period. Club One is expected to continue this trend in fiscal year 2021 due to the lack of scheduled international and domestic flight services and the preference for safety, health and hygiene coupled with the need to adhere to social distancing standards for domestic travel in different regions. Corporate sectors across the world are major consumers of charter aviation owing to the growing demand for air travel to attend cross-border meetings and scheduled operational sessions for corporate personnel. The aforementioned factors propel the demand for helicopters for domestic travel operations.
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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 activities 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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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.
Players operating in the general aviation market are adopting strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. 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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Contact person: Sameer Joshi
The Insight Partners is an industry unique research provider of actionable intelligence. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Health IT, Manufacturing and Construction, Medical Devices , technology, media and telecommunications, chemicals and materials.
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