General Aviation Market - Growth, Trends, and Forecast (2019 - 2024)
The general aviation market is anticipated to register at a CAGR of over 1% during the forecast period.
Introduction of new efficient aircraft and growing orders for aircraft are expected to drive the growth of the general aviation market during the forecast period.
The growing concern over aviation emission has shifted the focus of manufacturers toward the development of all-electric aircraft. New electric aircraft models are being developed to be used as flying taxi. The development of flying taxis is expected to increase the demand for the general aviation market in the future.
Scope of the Report
General aviation is defined as all aviation other than military and scheduled commercial airlines. It covers a broad range of activities, both commercial and non-commercial, including sports aircraft, flying clubs, flight training, agricultural aviation, light aircraft manufacturing, etc.
Key Market Trends
The Business Jet Segment Dominates in terms of Market Share
Currently, the business jet segment dominates the market and it is expected to continue its domination during the forecast period, due to an increase in the number of high/ultra-high-net-worth individuals over the past few years, with Asia-Pacific, North America, and Europe being the largest contributors to the high-net-worth-individual growth. The growth of the business jet market is also due to the development of ultra-long-range jets that can travel almost halfway around the world, presenting fresh possibilities in personal and business travel.
Latin America and Asia-Pacific are Expected to have the Highest Growth Rate
The Latin American segment is expected to see the highest growth during the forecast period. Despite the current political and economic instability in Latin America, the increasing preference for private aviation in the region, fueled by long distances in air travel, and increased security concerns are driving the market for general aviation.
The major players in the market are Bombardier Inc., Gulfstream Corporation, Textron Inc., Airbus SE, and Dassault Aviation. New aircraft models, such as Global 7500 (by Bombardier), G500 aircraft (by Gulfstream Corporation), and Cessna Denali (by Textron Inc.), etc., have gained a lot of attention, recently, which may help these companies to stand out amidst the competition and increase their presence in the market.
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