General Aviation Market - Growth, Trends And Forecasts (2018-2023)
Global general aviation market
In 2008, the global general aviation market reached its pinnacle but crashed drastically since then, and breached in 2015.
The future looks promising because of the emerging markets across the globe, which is expected to drive the general aviation market. In 2016, the market was valued at USD 24.8 billion and is expected to register a CAGR of XX%, during 2017-2022 (the forecast period).
Business jet segment generated the highest revenue and accounted for about 3/4th of the share in 2016 and is expected to continue the same dominance in future. Large cabin jets are preferred, due to their fuel efficiency. Despite lower economic status in poor countries, the affluent classes have high purchasing power; thus, most of the sales are of high-value, long-range large-cabin jets.
Global Passenger Air Traffic in Billions
The global general aviation market revenue is expected to increase during 2017-2022 (the forecast period) due to the infrastructural development, growth in demand among developing economic countries, like India.
Standard of Infrastructure
The major roadblocks for the Indian general aviation market growth are the stringent regulatory norms, expensive services, and the lack of infrastructures to support such aircraft. However, this situation is changing, for instance, the first heliport built in Delhi, India, is expected to boost the Indian helicopter market and, thus, accelerate the general aviation sector. The penetration of rotary wing in civil aviation is quite substantial in North America, Europe, and some countries of Latin America, whereas, is negligible in countries like India where the lack of connectivity and airports make helicopters more useful. This is expected to be a major propellant for the helicopter industry in developing economies.
Bombardier focuses on shipping 135 business aircraft in 2017, a decrease from 163 business jets delivered in 2016. The company is in the process of launching potentially game-changing aircraft, Global 7000, in 2018, which will have a maximum range of 13,705 km. In 2016, Gulfstream G650 ER controlled the market by delivering 88 units. This category holds high potential in the general aviation market, as it saves time without compromising luxury or comfort.
North America is witnessing the majority of sales, among others. The United States accounted for about 50% of the aviation aircraft that was sold, worldwide, in 2016. Countries, like India and China, have potential to be the future leaders in the global general aviation market.
The New Aircraft Forecasted to be the Leader of General Aviation?
Cobalt’s Valkyrie, piston engine aircraft, is expected to bring revolutions as it is the fastest single piston engine aircraft at a price slightly under USD 1 million. The aircraft, in terms of design, woes the customers and offers comfort, safety, and robustness. Looks of the aircraft are futuristic with military fighter jet like exterior, and this factor is expected to grab a lot of attention from customers. As the aircraft makes way towards its final FAA airworthiness certification, the global business jet and small aircraft manufacturers will be focusing to get close to the Cobalt competition. Interestingly, Cobalt features an airframe parachute available for custom order, at an extra cost of USD 40,000. This configuration seems to be inspired from Cirrus aircraft, which features a similar airframe parachute as standard equipment for light aircraft. Cobalt is all set to manufacturer the Valkyrie aircraft for, both, North American and European markets, where the demand is growing since the launch of Valkyrie aircraft.
The Cobalt Valkyrie
Source: Cobalt Aircraft
Questions Answered in the Report
What is the present scenario of the global 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 market? Are new players entering the market? Who are these players? What are the recent developments in the market?