Selbyville, Delaware, According to the research report titled ‘Ultralight and Light Aircraft Market Size By Aircraft Type, By Application, By Propulsion , Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’ available with Market Study Report LLC, global ultralight and light aircraft market is projected to grow significantly over 2020-2026.
According to the report, increasing emphasis towards the development of urban mobility solutions and rapid expansion of the aviation sector are major factors fueling the growth of ultralight & light aircraft market. Rising adoption of small-scale business jets for commute, and surging demand for private jets are also aiding industry expansion.
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Based on the type of aircraft, the ultralight aircraft segment is anticipated to register a healthy CAGR of 7.9% over 2020-2026, owing to increasing number of aviation clubs , rising popularity of recreational aviation, and mounting number of pilot training institutes.
Moving on to the technology spectrum, global ultralight and light aircraft market is split into VTOL and CTOL. The conventional take-off and landing (CTOL) segment is projected to witness significant expansion, accounting for 80% market share over the period of 2020-2026. As per industry experts, factors such as surging demand for luxurious cabins in aircrafts, increasing awareness pertaining to safety features and protocols, and a wide price range are fueling the segmental share.
Speaking of the propulsion mechanism, conventional propulsion segment accounts for 95% of the revenue share and is projected to witness substantial growth through 2026, primarily due to its high power and fuel-efficiency along with numerous initiatives to streamline flight operations.
The major organizations operating in global ultralight and light aircraft market size are Vulcanair S.p.A, Robinson Helicopter Company, Textron Inc., Quicksilver Aircraft Manufacturing, Piper Aircraft Inc., Pipistrel d.o.o., Pilatus Aircraft Ltd., Flight Design General Aviation GmbH, P&M Aviation, Evektor-Aerotechnik, Dynali Helicopter Company, Cirrus Design Corporation, Costruzioni Aeronautiche TECNAM S.p.A, Autogyro GmbH, Airbus SE, and American Legend Aircraft Co. among others.
Elaborating on the application spectrum, the report claims that the military application segment is expected to exhibit a CAGR of 6.7% over the period of 2020-2026, mainly because of the increasing utilization of these aircrafts for pilot training by military organizations and for other smaller operations.
In terms of regional landscape, Middle East Africa ultralight and light aircraft market is anticipated to register a CAGR of 6.9% through 2026. Increasing number of airshow events, coupled with surging HNWIs are augmenting the regional market growth.
For More Details on Ultralight and Light Aircraft Market Report at: https://www.marketstudyreport.com/reports/ultralight-and-light-aircraft-market?utm_source=Marketwatch.com/&utm_medium=SP
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