Report : General Aviation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Avionics, Airframe, Landing Gears, Engine, and Others) and Aircraft (Fixed Wing and Rotary Wing)
The global general aviation market is expected to grow from US$ 26,208.00 million in 2021 to US$ 36,461.60 million by 2028; it is estimated to register a CAGR of 4.8% during the forecast period. North America dominated the market in 2020 with the largest share.
The general aviation market in North America is distributed across the US, Canada, and Mexico. In 2020, the US held the largest market share, i.e., 61%, followed by Canada and Mexico. Due to high living standards in North America, airplanes are the most preferred means of transport for domestic and international trips. According to the General Aviation Manufacturers Association (GAMA), the general aviation market contributes more than US$ 247 billion to the US economy annually and employs more than 1.2 million citizens. The general aviation aircraft logs 25.5 million flight hours every year in the US; two-thirds of air traffic is for business purposes.
More than 440,000 general aviation aircraft ranging from small training aircraft and helicopters to intercontinental business jets are functional worldwide. About 205,000 of these aircraft are based in the US. There are more than 5,100 public airports in the US, while less than 400 airports serve commercial airlines. The average passenger miles flown by an individual in North America is the highest. Moreover, an increase in the number of high-net-worth individuals (HNWIs), enhanced emphasis on operational safety from regulatory bodies, and ongoing advancements in developing light-sports aircraft are expected to propel the market’s growth over the next few years in this region.
Textron Aviation, Cirrus Aircraft (AICC), Piper Aircraft, Diamond Aircraft, and TECNAM Aircraft are among the key companies in the global general aviation market. In addition to these market players, there are several other global, regional, and local players operating in the market ecosystem, which have been studied and analyzed during this study to get a holistic view of the entire market.
Impact of COVID-19 Pandemic on General Aviation Market
In 2020, Textron Aviation, Inc. the world’s largest general aviation manufacturer mentioned that the cyclical and lower demand for aircraft products had adversely affected their financial results. The requirement for business jets, turboprops, and commercial helicopters had been challenging to forecast due to the pandemic. The COVID-19 pandemic had adversely impacted the demand for aircraft products. Therefore, the future demand for these products could be significantly and unexpectedly less than previous year deliveries. Similarly, there is uncertainty regarding the existing commercial backlog for aircraft products that would convert to revenues as the conversion depends on production capacity, customer needs, and credit availability across the market. Changes in economic conditions in the past have caused, and in the future may cause, customers to request for orders to be rescheduled, deferred, or canceled.
General Aviation Market by Geography, 2020–2028 (%)