Ultralight and Light Aircraft Market Analysis

Ultralight and Light Aircraft Market Analysis

Growing concerns for pilot and passenger safety owing to several accidents of these aircrafts are posing a major threat for the industry growth. According to the National Transportation Safety Board (NTSB), in 2018, majority of the aviation deaths in 2018 took place during general aviation operation and reached to 381 from 331 in 2017.

However, the ultralight and light aircraft manufacturers are engaged in improving passenger safety with the integration of advanced technologies that are expected to enhance passenger safety significantly. For instance, in October 2019, Cirrus Aircraft introduced Safe Return, an emergency auto-land system. The system converts the manned aircraft into an autonomous vehicle in case of emergency and navigates the aircraft to the nearest suitable airport for landing.

Light aircraft segment dominated more than 64% of the ultralight and light aircraft market share in 2019 due to the increasing demand of small business jets from several industries. Growing popularity of private jets along with the requirement to enhance safety, performance, and comfort are major factors driving R&D investments in the sector.

Several aircraft manufacturers are developing small single engine aircrafts and jets with increase performance and aesthetics of aircrafts that will further support the industry demand.

Conventional Take-Off and Landing (CTOL) technology held 82% of the ultralight and light aircraft market share in 2019 on account of the availability of several models with varied power output and price range. Technology advancement along with growing general aviation airport infrastructure across the globe will propel the product demand during the forecast timeframe.
 

For instance, in May 2016, the State Council of China announced its plans to support the lower altitude airspace for civil aviation along with facilitating over 500 airports to support small aircraft fleet in the country by 2020. However, growing technology advancements along with space constraint in near future will observe lucrative opportunity for VTOL technology.
 

Growing business travels along with rising popularity of air charter services are the major factors for generating higher revenue from civil and commercial applications. Increasing recreational spending coupled with growing tourism are further boosting the market revenue. Several developed economies including UK and the U.S. are planning to form regulatory framework for Urban Air Mobility (UAM) that will provide lucrative opportunity for the industry value.
 

Conventional propulsion system in the ultralight and light aircraft market will witness 7% growth rate through 2026 led by the price affordability as well as limited alternatives. Growing personal aviation and rising requirement to enhance passenger comfort will further provide strong growth opportunities. Industry players are engaged in developing new aircraft engines with advanced engine control system to increase the engine performance.
 

North America ultralight and light aircraft market captured over 42% of revenue share in 2019 impelled by the rising recreational aircraft sport activities and greater flexibility offered by these aircrafts as compared to passenger aeroplanes. Several pilot training organizations are demanding advanced training aircrafts for expansion and modernization of their training fleet, thereby showcasing strong growth opportunities.