The global general aviation market has experienced growth due to several factors such as demand for efficient & flexible air transportation, growth of industries requiring remote access, and advancements in aircraft technology.
WILMINGTON, Del., Sept. 13, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "General Aviation Market by Product (Helicopters, Piston Fixed-wing Aircraft, Turboprop Aircraft and Business Jet), Application (Commercial and Non-Commercial): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the general aviation market was valued at $30.7 billion in 2023, and is estimated to reach $47.1 billion by 2033, growing at a CAGR of 4.6% from 2024 to 2033.
Prime determinants of growth
The general aviation market is driven by various factors such as rise in demand for efficient and flexible air transportation solutions. However, high costs of aircraft ownership & operation and stringent regulations & certification requirements are anticipated to hamper the growth of the market during the forecast period. Moreover, expansion of air taxi and charter services and development of electric and hybrid-electric aircraft bodies are expected to offer potential opportunities for the global general aviation market during the forecast period.
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Segment Highlights
The business jet segment held the highest market share in 2023.
By product, the business jet segment held the highest market share in 2023. Business jets are designed for corporate and executive travel, offering luxury, speed, and flexibility. They cater to the growing demand from businesses and high-net-worth individuals for efficient and convenient air transportation solutions.
The commercial segment held the highest market share in 2023.
By application, the commercial segment held the highest market share in 2023. This segment includes a wide range of commercial activities, including business travel, air charter services, air ambulance operations, aerial surveying, and cargo transportation. The demand for efficient and flexible air transportation solutions from businesses and industries is a significant driver for the commercial application segment.
Regional Outlook
By region, North America held the highest market share in terms of revenue in 2023 owing to several factors such as rise in demand for personal and business aviation services due to the region's robust economy and corporate expansion. This demand surge is particularly pronounced for travel to remote destinations inaccessible by commercial airlines.
Players:
- Bombardier Inc.
- Dassault Aviation
- Embraer
- General Dynamics Corporation
- Textron Inc.
- Airbus SE
- Cirrus Design Corporation
- Honda Motor Co., Ltd.
- Leonardo S.p.A
The report provides a detailed analysis of these key players in the global general aviation market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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Recent Development:
- In March 2024, Yingling Aviation, a prominent provider of maintenance, repair, and overhaul (MRO) services, as well as fixed-base operation (FBO) services in the U.S., announced its acquisition of Mid-Continent Aviation Services (MCAS) . MCAS is also a full-service MRO located at Wichita's Dwight D. Eisenhower National Airport (ICT) . The financial details of the transaction were not disclosed.
- In February 2024, Leonardo received helicopter orders from the Middle East and India during Heli-Expo 2023. These orders, totaling 'almost' 40 helicopters, contribute to the company's sales contracts for more than 50 AW09 next-generation single-engine helicopters for customers globally.
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