Newark, Sept. 27, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global light & ultralight aircraft market is expected to grow from USD 6.54 billion in 2021 to USD 9.87 billion by 2030, at a CAGR of 4.69% during the forecast period 2022-2030.
Light and ultralight aircraft are economical because they are lightweight and have fewer moving parts. The low cost of light and ultralight aircraft is the key reason for their growing popularity worldwide. Light and ultralight aircraft are in high demand in a variety of industries. They're used in agriculture for land surveying and mapping, in the commercial sector for light freight transport, in the service sector for business travel, and the consumer sector for passenger taxis, among other things. The market for worldwide light and ultralight aircraft will be driven by the increasing demand for these aircraft across industries.
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With a growing consumer base, increasing investments in improving aircraft avionics will give profitable prospects for market players. AI integration in light and ultralight aircraft is also gaining pace due to the increased R&D efforts worldwide. Such technical breakthroughs and product innovations will provide excellent growth opportunities for the market during the forecast period. The increasing aircraft accidents and lax safety regulations in developing economies' aviation sector will restrict the market's growth. The supply shock and low market demand caused by the pandemic will challenge the market's growth. However, the increasing number of high-net-worth individuals, air sports, and adventure sports enthusiasts will aid the market in recovering from the previously mentioned shortcomings.
Competitive Strategy
To enhance their market position in the global light & ultralight aircraft market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Cirrus Aircraft introduced Safe Return, an emergency auto-landing technology, in October 2019. In an emergency, the technology transforms the manned aircraft into an autonomous vehicle and navigates the aircraft to the nearest suitable airport for landing.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2030 |
| Forecast CAGR | 4.69% |
| 2030 Value Projection | USD 9.87 billion |
| Base Year | 2021 |
| Light & Ultralight Aircraft Market Size in 2021 | USD 6.54 billion |
| Historical Data | 2017-2020 |
| No. of Pages | 230 |
| Segments Covered | Aircraft Type, Propulsion System, Technology, Application, Regions |
| Light & Ultralight Aircraft Market Growth Drivers | The increasing demand for light and ultralight aircrafts |
Market Growth & Trends
The light & ultralight aircraft industry will grow and develop as the demand for the aircraft increases. The inexpensive light and ultralight aircraft are faster, efficient, and environmentally sustainable, given they need less fuel compared to conventional aircraft carriers. These benefits contribute to its rising demand across industries ranging from agriculture to defense. Governments and private market participants working together to develop the light & ultralight aircraft market will also provide profitable prospects for 2022-30. The light & ultralight aircraft market will increase due to the growing trend of deploying unmanned aerial vehicles (UAVs) for sensitive remote missions. UAVs save money, time, and the lives of personnel. Integrating advanced avionics to improve the safety and quality standards of the light and ultralight aircraft will also boost the market during the forecast period.
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Key Findings
• In 2021, the light aircraft segment dominated the market with the largest market share of 63% and market revenue of 4.12 billion.
The aircraft type segment is divided into light and ultralight. In 2021, the light aircraft segment dominated the market with the largest market share of 63% and market revenue of 4.12 billion.
• The electric-hybrid segment is expected to grow at the fastest CAGR of 5.74% over the forecast period.
The propulsion system segment is divided into conventional and electric-hybrid. Over the forecast period, the electric-hybrid segment is expected to grow at the fastest CAGR of 5.74%.
• In 2021, the conventional take-off and landing (CTOL) segment accounted for the largest share of the market, with 78% and market revenue of 5.10 billion.
The technology segment is divided into conventional take-off and landing (CTOL) and vertical take-off and landing (VTOL). In 2021, the conventional take-off and landing (CTOL) segment accounted for the largest share of the market, with 78% and market revenue of 5.10 billion.
• In 2021, the civil & commercial segment dominated the market with the largest market share of 58% and market revenue of 3.79 billion.
The application segment is divided into civil & commercial, and military. In 2021, the civil & commercial segment dominated the market with the largest market share of 58% and market revenue of 3.79 billion.
Regional Segment Analysis of the Light & Ultralight Aircraft Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global light & ultralight aircraft market, with a market share of around 38.34% and 2.50 billion of the market revenue in 2021. The North American region is expected to be the largest market forecast period. The light & ultralight aircraft market in North America has been expanding rapidly. The United States of America dominates the light & ultralight aircraft market in the North American region. The growing need to constantly monitor the adversaries of the US has increased the expenditure on developing UAVs that can provide 24/7 real-time surveillance cost-effectively. The increasing number of people opting for aircraft training to gain a flying license for air sports and recreational activities will also drive the region's growth. The growing presence of pilot training schools is also a positive growth contributor to the market.
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Key players operating in the global light & ultralight aircraft market are:
• Textron Inc.
• Pilatus Aircraft Ltd.
• Cirrus Aircraft
• Piper Aircraft Inc.
• Costruzioni Aeronautiche TECNAM
• Autogyro GmbH
• Quicksilver Aircraft
• American Legend Aircraft Co.
• Evektor-Aerotechnik
• P&M Aviation
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global light & ultralight aircraft market based on the below-mentioned segments:
Global Light & Ultralight Aircraft Market by Aircraft Type:
• Light Aircraft
• Ultralight Aircraft
Global Light & Ultralight Aircraft Market by Propulsion System:
• Conventional
• Electric-Hybrid
Global Light & Ultralight Aircraft Market by Technology:
• Conventional Take-Off and Landing (CTOL)
• Vertical Take-Off and Landing (VTOL)
Global Light & Ultralight Aircraft Market by Application:
• Civil & Commercial
• Military
About the report:
The global light & ultralight aircraft market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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