Jun 23, 2022   SOURCE: BusinessWire

The Worldwide Ultralight and Light Aircraft Industry is Projected to Grow to $11.9 Billion by 2030 - ResearchAndMarkets.com

The "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" report has been added to ResearchAndMarkets.com's offering.

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 COVID-19 outbreak has had an impact on the ultralight and light aircraft supply chain. The spread of COVID-19 in the United States and Europe is expected to be slowed by lockdowns at ultralight and light aircraft vehicle research and development centers.

As a result of the Asia Pacific lockdown, many businesses in the ultralight and light aircraft industry have lost revenue. Many startups have failed to continue operating in the area due to delays in development and a lack of funds. The commercialization of ultralight and light aircraft appears to have been delayed by a year when compared with pre conditions.

The aluminum segment is expected to hold a major share of the market during the forecast period on the basis of material

The ultralight and light aircraft market has been segmented on the basis of material into aluminum, composites, and others (steel and titanium alloys). These materials are used in the construction of airframes and other aircraft components. The aluminum segment accounted for a major share of 50% of the market in 2022, while the composites segment accounted for a market share of 43% of the market in the same year. The composites segment is projected to grow at a CAGR of 7.36% during the forecast period.

The conventional fuel segment is anticipated to lead the ultralight and light aircraft market in the near future

Based on propulsion, the ultralight and light aircraft market has been segmented into electric/hybrid and conventional fuel. The conventional fuel segment is projected to grow at a CAGR of 7.2% during the forecast period. The electric/hybrid segment refers to ultralight and light aircraft that are powered by full or partial electric engines. The conventional fuel segment includes widely used fuel-powered engines for propelling an aircraft.

Unmanned segment is anticipated to grow at the highest CAGR in the ultralight and light aircraft market during the forecast period

The ultralight and light aircraft market has been segmented on the basis of technology into the manned and unmanned segments. The unmanned segment is projected to grow at a CAGR of 8.6% during the forecast period.

Asia Pacific is anticipated to grow at the highest CAGR in the ultralight and light aircraft market during the forecast period

Asia Pacific is estimated to grow at 6.6%. The market in Asia Pacific is projected to grow from USD 1,570 million in 2022 to USD 2,627 million by 2030, at a CAGR of 6.6% from 2022 to 2030.

Market Dynamics

Drivers

  • Low-Cost Operation and Maintenance of Ultralight Aircraft
  • Growing Usage of UAVs in Various Military Operations

Restraints

  • Delay in Aircraft Deliveries

Opportunities

  • Advancements in Traditional Aircraft Propulsion
  • Advancements in Passenger Drones and UAV Payload

Challenges

  • Growing Usage of UAVs in Commercial Applications
  • Safety Considerations for Operation of Ultralight and Light Aircraft
  • Economic Challenges Faced by Oems due to COVID-19 Outbreak

Companies Mentioned

  • Aeropro
  • American Legend Aircraft Co.
  • Aston Martin
  • Autogyro GmbH
  • Cirrus Aircraft
  • Costruzioni Aeronautiche Tecnam S.P.A.
  • Evektor-Aerotechnik
  • Flight Design General Aviation GmbH
  • Honda Aircraft Company
  • Joby Aviation
  • Karem Aircraft Inc.
  • Kitty Hawk
  • Lift Aircraft Inc.
  • Lilium GmbH
  • Neva Aerospace
  • Opener
  • P&M Aviation
  • Pilatus Aircraft
  • Piper Aircraft
  • Pipistrel D.O.O Ajdovseina
  • Quicksilver Aircraft
  • Textron Inc.
  • Volocopter GmbH
  • Vulcanair
  • Wing
  • Xti Aircraft

For more information about this report visit https://www.researchandmarkets.com/r/3xzreh.