The light and ultralight aircraft market is worth $9.87 billion
Newark, Sept. 27, 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global light and ultralight aircraft market is expected to grow from $6.54 billion in 2021 to $9.87 billion by 2030, at a CAGR of 4.69% over the forecast period 2022-2030.
Light and ultralight aircraft are economical because they are lightweight and have fewer moving parts. The low cost of light and ultralight aircraft is the main reason for their growing popularity around the world. Light and ultralight aircraft are in high demand across a variety of industries. They are used in agriculture for surveying and mapping, in the commercial sector for the transport of light goods, in the service sector for business travel and in the consumer sector for passenger taxis, among others. The global light and ultra-light aircraft market will be driven by the growing demand for these aircraft across all sectors.
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With a growing consumer base, increasing investments in improving aircraft avionics will provide profitable prospects for market players. The integration of AI into light and ultralight aircraft is also accelerating due to increased R&D efforts around the world. These technical breakthroughs and product innovations will provide excellent growth opportunities for the market over the forecast period. Rising plane accidents and lax safety regulations in the aviation sector of developing economies will limit the market growth. The supply shock and weak market demand caused by the pandemic will test the growth of the market. However, the growing number of high net worth individuals, air sports and adventure sports enthusiasts will help the market to recover from the previously mentioned shortcomings.
To strengthen their position in the global light and ultralight aircraft market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships .
• Cirrus Aircraft introduced Safe Return, an emergency automatic landing technology, in October 2019. In the event of an emergency, the technology transforms the manned aircraft into an autonomous vehicle and directs the aircraft to the appropriate airport on closer for landing.
Report Scope and Segmentation:
|2030 value projection||$9.87 billion|
|Light and ultralight aircraft market size in 2021||$6.54 billion|
|Number of pages||230|
|Segments Covered||Aircraft type, propulsion system, technology, application, regions|
|Light and Ultralight Aircraft Market Growth Drivers||Growing demand for light and ultralight aircraft|
Market growth and trends
The light and ultralight aircraft industry will grow and develop as the demand for aircraft increases. Inexpensive light and ultralight aircraft are faster, efficient and environmentally friendly, as they require less fuel than conventional aircraft carriers. These advantages contribute to its growing demand in sectors ranging from agriculture to defense. Governments and private market players working together to grow the light and ultralight aircraft market will also provide profitable prospects for 2022-30. The light and ultra-light aircraft market will increase due to the growing trend of deployment of unmanned aerial vehicles (UAVs) for sensitive remote missions. Drones save money, time and lives of personnel. The integration of advanced avionics to improve the safety and quality standards of light and ultralight aircraft will also drive the market during the forecast period.
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• In 2021, the light aircraft segment dominated the market with the largest market share of 63% and revenue of 4.12 billion.
The aircraft type segment is divided into light and ultralight. In 2021, the light aircraft segment dominated the market with the largest market share of 63% and revenue of 4.12 billion.
• The hybrid electric segment is expected to grow at the fastest CAGR of 5.74% during the forecast period.
The propulsion systems segment is divided into conventional and electric hybrid. During the forecast period, the hybrid-electric segment is expected to grow at the fastest CAGR of 5.74%.
• In 2021, the conventional take-off and landing (CTOL) segment accounted for the largest market share, with 78% and revenue of €5.10 billion.
The technology segment is divided into conventional takeoff and landing (CTOL) and vertical takeoff and landing (VTOL). In 2021, the conventional take-off and landing (CTOL) segment accounted for the largest market share, with 78% and revenue of $5.10 billion.
• In 2021, the civil and commercial segment dominated the market with the largest market share of 58% and revenue of 3.79 billion.
Application segment is divided into Civil & Commercial and Military. In 2021, the civil and commercial segment dominated the market with the largest market share of 58% and revenue of 3.79 billion.
Regional Segment Analysis of Light and Ultralight Aircraft Market
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region has emerged as the largest market for the global light and ultralight aircraft market, with a market share of approximately 38.34% and 2.50 billion market revenue in 2021. The North American region is expected to be the largest market forecast period. The market for light and ultralight aircraft in North America is growing rapidly. The United States of America dominates the light and ultralight aircraft market in the North American region. The growing need to continuously monitor US adversaries has increased spending on developing drones capable of providing 24/7 real-time surveillance in a cost-effective manner. The increasing number of people opting for an aviation education to obtain a pilot license for air sports and recreational activities will also boost the growth of the region. The increasing presence of pilot training schools is also a positive driver for market growth.
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Leading players operating in the global light and ultra-light aircraft market are:
• Textron Inc.
• Pilatus Aircraft Ltd.
• Cirrus aircraft
• Piper Aircraft Inc.
• Costruzioni Aeronautiche TECNAM
• Autogyro GmbH
• Quicksilver aircraft
• American Legend Aircraft Co.
• P&M Aviation
This study forecasts the global, regional and country revenue from 2019 to 2030. The Brainy Insights has segmented the global light and ultralight aircraft market based on the segments mentioned below:
Global light and ultralight aircraft market by aircraft type:
• Light aircraft
• Ultralight aircraft
Global Light and Ultralight Aircraft Market by Propulsion System:
• Electric hybrid
Global Light and Ultralight Aircraft Market by Technology:
• Conventional take-off and landing (CTOL)
• Vertical take-off and landing (VTOL)
Global Light and Ultralight Aircraft Market by Applications:
• Civil and commercial
About the report:
The global light and ultralight aircraft market is analyzed on the basis of value (Billion USD). All segments have been analyzed at global, regional and country level. The study includes analysis of more than 30 countries for each part. The report analyzes the drivers, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position analysis, distribution and marketing channel analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our union reporting repository is diverse across all domain categories and subcategories. Our customized solutions are designed to meet customer requirements, whether they are looking to expand or planning to launch a new product in the global market.
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