CHICAGO, June 5, 2023 /PRNewswire/ -- The ultralight and light aircraft market size is projected to grow from an estimated USD 9.3 billion in 2023 to USD 18.4 billion by 2028, at a CAGR of 14.4% during the forecast period according to a new report by MarketsandMarkets. This growth can be attributed to the increasing aircraft demand and advancements in traditional aircrafts.
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Ultralight and Light Aircraft Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $9.3 billion |
Estimated Value by 2028 | $18.4 billion |
Growth Rate | Poised to grow at a CAGR of 14.4% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Aircraft Type, End Use, Technology, Propulsion, Material, System, Aftermarket and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Growing usage of UAVs in commercial applications |
Key Market Opportunities | Advancements in traditional aircraft propulsion |
Key Market Drivers | Low-cost operation and maintenance of ultralight aircraft |
The manned technology segment is projected to grow at the highest CAGR during the forecast period.
Based on technology, the ultralight and light aircraft market has been segmented into the manned and unmanned segments. A manned aircraft requires a human pilot in the cockpit, whereas an unmanned aircraft does not require a pilot to control flight operations. The manned segment is accounted for largest share of the ultralight and light aircraft market in 2023.
The light aircraft aftermarket segment accounts for the largest market size during the forecast period.
Based on aftermarket, the ultralight and light aircraft industry is segmented into ultralight aircraft and light aircraft. Minimum and maximum take-off weights were taken into consideration to define these segments. Ultralight aircraft include aircraft with a maximum take-off weight of less than 600 kg, while light aircraft have a maximum take-off weight ranging from 600 kg to 5,700 kg. The increasing demand for aftermarket services, upgrades, and replacement of parts for aging aircraft fleets is a major factor driving the global ultralight and light aircraft aftermarket. The light aircraft segment is estimated to account for largest share of the ultralight and light aircraft market in 2023.
The civil and commercial end use segment accounts for the largest market size during the forecast period.
Based on end use, the ultralight and light aircraft market is segmented into the civil and commercial and military segments. The civil and commercial segment accounted for a largest share, of the ultralight and light aircraft market in 2023.
The commercial & civil segment includes ultralight and light aircraft used in personal, passenger, commercial cargo, training, survey & research, agriculture, and medical applications across various end-use industries. The military segment covers ultralight and light aircraft used for pilot training, search & rescue, and transportation of military cargo, among others.
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North America is projected to grow at the highest CAGR during the forecast period.
North America is expected to be the lead the ultralight and light aircraft market during the forecast period. The North America has led the domestic as well as international passenger traffic in the recent years. US and Canada are also one of the leading countries the use aircraft for multiple recreational use. This drives North America to be a prominent ultralight and light aircraft market. Increasing military upgrades, such as the purchase of unmanned aerial vehicles, and innovative technologies such as hybrid aircraft, which can take off with conventional and vertical flight operations, are expected to drive the ultralight and light aircraft market in North America during the forecast period.
Major players operating in the ultralight and light aircraft companies are Bell Helicopters (US), Pilatus Aircraft(Switzerland), Air Tractor (US), Flight Design General Aviation (Germany), Pipistrel doo (Slovenia),Textron Inc. (US) , Aeropro(Slovakia), Autogyro (Germany).These key players offer ultralight and light aircrafts across regions, and have well-equipped and strong distribution networks across the North American, European, Asia Pacific, Latin American, Middle East and African regions.
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