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General Aviation Market - Growth, Trends, and Forecast (2020 - 2025)

General Aviation Market - Growth, Trends, and Forecast (2020 - 2025)

  • March 2020
  • 100 pages
  • ID: 5877813
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The general aviation market is anticipated to register a CAGR of 3.52% during the forecast period.

- Growing number of high net worth individuals, increasing emphasis on the operational safety from the regulatory bodies and the ongoing developments aimed at developing the Light Sport Aircraft industry are expected to help the growth of the market during the forecast period.
- However, the increasing sales of used private aircraft is projected to hinder the market growth in the years to come.
- The growing concern over aviation emission has shifted the focus of manufacturers toward the development of all-electric aircraft. New electric aircraft models are being developed to be used as a flying taxi. The development of flying taxis is expected to increase the demand for the general aviation market in the future.

Key Market Trends
Business Jet Segment dominated the market in 2019

In 2019, the Business Jet segment is evaluated to have the largest share in the general aviation market, and it is expected to continue its domination during the forecast period, due to an increase in the number of high/ultra-high-net-worth individuals who are the main buyers for the aircraft. Asia-Pacific, North America, and Europe are the largest contributors to the high-net-worth-individual growth in the past decade. The growth of the business jet market is also due to the development of ultra-long-range jets that can travel almost halfway around the world, presenting fresh possibilities in personal and business travel. The rapid introduction of new aircraft programs and the emergence of innovative business models that new operators and user-friendly technologies is helping transform business aviation and enhance its accessibility and affordability. Business jets offer passengers with certain distinctive advantages over commercial aviation, including convenience, schedule flexibility, and safety. Several new variants and models of business jets are anticipated to be released by aircraft manufacturers trying to deliver premium luxury to their buyers. On this note, in 2019, Bombardier launched the Global 7500, featuring four true living spaces, a full-size kitchen and a dedicated crew suite. Similarly, in 2018, Embraer launched the Praetor line of business jets, the Praetor 500 and Praetor 600. The company successfully delivered three Praetor 500s and 13 Praetor 600s in 2019. Such developments are envisioned to drive the growth prospects of the business jets segment of the market in focus during the forecast period.

Asia-Pacific Region is Expected to have the Highest Growth Rate During the Forecast Period

The Asia-Pacific region is expected to grow with the highest CAGR during the forecast period. The period, 2014-2016, became an important period in the history of general aviation in China, due to the reforms in low-altitude airspace regulation. In 2014 and 2016, the State Council issued policies to further stimulate the market by opening the airspace below 3,000 meters, with the trial cities, including Shenyang, Guangzhou, and Changchun. Currently, China has about 2,600 general aviation aircraft, and this number is expected to increase at a rapid pace during the forecast period, due to the growing demand from the short-haul transportation, tourism, forestry, and emergency medical service sectors. Of the total active fleet, about 60% are fixed-wing aircraft, while the remaining are rotorcraft. On the other hand, the general aviation sector in India is anticipated to become an integral part of India’s aviation eco-system, with a majority of the demand being generated from remote area connectivity, tourism, and disaster management programs. India, with a coastline of about 7,500 km, offers significant growth opportunities for coastal tourism. Many of the coastal spots are located far from the nearest airport or railway station, due to shortfall in planning or terrain issues. This presents significant opportunities for small amphibious aircraft that can operate from small regional airfields with minimal infrastructure. Some states in India are planning to promote tourism and introduce seaplanes, which may generate the demand for turboprop aircraft in the latter half of the forecast period. Such developments are expected to help the growth of the market in the region in the years to come.

Competitive Landscape
The global general aviation market is fragmented, with several players operating in the market. The major players in the market are General Dynamics Corporation (Gulfstream), Textron Inc., Bombardier Inc., Dassault Aviation, Embraer SA, and Airbus SE. Bombardier recently signed an agreement to sell its rail division to Alstom in a deal worth approximately USD 4.5 billion. Before the deal, Bombardier had a debt of about USD 9 billion. In February, the company announced its plans to focus on its business aviation and aftermarket business, despite the recent reports that the company was in talks with Textron to sell its business jet unit. In 2019, Bombardier delivered 142 aircraft, which was 5 more units compared to that in 2018. As the market competition is high, aircraft OEMs are working toward the development of new aircraft models that can offer more comfort, range, and space, at lower costs. Companies are also tapping into the emerging economies in Asia-Pacific to increase their global presence and market shares.

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