Asia Pacific General Aviation Market - Opportunities, Trends and Challenges (2018 - 2023)
The general aviation market in Asia-Pacific is expected to reach USD 1.23 billion by 2023, at a CAGR of 0.78%, during the forecast period. The scope of the present market study includes all aviation other than military and scheduled commercial airlines. General aviation covers a broad range of activities, both commercial and non-commercial, including sports aircraft, flying clubs, flight training, agricultural aviation, light aircraft manufacturing, and etc. General aviation forms a considerable component of any national airspace and airport system. As a result, insight into general aviation industry is relevant to issues in air traffic management, air transportation infrastructure, and aviation safety, among others. Beyond the operational aspect, general aviation is of significance to society as a whole and other stakeholders, including pilots groups, aircraft manufacturers, and the workforce. The performance of general aviation industry is measured using various parameters such as active pilots, new airplane deliveries, number of airports, and etc. The market is influenced by several factors, such as the health of global economy, technology disruption, the price of avgas, and jet fuels, regulatory standards, and etc. Increasing number of passengers using chartered jet, travel and tourism are some of the drivers identified in the current market.
Improving Aviation Industry in Asia-Pacific
The market in the Asia-Pacific region is poised to grow with rising disposable incomes and a booming travel and tourism industry. The Asia-Pacific business jet market contracted in the year 2017 due to a decline in the production of turboprop production. However, Asia-pacific still remains the second largest market share for turboprop shipments in 2016. Moreover, the poor connectivity between the metros and smaller cities is why more and more companies and individuals are realizing the benefits of using private jets and helicopters. China has put a special emphasis on GA in its 13th Five-Year Plan (2016-2020). The plan focused on six major points: safety, economic contribution, service level, an efficient airport network, the promotion of general aviation, and green development. HNA General Aviation Investment Group is targeting strategic investments across rural China in the building and management of airports, logistics infrastructure, and tourism activities. The helicopter market in China and India is equally promising, with growing requirements in tourism, mining, corporate travel, air ambulance, and homeland security.
Key Developments in the Market