Dublin, June 19, 2023 (GLOBE NEWSWIRE) -- The "Ultralight and Light Aircraft Market by Aircraft Type (Ultralight & Light Aircraft), End Use (Civil & Commercial and Military), Flight Operation (CTOL & VTOL), Technology, Propulsion, Material, System, Aftermarket and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The Ultralight and light aircraft market size is projected to grow from USD 9.3 billion in 2023 to USD 18.4 billion by 2028, at a CAGR of 14.4% from 2023 to 2028
The aircraft is increasingly being used for recreational flying, such as sightseeing, camping, and fishing. They are also used for transportation, such as personal commuting. Ultralight and light aircraft also affordable to maintain and operate.
Low-cost operation and maintenance of ultralight aircraft are driving the ultralight and light aircraft market.
Ultralight aircraft are much smaller and weigh less than commercial aircraft. The Maximum Take-off Weight (MTOW) of an aircraft is used to define ultralight aircraft. Due to liberal ownership rules in several countries, acquiring an ultralight aircraft is easier.
Ultralight and light aircraft are commonly used for sports and recreational purposes in the United States, Canada, and Australia. Some ultralight aircraft also use automotive-grade petrol, which lowers the aircraft's operating costs. An ultralight aircraft uses 2-3 gallons of fuel per hour on average, making it economical to operate.
Based on flight operation, the CTOL segment accounts for the largest market size during the forecast period.
Based on flight operation, the ultralight and light aircraft market is segmented into Conventional Take-off and Landing (CTOL) and Vertical Take-off and Landing (VTOL). CTOL aircraft include fixed-wing ultralight and light aircraft.
These aircraft require a runway or an airstrip for operation and usually have turboprop or piston engines. In the case of seaplanes, the runway is water, but the approach is similar to other passenger aircraft. CTOL aircraft are the most commonly used aircraft, and they follow the approach adopted by any conventional aircraft.
Student pilots use ultralight and light aircraft to learn the basics of flying, including take-off and landing. VTOL aircraft include rotary wing ultralight and light aircraft. These aircraft do not require a runway as their approach involves hovering vertically, then gaining forward thrust to transition into forward flight.
These aircraft can access areas without runways and are mainly used for military, medical, and rescue operations. They have also been included in the futuristic air taxi and UAM (Urban Air Mobility) concepts.
Based on the system, the aircraft systems segment is projected to grow at the highest CAGR during the forecast period.
Based on system, the ultralight and light aircraft market is segmented into airframes, avionics, aircraft systems, and cabin interiors. The ultralight and light aircraft market is projected to grow at a CAGR of 14.44% during the forecast period.
The increasing demand for aircraft to train pilots, along with the convenience of small aircraft to access remote areas, is the major factor driving the ultralight and light aircraft market. Upcoming technologies such as electric vertical take-off and landing (VTOL) aircraft and UAVs to be used for urban air mobility (UAM) are some of the other factors anticipated to drive the market.
Based on technology, the manned segment accounts for the largest market size during the forecast period.
The ultralight and light aircraft market has been segmented on the basis of technology into the manned and unmanned segments.
Various ultralight and light aircraft that require a pilot to perform flight operations in the cockpit are included in this segment. Most fixed-wing aircraft and helicopters are manned since unmanned aircraft technology has not been fully integrated into commercial air travel.
North America is projected to grow at the highest CAGR during the forecast period.
North America is expected to lead the ultralight and light aircraft market during the forecast period. North America hosts some of the major aircraft OEMs and is one of the leaders in the usage of light and ultralight aircraft for multiple recreational and commercial uses. As a result, the ultralight and light market in the region is quite large and is growing fast.
Competitive landscape
Major players operating in the ultralight and light aircraft market are Bell Helicopters (US), Air Tractor (US), Pipistrel doo (Slovenia), Textron Inc. (US), Pilatus Aircraft(Switzerland), Flight Design General Aviation (Germany), Aeropro(Slovakia), Autogyro (Germany).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 272 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $9.3 Billion |
| Forecasted Market Value (USD) by 2028 | $18.4 Billion |
| Compound Annual Growth Rate | 14.4% |
| Regions Covered | Global |
Premium Insights
- Urban Air Mobility and Passenger Drones to be Fastest-Growing Technologies
- Ultralight Aircraft Segment Projected to Have Higher CAGR During Forecast Period
- Conventional Take-Off and Landing Segment to Lead Market During Forecast Period
- Composites Expected to Lead the Market During the Forecast Period
- Civil and Commercial to Register Higher Growth During Forecast Period
Market Dynamics
Drivers
- Low-Cost Operation and Maintenance of Ultralight Aircraft
- Growing Use of UAVs in Various Military Operations
Restraints
- Delay in Aircraft Deliveries
Opportunities
- Advancements in Traditional Aircraft Propulsion
- Advancements in Passenger Drones and UAV Payload
Challenges
- Development Costs Outweigh Benefits of Ultralight and Light Aircraft
- Safety Considerations for Operation of Ultralight and Light Aircraft
Value Chain Analysis
- Trends/Disruptions Impacting Customer Business
- Revenue Shift and New Revenue Pockets for Ultralight and Light Aircraft Manufacturers
Ecosystem Analysis
- Prominent Companies
- Private and Small Enterprises
- End-users
Technology Trends in Hybrid and Electric Propulsion
- Fuel Cells
- Lithium-Sulfur (Li-S)
- Distributed Electric Propulsion (Dep)
- Multifunctional Structures for High-Energy Lightweight Loadbearing Storage (M-Shells)
- Integrated Computational-Experimental Development of Li-Air Batteries for Electric Aircraft (Li-On)
Industry Trends
Technology Analysis
- Passenger Drones
- Combat Drones
- Evtol Aircraft
- Urban Air Mobility
Case Study Analysis
- Case Study 1: Vtol Business Jet
- Case Study 2: Evtol
Impact of Megatrends
- Electric Propulsion
- Hybrid Electric Propulsion System Design
- All-Electric Propulsion System Design
- Autonomous Aircraft
Innovations and Patent Registrations
Company Profiles
Key Players
- Pipistrel D.O.O
- Costruzioni Aeronautiche Tecnam Spa
- Textron Inc.
- Pilatus Aircraft
- Piper Aircraft, Inc.
- Evektor Aerotechnik
- American Legend Aircraft Co.
- Thrust Aircraft Private Limited
- Air Tractor
- P&M Aviation
- Quicksilver Aircraft
- Flight Design General Aviation GmbH
- Aeropro
- Autogyro GmbH
- Vulcanair
- Cirrus Aircraft
- Honda Aircraft Company
Other Players
- Volocopter GmbH
- Lilium GmbH
- Neva Aerospace
- Opener
- Kitty Hawk
- Joby Aviation
- Aston Martin
- Wing Aviation LLC
- Karem Aircraft Inc.
- Lift Aircraft Inc.
- Xti Aircraft
For more information about this report visit https://www.researchandmarkets.com/r/pd9ef5
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