Factors such as increasing demand for charter aviation and surging demand for electric aircraft across Europe propel the growth of the market. However, predicted onset of the third wave of COVID-19 outbreak by research organizations across the world may hamper the market growth.
The global aviation industry accounts for ~2.5% of the global carbon emissions, causing environmental pollution, and it is one of the major concerns across the aviation sector. Several vendors and aviation research organizations have been working on the development of advanced power-efficient and low-emission aircraft models, such as hybrid electric and fully electric aircraft. Electric aircraft systems are powered by one or more electric motors that drive the propellers. Electricity may be supplied by a variety of methods, the most common being batteries. In 2021, Rolls-Royce announced the completion of its maiden flight for an intense flight-testing phase of its fully electric aircraft. According to the company, the airplane utilized a 400-kW electric powertrain with the most power-dense battery pack ever assembled for an aircraft. Eventually, the company wants the aircraft’s speed to exceed 300 miles per hour, which will be tested in another phase in the UK. The development of such aircraft is likely to contribute to lower the carbon emission levels of the aviation industry in the near future. Thus, the development of electric aircraft would provide significant growth opportunities for the general aviation market players during the forecast period.
With COVID-19 outbreak, the production and sales of general aviation came to a sudden halt in most of Europe. Collapse of the demand side severely impacted the European aerospace sector, thereby putting the economies in deep crisis and reducing international trade. The air transport sector plays an important role in economic growth and employment in many European countries, which was strongly impacted by supply chain disruptions and technological challenges. The European aerospace industry began to witness airspace inefficiencies, activity delays, and declining number of flights with the initial spread of COVID-19 in the region. The global passenger volume contracted by 60.5%, and total cost of infrastructure declined by 45.4% in 2020. This reduced demand has severely impacted the regional general aviation market and also affected the general aviation aircraft manufacturers, both in building and maintaining airliners, parts suppliers, and catering. The EU aerospace industry is anticipated to recover gradually due to a slower economic recovery and the importance of international services. However, the European aircraft manufacturing giant, Airbus (France based aircraft manufacturer), foresees faster recovery of aviation industry and aircraft manufacturing. According to Airbus, the global and European aviation industry is expected to reach pre-COVID-19 pandemic levels between 2023 and 2025, whereas the European general aviation industry is expected to surpass its pre-pandemic levels by 2022. According to the study, Airbus helicopters also witnessed a decline in its deliveries in terms of volume and reached to a volume of 272 units delivered in FY 2020 compared to 300 units in FY 2019. In addition, Airbus is focusing on planning to adapt its global workforce and resize its commercial aircraft activity in response to the COVID-19 crisis.
By Component
By Aircraft
By Country
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 4,473.58 Million |
| Market Size by 2028 | US$ 6,377.92 Million |
| Global CAGR (2021 - 2028) | 5.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Component
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| Regions and Countries Covered | Europe
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| Market leaders and key company profiles |