The global general aviation market is expected to grow from US$ 26,208. 00 million in 2021 to US$ 36,461. 60 million by 2028; it is estimated to register a CAGR of 4. 8% during 2021-2028. The elevated demand for charter operations across different regions is propelling the general aviation aircraft market growth.
New York, June 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "General Aviation Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component and Aircraft" - https://www.reportlinker.com/p06232552/?utm_source=GNW
However, the requirement for business jets is expected to increase in the coming years due to the persistent surge in charter activities and business travel in the region.
In the first quarter of 2021, Embraer delivered another Phenom100EV to an undisclosed Australian customer. Further, with the increasing demand from end-users, the aircraft OEMs are expanding their customer support and service capabilities, which will contribute to the general aviation market growth during the forecast period.
The general aviation market is segmented into components, aircraft, and geography.Based on components, the market is categorized into avionics, airframe, landing gears, engine, and others.
In 2020, the engine segment held the largest share of the market.In terms of aircraft, the general aviation market is segmented into fixed-wing and rotary-wing.
In 2020, the fixed-wing segment accounted a larger share.Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
In 2020, North America accounted for a significant share in the global market.
During the COVID-19 pandemic, the general aviation industry came to a halt with minimal resources to foresee the future.The US, France, Russia, and China temporarily paused their production units following the government rules concerning lockdown and physical distancing.
The aircraft manufacturers witnessed a 14-15% reduction in the general aviation market revenue. During FY 2020, the market research study stated that the impact of COVID-19 outbreak led to a downfall in the global market value.
In 2020, the US witnessed the most severe impact of COVID-19.The general aviation manufacturers and service providers were affected due to nationwide lockdowns and travel restrictions, shutdown of production facilities, and shortage of employees in the region.
The pandemic created both health and economic crises in the US.It led to many disruptions in the aerospace industry, impacting everything from supply chain and manufacturing to product sales.
The pandemic has directly and indirectly affected the industry’s short-term and long-term strategies.
The overall general aviation market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the general aviation market concerning all the market segments.It also provides an overview and forecast for the market based on all the segmentation provided concerning five major regions North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the general aviation market.
Airbus, Boeing, Leonardo S.p.A., Saab AB, Dassault Aviation, PILATUS AIRCRAFT LTD, Textron Inc., Bombardier, Gulfstream Aerospace Corporation, and Embraer are among the few companies operating in the global general aviation market.
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