DUBLIN--(BUSINESS WIRE)--The "Ultralight Aircraft Market By Technology, By Propulsion, By Takeoff, By End Use: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the ultralight aircraft market was valued at $5.6 billion in 2021, and is estimated to reach $9.7 billion by 2031, growing at a CAGR of 6% from 2022 to 2031.
Ultralight aircraft have developed into specially designed aircraft of very low weight and power but with flying characteristics similar to conventional light aircraft. Originally, ultralights were simply hang gliders modified for power by installation of small engines similar to those used in chain saws.
Although upgraded variants are currently utilized for training, police patrol, and other activities, including a planned use in conflict, they are still primarily designed for recreational flight. Ultralights can be powered or unpowered. They should weigh no more than 155 pounds when unpowered. If powered, they have an empty weight of no more than 254 pounds, a fuel capacity of no more than 5 US gallons, a top speed in level flight of no more than 55 knots, and a power-off stall speed of no more than 24 knots.
Growth of the ultralight aircraft market is driven by factors such as low cost of acquisition and maintenance, and absence of regulatory norms limiting civilians to fly an ultralight aircraft in certain regions. Placement of ultralight aircraft in recreational and sports activities are backed by increasing expenditure trends by civilians across the globe to support business opportunities within the region.
Rise in disposable income across the globe and increasing delays in delivery of conventional aircraft is expected to impact ultralight aircraft in a positive manner to a certain extent. Rise in sports, tourism, and recreational activities post COVID-19 is supporting business opportunities within the segment. In Q1 2022, there were an expected 117 million foreign visitors, up from 41 million in Q1 2021, an increase of 182% year over year. About 47 million of the additional 76 million overseas arrivals were counted in March 2022.
Companies have adopted product development and product launch as their key development strategies in the ultralight aircraft industry.
Moreover, collaborations and acquisitions are expected to enable leading players to enhance their product portfolios and expand into different regions.
- This study presents the analytical depiction of the global ultralight aircraft market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall ultralight aircraft market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global ultralight aircraft market with a detailed impact analysis.
- The current ultralight aircraft market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
- Conventional Propulsion
- Electric and Hybrid
By End Use
- Civil and Commercial
- North America
- Rest Of Europe
- South Korea
- Rest Of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- Pilatus Aircraft Ltd.
- Textron Inc.
- Volocopter GmbH
- P&M Aviation
- Legend Aero
- Cirrus Aircraft
For more information about this report visit https://www.researchandmarkets.com/r/nz49id
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