Ultralight and Light Aircraft Market worth $11.9 billion by 2030 - Exclusive Report by MarketsandMarkets™
CHICAGO , May 31, 2022 /PRNewswire/ -- According to the report "Ultralight and Light Aircraft Market by Aircraft Type (Ultralight & Light Aircraft), End Use (Civil & Commercial and Military), Flight Operation (CTOL & VTOL), Technology, Propulsion, Material, System and Region - Global Forecast to 2030", published by MarketsandMarkets™, the Ultralight and Light Aircraft Market is projected to grow from USD 7.5 billion in 2022 to USD 11.9 billion by 2030, at a CAGR of 5.9% from 2022 to 2030. The demand for commercial & ultralight and light aircraft used in personal, passenger, commercial cargo, training, survey & research, agriculture, and medical applications across various end-use industries, is one of the major driving factor for the demand of ultralight and light aircraft market.
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By end use, the civil & commercial segment is expected to lead the market during the forecast period
Civil & commercial use of ultralight and light aircraft include aircraft used for in personal flying, air sports, business travel, survey & research, medical, training, and passenger and cargo transport applications. This segment includes all ultralight and light aircraft except military and regional commercial aircraft. Light business aircraft are used for commercial passenger transport. These aircraft are lightweight and cost-effective versions of business jets. They require less runway and have a lower operating cost when compared with large business jets.
By aircraft type, the light aircraft segment has the highest share in the forecasted period
Light aircraft include fixed wing and rotary wing aircraft such as planes, helicopters, and UAVs. These aircraft have a defined weight category of 600 kg to 5,700 kg. Upcoming technologies such as electric/hybrid aircraft to be used for Urban Air Mobility (UAM) and cargo transport have also been included in the scope of light aircraft segment.
CTOL segment has the highest share in the forecasted period
Based on flight operation, the ultralight and light aircraft market is segmented into Conventional Take-off and Landing (CTOL) and Vertical Take-off and Landing (VTOL). CTOL aircraft include fixed wing ultralight and light aircraft. These aircraft require a runway or an airstrip for operation and usually have turboprop or piston engines. In the case of seaplanes, the runway is water, but the approach is similar to other passenger aircraft. CTOL aircraft are the most commonly used aircraft, and they follow the approach adopted by any conventional aircraft. Student pilots use ultralight and light aircraft to learn the basics of flying, including take-off and landing.
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North America has the highest share in the forecasted period.
The North American region is estimated to account for a 45% share of the ultralight and light aircraft market in 2022. The aviation & aerospace sector in the North American region is growing steadily. This has consequently created a significant demand for ultralight and light aircraft. The growth of the ultralight and light aircraft market in this region is driven by factors such as rapid growth in aircraft manufacturing, technological advancements, and travel and tourism. The market for ultralight and light aircraft is expected to witness considerable growth in the US and Canada following the increased demand for various models of ultralight and light aircraft.
Key players in the ultralight and light aircraft market include Textron (US), Pilatus (Switzerland), Piper Aircraft (US), Costruzioni Aeronautiche TECNAM (Italy), and Cirrus (US). The players are largely focused on new product development and launches and having a strong global presence will help them gain a competitive advantage in the ultralight and light aircraft industry.
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