Global General Aviation Market Report and Forecast 2024-2032

Global General Aviation Market Outlook

The global general aviation market size attained a value of about USD 21.83 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 3.20% to reach nearly USD 29.03 billion by 2032.

Key Takeaways

• In 2023, the aviation shipments  and billings in all aircraft segments increased by 3.6%.

• Low-cost airlines are projected to grow to a 48%  market share of short-haul flights by 2030, driven by significant expansion in Europe and Asia.

• In 2023, global air traffic  increased by 36.9% from 2022, reaching 94.1% of pre-pandemic levels, signalling strong growth.

General aviation refers to all civil aviation operations other than scheduled air services and non-scheduled air transport operations for remuneration or hire. It covers a wide range of aviation activities, including private flying, flight training, agricultural aviation, light aircraft manufacturing, business aviation, and recreational flying such as gliding and ballooning. General aviation aircraft range from small single-engine planes to larger business jets and helicopters.

Consumer spending on air travel for medical transportation, charter operations, and VIP transportation drives the global market of general aviation. Furthermore, a shift in lifestyle and increased disposable income among the middle-class population are expected to propel the market growth. Additionally, technological advancements are likely to accelerate the market expansion.

The market is likely to be boosted by increased spending and investment in recreational activities such as travel and tourism and the manufacturing of all-electric aircraft to reduce aviation emissions.

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Key Trends and Developments

Increasing trend of sustainability; technological advancements; expansion in emerging markets; and rising merger and acquisition activities are positively impacting the global general aviation market expansion

Jan 17th 2024

Archer Aviation and Atlantic Aviation  signed an MOU to establish electric aircraft operation sites in LA, NYC, Northern California, and South Florida.

Dec 18th 2023

Sky Harbour announced the development of new aviation campuses at Bradley International  and Hudson Valley Regional Airports, addressing New York's significant hangar shortage.

Oct 18th 2022

At NBAA-BACE, Textron Aviation secured a deal with Fly Alliance  for up to 20 Cessna Citations, enhancing Fly Alliance's luxury charter fleet, starting in 2023.

Apr 18th 2022

Textron Inc. completed the acquisition of electric aircraft leader Pipistrel , enhancing its portfolio with award-winning, eco-friendly aviation technology.

Increasing Sustainability Initiatives to Bolster the Market

The global general aviation market is increasingly focusing on sustainability, with a rise in electric aircraft development and the adoption of sustainable aviation fuels (SAFs) to reduce carbon emissions.

Technological Advancements are Providing New Opportunities for Market Growth

Advanced avionics, enhanced safety features, and autonomous flying technology are becoming prevalent, improving efficiency and safety while potentially reducing operational costs and expanding accessibility to pilotless aviation.

Expansion in Emerging Markets to Drive the Market

Rising affluence in Asia, Latin America, and Africa is driving demand for general aviation, both for personal travel and commercial applications, contributing to the market growth.

Companies are Increasingly Investing in Acquisitions and Mergers

The market is witnessing consolidation through mergers and acquisitions, as companies aim to enhance their competitive edge, expand product portfolios, and tap into new markets.

Global General Aviation Market Trends

Following the global trend of sustainability, key players in the market have been rapidly investing in the development of electric aircraft. Electric aircraft development signifies a leap towards reducing the carbon footprint of aviation, offering a cleaner alternative to conventional fossil fuel-powered engines. Electric propulsion technology is rapidly advancing, with several prototypes and first-generation electric planes already undergoing testing. Sustainable Aviation Fuels (SAFs) represent another critical frontier.

Emerging markets are becoming hotspots for the general aviation market growth, driven by increasing economic prosperity and the burgeoning middle and upper classes, particularly in Asia, Latin America, and Africa. These regions exhibit a growing appetite for personal and business travel that bypasses the limitations of commercial airline schedules and route networks.

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Market Segmentation

“Global General Aviation Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Aircraft Type

• Helicopters

• Piston Fixed-Wing Aircraft

• Turboprop Aircraft

• Business Jets

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Piston fixed-wing aircraft to dominate the general aviation market share in the forecast period

The rise in demand for piston fixed-wing aircraft, which can conduct low-altitude and moderate-speed combat, is propelling the market growth of general aviation. In addition, because of their inherent manoeuvrability, they are in high demand among pilot training institutes, private aviation, and aircraft racers worldwide.

Meanwhile, the demand for business jets is expected to grow substantially during the forecast period owing to HNWI highlighting a strong preference for exclusive ownership.

Competitive Landscape

Major players in the global general aviation market are increasingly investing in the expansion of production facilities

Airbus SE:

Airbus SE is a leading European aerospace corporation that designs, manufactures, and sells civil and military aerospace products worldwide. It is known for its wide range of passenger airliners, including the A320 family and the A380, the world's largest passenger aircraft.

Boeing Company

The Boeing Company is an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, and telecommunications equipment. Boeing is one of the largest aerospace manufacturers globally and is a leading producer of commercial jetliners and defence, space, and security systems.

Bombardier Inc.

Bombardier Inc. is a Canadian multinational manufacturer of business jets, public transport vehicles, and high-speed rail train sets. In the aerospace sector, Bombardier is known for its business jets, including the Global and Challenger series, and was previously involved in the production of regional airliners.

Dassault Aviation SA

Dassault Aviation SA is a French aerospace company that designs and builds military aircraft, business jets, and space systems. It is well-known for its Falcon series of business jets and its Rafale fighter aircraft used by several countries' air forces.

Other key players in the global general aviation market are Embraer SA and others.

Companies are expanding their product lines to include a wider range of aircraft, from light sport aircraft (LSA) to business jets, catering to diverse customer needs. The diversification of their product portfolio allows the players to reach different sections of the market, including entry-level pilots to high-net-worth individuals and corporate clients. In addition, companies are focusing on providing exceptional customer service and personalised experiences to differentiate themselves in a competitive market.

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Global General Aviation Market Analysis by Region

North America currently holds a considerable portion of the market and is anticipated to grow at a significant pace in the coming years. The presence of developed aviation infrastructure in the United States is driving the market expansion in the region. Furthermore, the rising demand for fixed-wing aircraft is adding to general aviation market expansion.

Due to helicopter services (such as air taxis, air ambulances, and so on), the demand for civil helicopters is increasing in this region, which is anticipated to assist in expanding the market in the following years. Moreover, growing investments by aerospace businesses in the adoption of urban air mobility in North American airspace are likely to propel the growth of the market in North America over the forecast period.

On the other hand, in the Europe general aviation market, a growing number of high-net-worth individuals (HNWIs) are turning to private jets for their travel within the region. This trend is largely driven by the cancellation of many intra-region commercial flights, a situation exacerbated by staff shortages in the airline sector.

Key Highlights of the Report