The General Aviation Market Size is driven by an increase in the number of high-net-worth individuals (HNWIs), enhanced emphasis on operational safety from regulatory bodies, and ongoing advancements in developing light-sports aircraft. The market in North America is distributed across the US, Canada, and Mexico. In 2020, the US held the largest market share, i.e., 61%, followed by Canada and Mexico.
NEW YORK, Jan. 11, 2022 /PRNewswire/ -- According to the new market research report "General Aviation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Avionics, Airframe, Landing Gears, Engine, and Others) and Aircraft (Fixed Wing and Rotary Wing)", published by The Insight Partners, the global general aviation market 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 2021-2028.
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Report Coverage | Details |
Market Size Value in | US$ 26,208.00 million in 2021 |
Market Size Value by | US$ 36,461.60 million by 2028 |
Growth rate | CAGR of 4.8% from 2021 to 2028. |
Forecast Period | 2021-2028 |
Base Year | 2021 |
No. of Pages | 161 |
No. Tables | 88 |
No. of Charts & Figures | 73 |
Historical data available | Yes |
Segments covered | Component, and Aircraft |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
General Aviation Market: Competitive Landscape and Key Developments
Airbus, Boeing, Leonardo S.p.A., Saab AB, Dassault Aviation, Pilatus Aircraft Ltd., Textron Inc., Bombardier, Gulfstream Aerospace Corporation, and Embraer are among the key players profiled during this market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global general aviation market and its ecosystem.
In 2021, Textron Aviation reported that Sichuan Longhao Flight Training Co., Ltd. (China) placed an order for 20 Cessna Skyhawk piston aircraft. The order is expected to be delivered by 2022.
In 2021, Porter Airlines of Toronto placed an order for 30 E195-E2s with purchase rights for additional 50 aircrafts. Deliveries are expected to begin from the second half of 2022.
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One of the major concerns across the aviation sector is environmental emissions as the global aviation industry accounts for ~2.5% of the global carbon emissions, causing environmental pollution. Several vendors and aviation research organizations have been developing advanced power-efficient and low-emission aircraft models, including hybrid electric and fully electric aircraft. Electric aircraft systems are powered by one or more electric motors that drive the propellers. Electricity may be supplied by various methods, the most common being batteries. In 2021, Rolls-Royce announced the completion of its maiden flight for an intense flight testing phase of its fully electric aircraft. According to the company, the airplane utilized a 400-kW electric powertrain with the most power-dense battery pack ever assembled for an aircraft. Eventually, the company would require the aircraft's speed to exceed 300 miles per hour, which is likely to be tested in another phase in the UK. The development of such aircraft is likely to contribute to lowering carbon emission levels of the aviation industry. Thus, the development of electric aircraft will provide significant growth opportunities for the general aviation market players during the forecast period.
With the outbreak of COVID-19, the production and sales of general aviation came to a sudden halt in most of European countries. The collapse of the demand side severely impacted the EU aerospace sector, putting the economies in deep crisis and reducing international trade. The air transport sector plays a critical role in economic growth and employment in many European countries, which were strongly impacted by supply chain disruptions and technological challenges.
The European aerospace industry began to witness airspace inefficiencies, activity delays, and a declining number of flights with the initial spread of COVID-19 in the region. In 2020, the global passenger volume contracted by 60.5%, and the total infrastructure cost declined by 45.4%. The reduced demand has severely impacted the regional General Aviation Market and the general aviation aircraft manufacturers, both in building and maintaining airliners, parts suppliers, and catering, among others. However, when business activities return to normalcy, the EU aerospace industry is anticipated to recover gradually in the upcoming years.
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Demand for Electrification and Overhaul Services for Existing Fleet to Propel Market Growth:
The newly growing interest in aviation electrification is attracting contributions from the manufacturers of aircraft, energy supply equipment, and battery storage. The US federal agencies are funding various efforts that includes technology research, forecasting the aircraft demand, and environmental impacts of aircraft electrification. Most of the vendors in the global aircraft industry are focusing on the development of advanced electric systems meant for deployments in different aircraft assemblies. With the rapidly growing aviation industry from the past few years, the demand for aircraft overhaul services is also increasing. Emerging economies, such as those in APAC, are highly focused on extending overhaul services to general aviation aircraft and helicopters. Economic growth, increasing air passenger count, and growing aviation infrastructure spending in APAC countries are the major factors driving the sales of aircraft overhaul services.
General Aviation Market: Avionics Overview
Avionics generally involve flight control systems, flight recorders, threat detection systems, electro-optic (EO/IR) systems, performance monitors, engine controls, navigation and communications equipment, lighting systems, and weather radar. General aviation aircraft use avionics for tracking and reporting performance measures, and for operating within established safety parameters. Advanced avionics systems are integrated to simplify maintenance, improve performance, and contain costs. Honeywell International Inc., Thales Group, Teledyne Technologies Incorporated, Raytheon Technologies, and L3Harris Technologies, Inc. are among the leading market players that provide avionics systems. L3Harris Technologies, Inc. provides in/out transponder and display system, electronic standby instrument, lightweight data recorder (LDR), cockpit voice and flight data recorders, and modular airborne data recorder/acquisition system. With the growing general aviation sector, demand for high-tech avionics systems is anticipated to grow considerably in near future.
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