General Aviation : Interesting Statistics to Learn About

General Aviation 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 the forecast period. North America dominated the market in 2020 with the largest share.

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Charter operators are expanding their service lines by adding newer routes to them. Along with this, the growing need for non-scheduled business travel compels them to add new aircraft to their existing fleets, which propels the demand for business jets and turboprops across the world. On the other hand, the demand for light sport and trainer aircraft is persistently growing worldwide. The rising interest of millennials toward aircraft piloting as their career is boosting the demand for aviation training, thus contributing to the surge in general aviation aircraft deliveries across different regions.

Textron Aviation, Cirrus Aircraft (AICC), Piper Aircraft, Diamond Aircraft, and TECNAM Aircraft are among the key companies in the global general aviation market. In addition to these market players, there are several other global, regional, and local players operating in the market ecosystem, which have been studied and analyzed during this study to get a holistic view of the entire market.

Impact of COVID-19 Pandemic on General Aviation Market

Textron Aviation, Inc. the world's largest general aviation manufacturer mentioned that the cyclical and lower demand for aircraft products had adversely affected their financial results. The requirement for business jets, turboprops, and commercial helicopters had been challenging to forecast due to the pandemic. The COVID-19 pandemic had adversely impacted the demand for aircraft products. Therefore, the future demand for these products could be significantly and unexpectedly less than previous year deliveries. Similarly, there is uncertainty regarding the existing commercial backlog for aircraft products that would convert to revenues as the conversion depends on production capacity, customer needs, and credit availability across the market.

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