Portland, OR, Oct. 26, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global ultralight aircraft market generated $5.6 billion in 2021, and is projected to reach $9.7 billion by 2031, growing at a CAGR of 6% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Ultralight Aircraft Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $5.6 billion |
| Market Size in 2031 | $9.7 billion |
| CAGR | 6% |
| No. of Pages in Report | 237 |
| Segments Covered | Technology, propulsion, takeoff, end use and region. |
| Drivers | Surge in disposable income among people |
| Rise in delays in delivery of conventional aircraft | |
| Opportunities | Low-cost acquisition and maintenance of ultralight aircrafts |
| Increase in the placement of ultralight aircraft in recreational and sports activities | |
| Restrains | Extortionate cost of luxury jewellery |
| Limited to specific consumers |
COVID-19 Scenario:
- The outbreak of the COVID-19 has had a negative impact on the growth of the global ultralight aircraft market, owing to the occurrence of lockdowns in various countries across the globe.
- Lockdowns resulted in the closure of various manufacturing facilities, including those of ultralight aircrafts, which adversely impacted the growth of the market.
- In addition, downfall of the tourism industry, cancellation of flight travels, and shortage of workforce during the pandemic had a negative impact on the market. Thus, ultralight aircrafts are used for tourism and recreational purpose, suffering from major consumer loss.
- Furthermore, shortage of raw materials due to strict import and export restrictions additionally impacted the growth of the market. These restrictions were imposed by the government so as to curb the spread of the virus during the pandemic.
The report offers detailed segmentation of the global ultralight aircraft market based on technology propulsion, takeoff, end use, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
Based on technology, the manned segment held the dominating market share in 2021, holding nearly four-fifths of the global ultralight aircraft market share, and is expected to maintain its leadership status during the forecast period. The unmanned segment, on the other hand, is expected to cite the fastest CAGR of 6.9% during the forecast period.
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Based on propulsion, the conventional propulsion segment held the largest market share in 2021, holding more than two-thirds of the global ultralight aircraft market share, and is expected to maintain its leadership status during the forecast period. The electric and hybrid segment, on the other hand, is expected to cite the fastest CAGR of 6.5% during the forecast period.
Based on end use, the Civil and Commercial segment held the largest market share in 2021, holding more than three-fifths of the global ultralight aircraft market share, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 6.2% during the forecast period. The report includes other segments such as military segment.
Based on region, the market across Asia-Pacific region held the largest market share in 2021, holding nearly one-third of the global ultralight aircraft market share, and is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 6.6% during the forecast period. The report also analyses other regions such as North America, Europe, and LAMEA.
The key players analyzed in the global ultralight aircraft market report include AutoGyro, Pilatus Airraft Ltd., Pipistrel, Textron Inc., VOLOCOPTER GMBH, Evektor, P&M Aviation, Legend Aero, Vulcanair, and Cirrus Aircraft.
The report analyzes these key players in the global ultralight aircraft market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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