The Global General Aviation Market is projected to register a CAGR of 4.70%. Key Highlights. Largest Market by Sub-Aircraft Type - Business Jets : An increasing number of HNWIs and UHNWIs across all the regions worldwide are mainly driving the market’s growth.
New York, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global General Aviation Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381496/?utm_source=GNW
Fastest-growing Market by Sub-Aircraft Type - Business Jets : The need to meet the increasing training requirements of various countries and the rising adoption of piston aircraft across different sectors are boosting the market’s growth.
Largest Market by Body Type - Large Jet : The increasing consumer preference for large jets is driving their demand. Therefore, manufacturers are offering a wide range of large jets to consumers according to their preferences.
Largest Market by Region - North America : The United States is the major contributor to the growth of the regional market due to its strong economy and increased procurement of various private aircraft models.
General Aviation Market Trends
Business Jets is the largest segment by Sub Aircraft Type.
Growth in the HNWI and UHNWI populations globally is acting as a catalyst for the increased demand for private travel, subsequently driving the procurement of helicopters and business jets with enhanced cabin interiors. For instance, from 2016 to 2021, the HNWI population increased by 83% globally.
With the growth in the tourism sector in various regions, many charter operators and tourism companies are planning to expand their fleets by introducing new piston-engine aircraft, turboprop aircraft, and helicopters. This trend is helping them further expand their presence globally.
The growing concerns over aviation emissions shifted the focus of manufacturers toward the development of all-electric aircraft. New electric aircraft models are likely to be developed in the future.
The North American region currently holds the largest market share, and it is expected to continue its dominance during the forecast period. The region holds the world’s largest operating general aviation aircraft fleet, with the United States accounting for the majority of its share. Over the past few months, an increase in wealth, strong leisure demand, and a gradual ease of COVID-19 restrictions have driven the business aviation industry.
Other types of aircraft in the general aviation industry are also experiencing demand growth. In 2021, 68% of the piston fixed-wing aircraft and 66% of business jets were delivered in North America out of the total deliveries worldwide, making it the biggest general aviation market globally.
North America is the largest segment by Region.
The global general aviation sector was impacted by the COVID-19 pandemic. In the shorter term, deliveries declined by 13% in 2020 and 2021. However, the surge in the utilization of helicopters, business jets, and other aircraft and the plans to procure new jets for transportation and charter operations are expected to remain unaffected in the long term, which may aid the growth of the general aviation market during the forecast period.
Due to the growth of HNWIs and UHNWIs globally, there has been an increase in the demand for private travel, subsequently driving the procurement of helicopters and business jets with enhanced cabin interiors. From 2016 to 2021, the global UHNWI population increased from 348,355 in 2016 to 610,569 in 2021, a growth of around 75%.
North America was the most dominating region globally in terms of deliveries, accounting for around 71% of the global business jet deliveries in 2021. Similarly, turboprop and piston aircraft accounted for 53% and 69% of the global deliveries in their category.
In Europe, there is an increasing adoption of private jets for intra-region travel by most HNWIs due to the commercial airlines’ cancellations of intra-region flights amid staff shortages.
The growing demand for general aviation services globally, with significant recovery after the pandemic in the major markets, such as North America, Europe, and the Middle East, is expected to aid the global general aviation market. Around 29,000 aircraft comprising business jets, helicopters, turboprops, and piston aircraft are expected to be delivered globally during 2022-2028.
General Aviation Market Competitive Analysis
The Global General Aviation Market is fairly consolidated, with the top five companies occupying 68.99%. The major players in this market are Airbus SE, Bombardier Inc., Dassault Aviation, General Dynamics Corporation and Textron Inc. (sorted alphabetically).
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