Size of the general aviation market worth $36,461.60 million, globally, by 2028 at a CAGR of 4.8%

NEW YORK, January 11, 2022 /PRNewswire/ — According to the new market research report “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 )”, published by The Insight Partners, the global general aviation market is expected to grow from US$26,208.00 million in 2021 for $36,461.60 million by 2028; it is estimated to register a CAGR of 4.8% during the period 2021-2028.

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Details

Market size Value in

$26,208.00 million in 2021

Market Size Value by

$36,461.60 million by 2028

Rate of growth

CAGR of 4.8% from 2021 to 2028.

Forecast period

2021-2028

base year

2021

Number of pages

161

Number of tables

88

Number of graphs and figures

73

Historical data available

Yes

Segments Covered

Component and aircraft

Regional scope

North America; Europe; Asia Pacific; Latin America; AEM

Country scope

United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

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Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends

General Aviation Market: Competitive Landscape and Key Developments

Airbus, Boeing, Leonardo SpA, Saab AB, Dassault Aviation, Pilatus Aircraft Ltd., Textron Inc., Bombardier, Gulfstream Aerospace Corporation and Embraer are some of the key players profiled during this market study. In addition to these players, several other key players in the market have also been researched and analyzed to get a holistic view of the global General Aviation market and its ecosystem.

In 2021, Textron Aviation reported that Sichuan Longhao Flight Training Co., Ltd. (China) placed an order for 20 Cessna Skyhawk piston aircraft. The order is expected to be delivered by 2022.

In 2021, Porter Airlines from Toronto placed an order for 30 E195-E2s with purchase rights for an additional 50 aircraft. Deliveries are expected to start from the second half of 2022.

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One of the major concerns of the aviation sector is environmental emissions, as the global aviation industry accounts for approximately 2.5% of global carbon emissions, which leads to environmental pollution. Several aviation suppliers and research organizations have developed advanced low-power, low-emission aircraft designs, including hybrid-electric and all-electric aircraft. Electric aircraft systems are powered by one or more electric motors that drive the propellers. Electricity can be provided by a variety of methods, the most common being batteries. In 2021, Rolls-Royce announced the completion of its maiden flight for an intense flight testing phase of its all-electric aircraft. According to the company, the aircraft used a 400 kW electric powertrain with the most powerful battery ever assembled for an aircraft. Eventually, the company would require the plane’s speed to exceed 300 miles per hour, which would have to be tested in another phase in the UK. The development of such aircraft is likely to help reduce the carbon emission levels of the aviation industry. Thus, the development of electric aircraft will provide significant growth opportunities for the general aviation market players over the forecast period.

With the outbreak of COVID-19, general aviation production and sales came to an abrupt halt in most European countries. The collapse in demand has had serious repercussions for the EU aerospace sector, plunging economies into deep crisis and reducing international trade. The air transport sector plays a vital role in economic growth and employment in many European countries, which have been strongly affected by supply chain disruptions and technological challenges.

The European aerospace industry has started to witness airspace inefficiencies, business delays and a drop in the number of flights with the initial spread of COVID-19 in the region. In 2020, global passenger volume contracted by 60.5% and total infrastructure cost decreased by 45.4%. The drop in demand has had a serious impact on the region General aviation market and general aviation aircraft manufacturers, both in the construction and maintenance of airliners, parts suppliers and restoration, among others. However, when business activities return to normal, the EU aerospace industry is expected to gradually recover in the coming years.

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Demand for Electrification and Overhaul Services for Existing Fleet to Propel Market Growth:

The new and growing interest in aviation electrification is attracting contributions from manufacturers of aircraft, power supply equipment and battery storage. US federal agencies fund various efforts that include technological research, aircraft demand forecasting, and the environmental impacts of aircraft electrification. Most suppliers in the global aviation industry are focused on developing advanced electrical systems for deployment in different sets of aircraft. With the rapid growth of the aviation industry in recent years, the demand for aircraft overhaul services is also increasing. Emerging economies, such as those in APAC, have a strong focus on extending overhaul services to general aviation aircraft and helicopters. Economic growth, increasing number of air passengers and increasing spending on aviation infrastructure in APAC countries are the major factors driving the sales of aircraft overhaul services.

General Aviation Market: Avionics Overview

Avionics typically involves flight control systems, flight recorders, threat detection systems, electro-optical (EO/IR) systems, performance monitors, engine controls, navigation equipment and communications, lighting systems and weather radars. General aviation aircraft use avionics to track and report performance metrics and to operate within established safety parameters. Advanced avionics systems are integrated to simplify maintenance, improve performance and reduce costs. Honeywell International Inc., Thales Group, Teledyne Technologies Incorporated, Raytheon Technologies, and L3Harris Technologies, Inc. are some of the major market players that provide avionics systems. L3Harris Technologies, Inc. provides Transponder and Entry/Exit Display System, Electronic Standby Instrument, Lightweight Data Recorder (LDR), Cockpit Voice and Flight Data Recorders and System modular airborne data acquisition/recording unit. With the growth of the general aviation sector, the demand for high-tech avionics systems is expected to increase significantly in the near future.

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About Us:

The Insight Partners is an industry unique research provider of actionable intelligence. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Health IT, Manufacturing and Construction, Medical Devices , technology, media and telecommunications, chemicals and materials.

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Contact person: Sameer Joshi
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Phone: +1-646-491-9876
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SOURCE Insight Partners