The General Aviation Market size is projected to reach US$ 40.59 billion by 2031 from US$ 26.79 billion in 2023. The market is expected to register a CAGR of 5.2% in 2023–2031. The demand for electrification and overhaul services for existing fleet is likely to remain a key general aviation market trend.
Companies, such as Airbus SE, Boeing Company, Bombardier Inc., Dassault Aviation S.A., Embraer S.A., Pilatus Aircraft Ltd., Gulfstream Aerospace Corporation, Leonardo S.p.A., Saab AB, and Textron Inc. are among the leading manufacturers in the general aviation market. These companies are engaged in designing, manufacturing, and selling of wide range of aircraft to distributers, who then provide them to end users, such as private jet owners, government private airlines, business aircraft owners, and others, respectively.
The general aviation market ecosystem is diverse and evolving. Its stakeholders are raw material providers, component producers, aircraft manufacturers, and end users. Major players occupy places in various nodes of the market ecosystem. Raw material providers supply materials, including steel, rubber, and aluminum, to component manufacturers, who then utilize it to manufacture and design the final products. The final product is then supplied to aircraft manufacturers through different mediums, such as direct sales through company distributors or third-party sales through third-party distributors. Aircraft manufacturers integrate aircraft component on to their respective aircraft.
The popularity and adoption of business jets are expected to increase in the next decade, primarily, due to the inclusion of new models in the service. In Asia Pacific, countries such as China, Japan, and South Korea together account for more than two-thirds of the regional demand for business jets and helicopters each year. In addition, the demand for business jets, particularly for the large and medium-size jets, is on the rise in Southeast Asia. Gulfstream, Bombardier, and Textron are among the major sellers of business jets in Asia-Pacific. Despite a dip in the sales volumes in the last two years, business jet manufacturers are considering China and India, among others, as lucrative markets.
One of the major concerns across the aviation sector is environmental emissions as the global aviation industry accounts for ~2.5% of the global carbon emissions, causing environmental pollution. Several vendors and aviation research organizations have been working on the development of advanced power-efficient and low-emission aircraft models, including 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 the lowering of the carbon emission levels of the aviation industry in the near future. Thus, the development of electric aircraft will provide significant growth opportunities for the general aviation market players during the forecast period.
Key segments that contributed to the derivation of the general aviation market analysis are component and aircraft.
The geographic scope of the general aviation market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America.
In 2023, North America accounted for a major share in the global general aviation market followed by Europe and Asia Pacific. Nowadays, ranging from small training aircraft and helicopters to intercontinental business jets, more than 440,000 general aviation aircraft are functional worldwide. About 205,000 of these are based in the US. There are more than 5,100 public airports in the US, while less than 400 airports serve commercial airlines. The average passenger miles flown by an individual in North America is one of the highest across the world. Moreover, the increase in the number of high-net-worth individuals (HNWIs), the enhanced emphasis on operational safety from regulatory bodies, and ongoing advancements in developing a light sports aircraft are also expected to help the market’s growth in this region over the next few years.
The regional trends and factors influencing the General Aviation Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses General Aviation Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 26.79 billion |
| Market Size by 2031 | US$ 40.59 billion |
| Global CAGR (2023 - 2031) | 5.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The General Aviation Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the General Aviation Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The general aviation market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
The “General Aviation Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas: