PUBLISHER: The Business Research Company | PRODUCT CODE: 1425888
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425888
Ultralight And Light Aircraft Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on ultralight and light aircraft market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for ultralight and light aircraft? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The ultralight and light aircraft market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Ultralight and light aircraft refer to microlight or lightweight planes characterized by fixed wings and accommodating one to two individuals, with speed and weight parameters tailored to meet diverse regional specifications. These aircraft are primarily utilized for recreational purposes and short-distance flights.
The primary categories within ultralight and light aircraft encompass ultralight aircraft and light aircraft. Ultralight aircraft are designed for sports and recreational activities, typically featuring a single-seat configuration with a power-off stall speed not exceeding 24 knots. Flying an ultralight generally doesn't necessitate a pilot's license or aviation medical certification. Technologies employed in these aircraft include CTOL (Conventional Takeoff and Landing) and VTOL (Vertical Takeoff and Landing), which can be powered by electric/hybrid or conventional propulsion systems. Ultralight and light aircraft find applicability across civil, commercial, and military sectors.
The ultralight and light aircraft market research report is one of a series of new reports from The Business Research Company that provides ultralight and light aircraft market statistics, including ultralight and light aircraft industry global market size, regional shares, competitors with an ultralight and light aircraft market share, detailed ultralight and light aircraft market segments, market trends and opportunities, and any further data you may need to thrive in the ultralight and light aircraft industry. This ultralight and light aircraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The ultralight and light aircraft market size has grown strongly in recent years. It will grow from $6.99 billion in 2023 to $7.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth observed during the historical period can be attributed to several contributing factors, including innovation in avionics technology, the burgeoning tourism sector, cost-effective solutions offered by these aircraft, the establishment and expansion of training facilities and flight schools, advancements in aircraft materials enhancing performance, and the increasing enthusiasm for recreational aviation activities.
The ultralight and light aircraft market size is expected to see strong growth in the next few years. It will grow to $9.92 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period is expected to be fueled by several factors, notably the implementation of advanced safety features, the rising prominence of urban air mobility (UAM), growth opportunities within adventure tourism, emphasis on utilizing lightweight materials and innovative construction methods, and an increased focus on safety enhancements. Key trends projected for the forecast period encompass advancements in electric and hybrid propulsion systems, the integration of sophisticated avionics and connectivity solutions, developments in regulatory frameworks and certification standards, the utilization of unmanned aerial vehicles (UAVs) for surveillance and monitoring purposes, as well as a trend toward market consolidation and strategic partnerships within the industry.
The increased utilization of Unmanned Aerial Vehicles (UAVs) in military operations has been a significant driver for the growth of the ultralight and light aircraft market. Recent years have witnessed groundbreaking developments in both military and civilian applications of UAVs, positioning them as a crucial element in the future of warfare. The advantages of ultralight and light aircraft, particularly in terms of weight and capabilities, make them conducive to streamlined military operations. As reported by Aeromag Asia in 2020, 17 countries deployed armed UAVs, and over 100 countries incorporated UAVs into military operations, projecting the global UAV market to reach $21.47 billion. The Indian market alone is anticipated to surpass $885.7 million in 2021. The escalating use of UAVs in military contexts is poised to fuel the growth of the ultralight and light aircraft market.
Anticipated growth in air tourism is expected to be a driving force behind the expansion of the ultralight and light aircraft market. Air tourism, involving the commercial transportation of passengers for leisure and recreational purposes, relies on various types of aircraft, including ultralight and light models. These aircraft contribute significantly to enhancing the air tourism experience by providing a unique and accessible means for travelers to explore destinations from an aerial perspective. Renowned for their agility and versatility, ultralight and light aircraft enable scenic flights, sightseeing tours, and various adventure tourism activities. The International Air Transport Association reported a 52.4% increase in total air traffic in March 2023 compared to the same period in 2022. Globally, air traffic has reached approximately 88.0% of pre-pandemic levels from March 2019. The surge in air tourism is a pivotal factor propelling the ultralight and light aircraft market.
A noteworthy trend shaping the ultralight and light aircraft market is the technological advancement in lightweight design. Key industry players are directing their efforts toward the development and manufacturing of light sport aircraft, leveraging composite materials and vacuum structures to ensure a balance between lightweight construction and structural strength. A case in point is CubCrafters, a US-based aircraft company, which introduced the Carbon Cub UL in March 2023. This ultralight aircraft utilizes multi-fuel and avionics technology, meeting ASTM standards. Notably, it has the capacity to carry two adults with a full fuel load and baggage at a maximum takeoff weight of 1,320 pounds. The adoption of such advanced technologies is gaining traction and reinforcing the competitive position of market players in the ultralight and light aircraft segment.
Major players in the ultralight and light aircraft market frequently engage in strategic collaborations and partnerships to enhance their market positions. A business strategic partnership denotes a formal affiliation between two or more commercial entities, typically established through contractual agreements. An illustrative example is the partnership formed in May 2023 between Jekta, a Switzerland-based aircraft and sustainable transport solutions company, and Honeywell, a US-based multinational conglomerate corporation. This collaboration is centered around integrating Honeywell's key systems, including powertrain, avionics, and flight control systems, into Jekta's upcoming all-electric seaplane.
In a significant move in April 2022, Textron Inc., a multi-industry company based in the United States with a global aircraft network for defense, acquired PIPISTREL d.o.o. for a cash transaction totaling USD 221 million. This strategic acquisition is designed to bolster Textron's position by expanding its offerings to include sustainable aircraft for urban air mobility, general aviation, cargo transport, and various special mission roles. PIPISTREL, a Slovenian-based company, is renowned as the world's first and currently the only manufacturer of electric aircraft and light aircraft.
Major companies operating in the ultralight and light aircraft market report are Textron Inc., Pilatus Aircraft Limited, Piper Aircraft Inc., TECNAM Costruzioni Aeronautiche S.p.A., The Cirrus Design Corporation, Aeropro Ltd., American Legend Aircraft Company, Autogyro GmbH, Evektor spol. s r.o., Flight Design General Aviation GmbH, Jabiru Aircraft Pty Limited, P&M Aviation SV, Cub Crafters Inc., Pipistrel d.o.o Ajdovscina, Quicksilver Aircraft, Vulcan Air S.p.A., Air Creation, Lockwood Aviation Group, Airtime Aircraft Inc., Alpi Aviation Srl, ATEC v.o.s., B&F Technik Vertriebs GmbH, BRM Aero s.r.o., Rainbow SkyReach Ltd., Czech Sport Aircraft a.s., Flightstar Sportplanes, Fly Synthesis Srl, ICP srl, Just Aircraft LLC, Kitfox Aircraft LLC
North America was the largest region in the ultralight and light aircraft market in 2023. Europe was the second-largest region in the ultralight and light aircraft market. The regions covered in the ultralight and light aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the ultralight and light aircraft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The ultralight and light aircraft market consists of sales of ultralight and light aircraft that are made of aluminum, composites, and titanium materials. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.