Global Ultralight And Light Aircraft Market Size To Grow At A CAGR Of 4.50% In The Forecast Period Of 2023-2028
The ‘Global Ultralight and Light Aircraft Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global ultralight and light aircraft market, assessing the market on the basis of its segments like aircraft type, end use, flight operation, propulsion, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.50%
The increasing expansion of the light aircraft sector is propelling the demand for ultralight and light aircrafts. Light aircrafts have a number of applications including aerial surveying, pipeline monitoring, commercial air transportation, passenger and freight air transport, sight-seeing, and photography, among others. In addition, these aircrafts are strong and lightweight which enhances the flying experience while maintaining safety, leading to a heightened growth of the ultralight and light aircraft market.
The escalating applications of ultralight and light aircrafts in the civil and commercial sectors is adding to the market growth. Ultralight and light aircraft are witnessing a healthy demand from civilians for the purpose of recreational activities. In this regard, the anticipated increase in per capita income and rapid urbanisation across the developed and developing economies is further likely to fuel the demand for ultralight and light aircraft from the civil sector. Meanwhile, the increasing dependence on air support in agriculture to save time and increase aerial efficiency, is further fuelling the ultralight and light aircraft market growth.
The increasing deployment of ultralight and light aircrafts in the military sector to facilitate various operations such as surveillance, training, search and rescue, and reconnaissance, etc., is leading to an increased demand for light military aircrafts.
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Ultralight and Light Aircraft Industry Definition and Major Segments
Light aircrafts are compact and lightweight airplanes which are ideal for carrying small numbers of passengers. Meanwhile, ultralight aircrafts, which are also known as microlight aircrafts, are the type of airplanes which are extremely light in weight and are designed for short distance flying. These aircrafts tend to be slower than the conventional aircrafts.
Based on aircraft type, the market is bifurcated into:
• Light Aircraft
• Ultralight Aircraft
On the basis of end use, the market is divided into:
• Civil and Commercial
• Military
By flight operation, the market is segmented into:
• Vertical Take-Off and Landing (VTOL)
• Conventional Take-Off and Landing (CTOL)
On the basis of propulsion, the market is classified into:
• Electric/Hybrid
• Conventional Fuel
Based on region, the market is categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Ultralight and Light Aircraft Market Trends
The key trends in the global ultralight and light aircraft market include the growing expansion of the military sector owing to the increasing defence expenditure and technological upgradations of light and ultralight combat aircrafts. Ultralight and light aircrafts are capable of engaging enemies in low intensity combats because of their quickness, agility, manoeuvrability, and ability to reach irregular and hostile zones.
The growing introductions of new, lighter, and stronger ultralight and light aircraft models by aircraft manufacturers are expected to provide impetus to the ultralight and light aircraft market in the forecast period. The anticipated increase in sale of electric or hybrid ultralight and light aircrafts, owing to the growing concerns pertaining to climate change and increasing costs of fuel, are crucial market trends.
In geographical terms, North America holds a decent share in the market, which is being driven by the increasing demand for ultralight and light aircrafts from the military and defence sector because of the high expenditure across strong economies such as the United States. The increased popularity of civil and recreational flights in North America is also supporting market growth.
Key Market Players
The major players in the ultralight and light aircraft market report are
• American Legend Aircraft Co.
• Aeropro s.r.o.
• AutoGyro GmbH
• Textron Aviation Inc.
• PIPISTREL d.o.o.
• Evektor, spol. s r. o.
• Pilatus Aircraft Ltd.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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