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Global General Aviation Market to Grow at a CAGR of 3.20% During 2022-2027, Aided by the Growing Customer Spending on Air Travel

According to a new report by EMR titled, ‘Global General Aviation Market Report and Forecast 2022-2027’, the market attained a value of about USD 20.5 billion in 2021. The market is further projected to grow at a CAGR of 3.20% in the forecast period of 2022-2027 to attain a value of nearly USD 24.8 billion by 2027.

The global market for general aviation is being driven by the growing customer expenditure on air travel or air transport services. The market is further aided by the increasing inclination of individuals towards air travelling, owing to shorter duration, increased convenience and comfort, and enhanced safety and reliability offered by air transport compared to other modes of transportation. The increased adoption of general aviation solutions, such as private planes and helicopters, for emergency aid and humanitarian purposes can be associated with poor road connectivity between metros and small cities and villages, especially in developing economies. In the forecast period, the expanding high net-worth individual (HNWI) population is expected to significantly contribute to the demand for general aviation. Also, the growing expenditure by individuals on travelling and tourism activities is expected to support the market growth. Furthermore, the rising adoption of sustainable aviation fuel with the growing focus on sustainability, and the development of electric-powered advanced aircraft are anticipated to prove beneficial for the market growth in the forecast period.

The increasing investments by the leading market players to expand their aircraft fleet are expected to bolster the market growth in the coming years. For instance, in June 2019, Shenzhen Eastern General Aviation Company signed an agreement for one ACH160 medium helicopter manufactured by Airbus SE (OTCMKTS: EADSY), making it the launch customer for the VIP version of this aircraft in China. This aircraft is set to be deployed in private and business aviation missions around the Guangdong-Hong Kong-Macau Greater Bay Area of China. Further, in April 2022, Textron, Inc. (NYSE: TXT) announced the acquisition of Pipstrel, a global leader in electrically powered aircraft. With this, Textron aims to form an eAviation business segment to support the development of sustainable aircraft.

Market Breakup by Aircraft Type and Region:

  • The market is divided, based on aircraft type, into helicopters, piston fixed-wing aircraft, turboprop aircraft, and business jets. 
  • Region-wise, the global market for general aviation can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for general aviation is being driven by the rising customer expenditure on air travel.
  • The increase in the number of HNWIs and the rising demand for private aircraft are driving the market growth. 
  • The rising expenditure by governments to support the expansion of general aviation infrastructure is adding to the market development. 
  • The growing adoption of sustainable aircraft and aviation fuel is expected to positively impact the overall market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for general aviation for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the aircraft types, and regions of general aviation.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global general aviation market are Airbus SE, The Boeing Company, Bombardier Inc., Dassault Aviation SA., and Embraer SA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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