General Aviation Market to Reflect Impressive Growth Rate 2028 - The Insight Partners

According to The Insight Partners study on "General Aviation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Avionics, Airframe, Landing Gears, Engine, and Others) and Aircraft (Fixed Wing and Rotary Wing)" the market is projected to reach US$ 36,461.60 Mn by 2028 from US$ 26,208.00 in 2021; it is expected to register a CAGR of 4.8% during 2021-2028.

The general aviation market in North America is distributed across the US, Canada, and Mexico. In 2020, the US held the largest market share, i.e., 61%, followed by Canada and Mexico. Due to high living standards in North America, airplanes are the most preferred means of transport for domestic and international trips. According to the General Aviation Manufacturers Association (GAMA), the general aviation market contributes more than US$ 247 billion to the US economy annually and employs more than 1.2 million citizens. The general aviation aircraft logs 25.5 million flight hours every year in the US; two-thirds of air traffic is for business purposes.

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Companies Profiled in this report includes: Airbus, Boeing, Leonardo S.p.A., Saab AB, Dassault Aviation, Pilatus Aircraft Ltd., Textron Inc., Bombardier, Gulfstream Aerospace Corporation, Embraer.

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. Moreover, a few charter aviation vendors witnessed a rise in their revenues during FY 2020. In 2021, Club One (a chartered air services provider company in India) announced that it has ended 2020 better than 2019 with a 10% increase in business, despite the business loss during the lockdown period. Club One is expected to retain this trend during FY 2021 owing to the absence of regular international and domestic flight services and preference for safety, health, and hygiene coupled with the need to adhere to social distancing norms for domestic travel across different regions. The corporate sectors across the globe are the top consumers of charter aviation due to the burgeoning requirement of air travel for attending cross-border meetings and operational sessions planned among business personnel. The abovementioned factors are propelling the demand for helicopters for domestic travel operations.

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Impact of COVID-19 Pandemic on General Aviation Market

The outbreak of the COVID-19 has been significantly affected the world and continues to impact several countries. Until the spread of COVID-19, the aerospace industry was experiencing substantial growth in terms of production, despite huge backlogs from the aircraft manufacturers; the global aviation industry witnessed a significant rise in the number of passengers and an increase in aircraft procurement. Unfortunately, due to the COVID-19 pandemic, the demand for aircraft decimated, which resulted in lower volumes of orders among the aircraft manufacturers and fewer productions. The decline in production volumes adversely affected the businesses of various component manufacturers and associated technologies. Thus, the general aviation businesses have been severely affected by destabilization in aircraft production. Moreover, until the first two-quarters of the pandemic, the demand for personal air travel was on the rise as there were commercial air travel restrictions imposed by different governments worldwide that increased the demand for chartered air travel during the pandemic.

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Aircraft-Based Market Insights
Based on aircraft, the general aviation market is bifurcated into fixed-wing and rotary wings. In 2020, the fixed-wing segment accounted for a larger share in the market.

The players operating in the general aviation market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

In October 2021, Gulfstream Aerospace Corporation introduced the Gulfstream G800 and the Gulfstream G400 to expand its ultramodern, high-technology family of general aviation aircraft.
In September 2021, Bombardier unveiled the new Challenger 3500 super-midsized business jet whose standard avionics systems include auto-throttle, Smart Link Plus, and Voice Activated Cabin System.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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