Global Ultralight and Light Aircraft Market Set to Soar to $18.4 Billion by 2028, Driven by Cost-Efficient Operations
DUBLIN, July 12, 2023 -- The "Ultralight and Light Aircraft Market - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
A recent industry report has signaled exciting growth in the global ultralight and light aircraft market. Currently valued at $9.3 billion in 2023, it's forecasted to reach an impressive $18.4 billion by 2028. This substantial expansion, growing at a Compound Annual Growth Rate (CAGR) of 14.4%, is primarily driven by the cost-efficient operation and maintenance of ultralight aircraft.
The market's rapid growth is greatly facilitated by the lightweight design and relaxed ownership rules surrounding ultralight aircraft in several countries. Consuming just 2-3 gallons of fuel per hour, these aircraft offer an economical solution for sports and recreational activities, particularly within regions such as the United States, Canada, and Australia.
The report highlights Conventional Take-off and Landing (CTOL) as the largest market segment based on flight operation. Training pilots on primary flight operations, including take-offs and landings, extensively utilize ultralight and light aircraft. The Vertical Take-off and Landing (VTOL) segment also shows potential, with its applications in military, medical, and rescue operations and its potential role in emerging concepts such as Urban Air Mobility (UAM).
From a system perspective, the aircraft systems segment is projected to witness the highest growth rate during the forecast period. The rising demand for training aircraft and the convenience of using smaller aircraft to access remote areas contribute to this growth. Moreover, emerging technologies, such as electric VTOL aircraft and UAVs used for UAM, are set to further drive this market segment.
In terms of technology, the manned segment, comprising ultralight and light aircraft requiring a pilot for flight operations, currently holds the largest market share. However, unmanned aircraft technology, though yet to be fully integrated into commercial air travel, presents promising growth potential.
Geographically, the report predicts North America will lead the way in terms of growth. Home to numerous major aircraft Original Equipment Manufacturers (OEMs) and an established market for light and ultralight aircraft, North America's growth rate in this market is set to accelerate.
Market Dynamics:
Drivers:
- Low-cost operation and maintenance of ultralight aircraft.
- Growing use of UAVs in various military operations.
Restraints:
- Delays in aircraft deliveries.
Opportunities:
- Advancements in traditional aircraft propulsion.
- Advancements in passenger drones and UAV payload.
Challenges:
- Development costs outweigh benefits of ultralight and light aircraft.
- Safety considerations for operation of ultralight and light aircraft.
Premium Insights:
Fastest-Growing Technologies:
- Urban Air Mobility and passenger drones.
High Growth Segments:
- Ultralight Aircraft and Conventional Take-Off and Landing.
Key Market Trend:
- Composites expected to lead the market during the forecast period.
High Growth Applications:
- Civil and Commercial uses to register higher growth during forecast period.
Companies Mentioned
- Aeropro
- Air Tractor
- American Legend Aircraft Co.
- Aston Martin
- Autogyro GmbH
- Cirrus Aircraft
- Costruzioni Aeronautiche Tecnam Spa
- Evektor Aerotechnik
- Flight Design General Aviation GmbH
- Honda Aircraft Company
- Joby Aviation
- Karem Aircraft Inc.
- Kitty Hawk
- Lift Aircraft Inc.
- Lilium GmbH
- Neva Aerospace
- Opener
- P&M Aviation
- Pilatus Aircraft
- Piper Aircraft, Inc.
- Pipistrel D.O.O
- Quicksilver Aircraft
- Textron Inc.
- Thrust Aircraft Private Limited
- Volocopter GmbH
- Vulcanair
- Wing Aviation LLC
- Xti Aircraft
For more information about this report visit https://www.researchandmarkets.com/r/rvuko4
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets