Ultralight and Light Aircraft Industry worth $11.9 billion by 2030
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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Driver: Low-cost operation and maintenance of ultralight aircraft will drive the market
Ultralight aircraft are very small in size and weigh less than commercial aircraft. Ultralight aircraft are defined based on Maximum Take-off Weight (MTOW). Acquiring an ultralight aircraft is easier owing to the lax regulations regarding their ownership in various countries. The use of ultralight and light aircraft is common in countries such as the US, Canada, and Australia for sports and recreational purposes. Some of the ultralight aircraft also use automotive grade gasoline which helps bring down the operational cost of the aircraft. On average, an ultralight aircraft uses 2–3 gallons of fuel per hour, making it inexpensive to operate.
The cost of an ultralight aircraft varies model wise. Hang glides cost about USD 5,000, while the more popular ultralight trikes cost about USD 100,000. These aircraft are also available as kits in many regions around the world, providing the least expensive options for enthusiasts. As ultralight and light aircraft are made of few movable parts, wear and tear are less compared to general aviation aircraft, which has a more complex system. The low cost of acquisition, maintenance, and operation leads to a low cost of ownership, which is expected to drive the market for ultralight and light aircraft.
Restraint: Delay in aircraft deliveries
According to the GAMA Annual Report 2021, general aviation manufacturers delivered new aircraft worth over USD 25.2 billion in 2021, an increase of 10.2% from 2020. The economic crisis because of Covid-19 affected the global growth rate and profitability of various industries. The global GDP growth rate is expected to grow 6% in 2021 (Source: World Bank).
The general aviation sector is also not exempt from the effects of the economic slowdown. The growth rate of the ownership of ultralight aircraft and their use in recreational and sports flights is currently moderate. Trade restrictions between the US and China have impacted the growth of the ultralight and light aircraft market. International trade and investments are also affected due to this dispute. Although there is recovery, there also exists a fear of the Chinese economy overheating that can pull the global economy back into a recession. This can adversely affect the growth of the ultralight and light aircraft market. In the US, the economic crises and stringent regulations have led to the shutdown of many ultralight aircraft manufacturers in the recent past.
Opportunity: Advancement of traditional aircraft propulsion
Hybrid- electric aircraft propulsion is an advancement of traditional aircraft propulsion, which operates on conventional fossil fuels. There has been a rapid rise in research activities for the development of commercially viable hybrid-electric aircraft propulsion. The main driver for these research activities and the introduction of new aircraft in the market are the various advantages of hybrid-electric aircraft propulsion over traditional propulsion technology. These advantages are beneficial for airlines, passengers, and the environment.
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Originally published at http://usdefence.wordpress.com on June 16, 2022.