Ultralight and Light Aircraft Market size is set to surpass USD 9.4 billion by 2026, according to a new research report by Global Market Insights Inc.
Increasing requirement for reliable and compact aircrafts coupled with proliferating tourism sector will fuel the market growth. Growing demand of charter air services and rising business travel will spur the product penetration during the forecast period. Additionally, ongoing product innovation coupled with integration of advanced technologies in ultralight aircrafts to improve safety will further support the market expansion.
Rising recreational flying and growing air taxi infrastructure remain the key growth driver
Increasing recreational flying activities are primarily augmenting the market progression. Growing infrastructure development for air taxi service in several countries will support the industry expansion. For instance, in February 2019, Fraport AG and Volocopter GmbH announced that both will collaboratively develop ground infrastructure and operational requirement for air taxi services in Germany. Moreover, proliferating agricultural aviation industry coupled with growing usage of ultralight and light aircraft in pilot training services will further escalate the product demand during the forecast timeframe.
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Ultralight aircraft will showcase 7.9% growth rate through 2026 led by the rising popularity of recreational flying along with improved flying range of new aircrafts. Incorporation of advanced safety devices couples with enhanced cabin space, comfort, performance, and ease of flight are also contributing towards growing product demand. Furthermore, industry players are engaged in development of new aircraft models with reduced noise levels.
Browse key industry insights spread across 219 pages with 261 market data tables & 24 figures & charts from the report, “Ultralight and Light Aircraft Market Size By Aircraft (Ultralight Aircraft, Light Aircraft), By Technology (CTOL, VTOL), By Application (Civil & Commercial, Military), By Propulsion (Electric/Hybrid, Conventional) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Vertical take-off and landing (VTOL) technology accounted for 580 units in 2019. The ability of such aircrafts to take off and land vertically along with growing space constraints across the globe are making it ideal for flight operations. Industry leaders are expanding their regional reach along with establishing new production facilities to enhance their customer reach.
Military application is expected to reach USD 1.73 billion by 2026. Rising requirement of microlight aircrafts for training cadets and bird reconnaissance activities for improving the special military aircraft safety will support the market penetration. In addition, military organizations are planning to purchase light aircrafts for testing and development of operational tactics.
Electric & hybrid propulsion aircrafts is predicted to expand at a CAGR of more than 12.7% through 2026 driven by the development of new aircrafts along with increasing requirement for lowering carbon emissions from the aviation industry. Electric and hybrid propulsion aircrafts such as Alpha Electro and Panthera are widely popular. R&D investments in urban air mobility from several companies such as Uber and Textron Inc. will further propel the industry growth.
Growing recreational flying activities and pilot training requirements are proliferating the product popularity across the APAC region
Asia Pacific ultralight and light aircraft market is poised to grow at a CAGR of over 8.5% by 2026 due to rising tourism across the region along with growing recreation flying clubs in several countries such as Australia and New Zealand. According to the Australian Sport Rotorcraft Association (ASRA), total number of hours flown by gyroplanes increase by around 5% in 2018 as compared to 2017. Growing requirement of ultralight aircraft in pilot training will further support product demand.
Industry participants are focusing towards product launch and expansion of distribution network
Some of the companies involved in the market includes Autogyro GmbH, Cirrus Aircraft, Evektor, spol. s r.o., Piper Aircraft, Inc., and Pilatus Aircraft Ltd. Product launch and expansion of distribution network are the key strategies adopted by industry leaders to enhance their revenue share.
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