Europe General Aviation Market - Opportunities, Trends and Challenges (2018-2023)
General aviation includes all activities, except the ones concerning scheduled commercial airlines and military. The European general aviation market was estimated to be USD 1.63 billion in the first quarter of 2017.
European general aviation sector is witnessing tremendous growth, due to the rising interest among general public, and increasing number of millionaires. Europe records the highest revenue in the general aviation business jets sector and is poised to witness one of the fastest growth rates in future. The three broad categories of business jets are large-cabin, medium, and small-cabin jets. Europe controls around 1/5th of the business jet market, however, in Western Europe, the growth is expected to be quite stagnant.
Global Air Traffic 2011 - 2016 (In billions)
The range varies from a relatively affordable USD 4.5-4.95 million (HA-420 Honda Jet) to as expensive as USD 400 million (Boeing business jets). In 2016, around 661 business jets were manufactured, worldwide, and considering their average costs, they were the most valuable components of the general aviation market, with annual billing of USD 18.35 billion.
Economic slump in Europe
Due to the tough economic situation, penetration of rotary wing in Civil aviation and the overall growth rate have been substantial in Europe. As the market is saturating, the market for turboprop planes is expected to decelerate in the region. The European general aviation market is expected to witness a stagnant growth rate till 2020, where Western European countries, such as, Italy and Spain, are anticipated to develop and Eastern European region record greater growth rates. The regional and global manufacturers would focus on the Eastern Europe, which has not been given much attention, till now.
Breaking News –
Elixir Aircraft showcased the new two-seat light airplane prototype at the Paris Air Show. The aircraft company aims at getting EASA-LSA certification for its all-composite aircraft, which is expected to be priced at USD 168,000. The new aircraft is expected to become the king of the LSA segment, if all its claimed features hit the right mark; thus, harming sales of LSA manufacturing firms’ line, Piper.
Questions Answered in the Report
What is the present scenario of the European general aviation market? How is the market projected to grow during the forecast period? Which aircraft manufacturing firm is leading the market for general aviation? Are new players entering the market? Who are these players? What are the recent developments in the market?