General Aviation Market to Reflect Impressive Growth Rate 2028 - The Insight Partners.Posted by niket gore on August 5th, 2022 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. Get Sample Pdf :- https://www.theinsightpartners.com/sample/TIPRE00026058/ Impact of COVID-19 Pandemic on General Aviation MarketThe outbreak of the COVID-19 has been significantly affected the world and continues to impact several countries. Until the spread of COVID–19, the aerospace industry was experiencing substantial growth in terms of production, despite huge backlogs from the aircraft manufacturers; the global aviation industry witnessed a significant rise in the number of passengers and an increase in aircraft procurement. Unfortunately, due to the COVID-19 pandemic, the demand for aircraft decimated, which resulted in lower volumes of orders among the aircraft manufacturers and fewer productions. The decline in production volumes adversely affected the businesses of various component manufacturers and associated technologies. Thus, the general aviation businesses have been severely affected by destabilization in aircraft production. Moreover, until the first two-quarters of the pandemic, the demand for personal air travel was on the rise as there were commercial air travel restrictions imposed by different governments worldwide that increased the demand for chartered air travel during the pandemic. Lucrative Regions for General Aviation Products ProvidersThe general aviation market is segmented into components, aircraft, and geography. Based on components, the market is categorized into avionics, airframe, landing gears, engine, and others. In 2020, the engine segment held the largest share of the market. In terms of aircraft, the general aviation market is segmented into fixed-wing and rotary-wing. In 2020, the fixed-wing segment accounted a larger share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global market.
General Aviation Market Insights The Surge in Demand for Business Jets The popularity and adoption of business jets are expected to increase in the next decade, primarily, due to the inclusion of new models in the service. In the Asia Pacific, countries such as China, Japan, and South Korea together account for more than two-thirds of the regional demand for business jets and helicopters each year. In addition, the demand for business jets, particularly for the large and medium-size jets, is on the rise in Southeast Asia. Gulfstream, Bombardier, and Textron are among the major sellers of business jets in the Asia Pacific. Despite a dip in the sales volumes in the last two years, business jet manufacturers are considering China and India, among others, as lucrative markets. Charter flight activities experienced significant growth in the first half of 2020 due to the travel restrictions enacted by various governments upon the onset of COVID-19; despite these favorable conditions, private buyers were reluctant to buy new jets in that year, which resulted in the limited number of orders in 2020. However, the demand for jets is expected to increase in the coming years due to the persistent surge in charter activities and business travel in the region. For instance, in the first quarter of 2021, Embraer delivered another Phenom 100EV to an undisclosed Australian customer. Further, with the increasing demand from end-users, the aircraft OEMs are expanding their customer support and service capabilities, which will contribute to the general aviation market growth during the forecast period. Owing to promising demand, the general aviation market is anticipated to grow remarkably in the Asia Pacific region. Buy Now: - https://www.theinsightpartners.com/buy/TIPRE00026058/
Component-Based Market Insights Based on components, the general aviation market is segmented into avionics, airframe, landing gears, engine, and others. In 2020, the engine segment accounted for the largest market share. General Aviation Market, by Component, 2020 and 2028 (%)Aircraft-Based Market InsightsBased on aircraft, the general aviation market is bifurcated into fixed-wing and rotary wings. In 2020, the fixed-wing segment accounted for a larger share in the market. Strategic Insights The players operating in the general aviation market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
The general aviation market is segmented based on components, aircraft, and geography. Based on component, the market is categorized into avionics, airframe, landing gears, engine, and others. Based on aircraft, the global general aviation market is divided into fixed-wing and rotary-wing. Geographically, the general aviation market is primarily segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Company Profiles
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