New York, United States , Nov. 07, 2023 (GLOBE NEWSWIRE) -- The Global Ultralight and Light Aircraft Market size is anticipated to exceed USD 19.8 Billion by 2032, Growing at a CAGR of 9.2% from 2022 to 2032. The growing use of ultralight and light aircraft in defence and military applications is a major driver of market revenue growth.
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Ultralight aircraft are modified aircraft with extremely low weight and power but flying characteristics comparable to conventional light aircraft. Although modernized variants have been employed for training, police patrol, and other purposes, including conflict, these aircraft are still primarily intended for recreational flight. Ultralights can be powered or non-powered. The adoption of cutting-edge resources, such as carbon fiber composites, in the construction of ultralight and light aircraft has resulted in significant weight reduction, strength, and aerodynamic efficiency gains. This allows aircraft manufacturers to develop sleeker, more efficient aircraft, which improves performance and range capabilities. Advanced avionics and fly-by-wire systems improve safety, navigation, and pilot assistance features, making these aircraft more user-friendly and accessible to a wider range of passengers. The expansion of uses beyond recreational flying is also fueling the future growth of the ultralight and light aircraft market. However, a few variables, which includes the Ukrainian war, the COVID-19 pandemic, and the ongoing trade war between the US and China, have influenced the global supply chain in recent years.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the “Global Ultralight and Light Aircraft Market Size, Share, and COVID-19 Impact Analysis, By Aircraft Type (Ultralight & Light Aircraft), By Flight Operation (CTOL & VTOL), By System (Airframe, Avionics, Cabin Interiors, and Aircraft Systems), By Technology (Manned, Unmanned), By End Use (Civil & Commercial and Military), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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The light aircraft segment is expected to hold the largest share of the global ultralight and light aircraft market during the forecast period.
Based on aircraft type, the global ultralight and light aircraft market is separated into two segments: ultralight and light aircraft. The light aircraft segment is projected to account for the majority share of the global ultralight and light aircraft market throughout the forecast period. The primary factor driving the global ultralight and light aircraft market's expansion is the growing demand for aircraft to train pilots, combined with the convenience of small aircraft to access remote areas.
The Conventional Take-off and Landing (CTOL) segment is expected to grow at the fastest pace in the global ultralight and light aircraft market during the forecast period.
The worldwide ultralight and light aircraft market is categorized into two segments based on flight operation: CTOL and VTOL. The conventional take-off and landing (CTOL) segment is projected to expand at the highest rate in the global ultralight and light aircraft market throughout the forecast period. The growth can be attributed to the widespread use of CTOL aircraft in general aviation and commercial applications.
The airframe segment accounted for the largest share of the global ultralight and light aircraft market in 2022.
The global ultralight and light aircraft market is divided into four systems: airframe, avionics, cabin interiors, and aircraft systems. In 2022, the airframe segment held the largest share of the global ultralight and light aircraft market. The airframe is the aircraft's foundation and is crucial in ensuring structural integrity, safety, and performance.
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North America led the largest market revenue share over the forecast period
North America is projected to hold the largest share of the global ultralight and light aircraft market over the predicted years. North America's aviation and aerospace industries are rapidly expanding. As a result, ultralight and light aircraft are in high demand. Factors such as an upsurge in aircraft manufacturing, technological advancements, and travel and tourism are propelling the ultralight and light aircraft market in this region forward. Growing demand for different kinds of ultralight and light aircraft, the market for ultralight and light aircraft is expected to grow significantly in the United States and Canada.
Asia Pacific is expected to grow at the fastest pace in the global ultralight and light aircraft market during the forecast period. The growing use of light combat aircraft in defense and the air force is driving revenue growth in this region. China is a major player in the production, delivery, and deployment of light combat and business aircraft. Increased use of private jets in passenger and logistics operations is projected to contribute to revenue growth in this region. Honda has developed a lightweight private jet in Japan in September 2022 to connect rural Japan with major cities. Furthermore, increasing demand for these kinds of aircraft contributes to the market's revenue expansion in this region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Ultralight and Light Aircraft Market include Textron Aviation Inc., Bombardier Inc., Cirrus Design Corporation, Piper Aircraft, Inc., Pilatus Aircraft Ltd, Mooney International Corporation, Lancair International, Inc., Vulcanair S.p.A., Honda Aircraft Company, Advanced Tactics Inc, Embraer S.A., Glasair Aviation USA LLC, and Others.
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Recent Development
In April 2023, Pilatus Aircraft has reached an agreement with Platoon Aviation (Germany) to hand over two PC-24 aircraft, which will be classified as ultralight and light aircraft.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Ultralight and Light Aircraft Market based on the below-mentioned segments:
Global Ultralight and Light Aircraft Market, By Aircraft Type
- Ultralight
- Light Aircraft
Global Ultralight and Light Aircraft Market, By Flight Operation
- CTOL
- VTOL
Global Ultralight and Light Aircraft Market, By System
- Airframe
- Avionics
- Cabin Interiors
- Aircraft Systems
Global Ultralight and Light Aircraft Market, By Technology
- Manned
- Unmanned
Global Ultralight and Light Aircraft Market, By End Use
- Civil & Commercial
- Military
Global Ultralight and Light Aircraft Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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