The global general aviation market has experienced growth due to
several factors such as demand for efficient & flexible air
transportation, growth of industries requiring remote access, and
advancements in aircraft technology.
WILMINGTON, Del., Sept. 13, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "General
Aviation Market by Product (Helicopters, Piston
Fixed-wing Aircraft, Turboprop Aircraft and Business Jet),
Application (Commercial and Non-Commercial): Global Opportunity
Analysis and Industry Forecast, 2024-2033". According to the
report, the general aviation market was valued at $30.7 billion in 2023, and is estimated to reach
$47.1 billion by 2033, growing at a
CAGR of 4.6% from 2024 to 2033.
Prime determinants of growth
The general aviation market is driven by various factors such as
rise in demand for efficient and flexible air transportation
solutions. However, high costs of aircraft ownership &
operation and stringent regulations & certification
requirements are anticipated to hamper the growth of the market
during the forecast period. Moreover, expansion of air taxi and
charter services and development of electric and hybrid-electric
aircraft bodies are expected to offer potential opportunities for
the global general aviation market during the forecast
period.
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Market Forecast 2033:
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Segment Highlights
The business jet segment held the highest market share in
2023.
By product, the business jet segment held the highest market
share in 2023. Business jets are designed for corporate and
executive travel, offering luxury, speed, and flexibility. They
cater to the growing demand from businesses and high-net-worth
individuals for efficient and convenient air transportation
solutions.
The commercial segment held the highest market share in
2023.
By application, the commercial segment held the highest market
share in 2023. This segment includes a wide range of commercial
activities, including business travel, air charter services, air
ambulance operations, aerial surveying, and cargo transportation.
The demand for efficient and flexible air transportation solutions
from businesses and industries is a significant driver for the
commercial application segment.
Regional Outlook
By region, North America held
the highest market share in terms of revenue in 2023 owing to
several factors such as rise in demand for personal and business
aviation services due to the region's robust economy and corporate
expansion. This demand surge is particularly pronounced for travel
to remote destinations inaccessible by commercial airlines.
Players:
- Bombardier Inc.
- Dassault Aviation
- Embraer
- General Dynamics Corporation
- Textron Inc.
- Airbus SE
- Cirrus Design Corporation
- Honda Motor Co., Ltd.
- Leonardo S.p.A
The report provides a detailed analysis of these key players in
the global general aviation market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, and agreements to increase their market
share and maintain dominant shares in different regions. The report
is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to highlight the competitive scenario.
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Recent Development:
- In March 2024, Yingling Aviation,
a prominent provider of maintenance, repair, and overhaul (MRO)
services, as well as fixed-base operation (FBO) services in the
U.S., announced its acquisition of Mid-Continent Aviation Services
(MCAS) . MCAS is also a full-service MRO located at Wichita's
Dwight D. Eisenhower National Airport (ICT) . The financial details
of the transaction were not disclosed.
- In February 2024, Leonardo
received helicopter orders from the Middle East and India during Heli-Expo 2023. These orders,
totaling 'almost' 40 helicopters, contribute to the company's sales
contracts for more than 50 AW09 next-generation single-engine
helicopters for customers globally.
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