The global general aviation market 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. 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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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.
Lucrative Regions for General Aviation Products Providers
The general aviation market is segmented into components, aircraft, and geography. Based on components, the market is categorized into avionics, airframe, landing gears, engine, and others. In 2020, the engine segment held the largest share of the market. In terms of aircraft, the general aviation market is segmented into fixed-wing and rotary-wing. In 2020, the fixed-wing segment accounted a larger share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global market.
General Aviation Market Insights
The Surge in Demand for Business Jets
Component-Based Market Insights
Based on components, the general aviation market is segmented into avionics, airframe, landing gears, engine, and others. In 2020, the engine segment accounted for the largest market share.
General Aviation Market, by Component, 2020 and 2028 (%)
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.
The general aviation market is segmented based on components, aircraft, and geography. Based on component, the market is categorized into avionics, airframe, landing gears, engine, and others. Based on aircraft, the global general aviation market is divided into fixed-wing and rotary-wing. Geographically, the general aviation market is primarily segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
- Leonardo S.p.A.
- Saab AB
- Dassault Aviation
- Pilatus Aircraft Ltd.
- Textron Inc.
- Gulfstream Aerospace Corporation
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