Ultralight And Light Aircraft Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Ultralight And Light Aircraft Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Ultralight And Light Aircraft Global Market Report 2024, The ultralight and light aircraft market size has grown strongly in recent years. It will grow from $6.99 billion in 2023 to $7.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to innovation in avionics, growing tourism sector, cost-effectiveness, training and flight schools, advancements in aircraft materials, recreational aviation enthusiasm..

The ultralight and light aircraft market size is expected to see strong growth in the next few years. It will grow to $9.92 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to advanced safety features, increasing urban air mobility (uam), growth in adventure tourism, focus on lightweight materials and construction, increased focus on safety features.. Major trends in the forecast period include advancements in electric and hybrid propulsion, integration of advanced avionics and connectivity, regulatory developments and certification standards, use of unmanned aerial vehicles (uavs) for surveillance and monitoring, market consolidation and strategic partnerships..

The rising usage of UAVs in military operations has significantly contributed to the growth of the ultralight and light aircraft market. In recent years, the global UAV sector has witnessed path-breaking developments in military and civil use and is considered the future of warfare. The ultralight and light aircraft enable easy military operations due to their advantages in weight and capabilities. For instance, according to an Aeromag Asia report, in 2020, seventeen countries have armed UAVs, and more than 100 countries use UAVs in a military capacity that the global UAV market size is expected to reach $ 21.47 billion, with the Indian market touching the $ 885.7 million mark in 2021. Therefore, the rising usage of UAVs in military operations will contribute to the growth of the ultralight and light aircraft market.

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The ultralight and light aircraft market covered in this report is segmented –

1) By Aircraft: Ultralight Aircraft, Light Aircraft

2) By Technology: CTOL, VTOL

3) By Propulsion: Electric/Hybrid, Conventional

4) By Application: Civil & Commercial, Military

Technological advancement in lightweight design is a key trend gaining popularity in the ultralight and light aircraft market. Key players operating in the ultralight and light aircraft market are focusing on developing and manufacturing light sport aircraft relying on composite materials and vacuum structures to keep the aircraft lightweight and strong to strengthen their position in the market. For instance, in March 2023, CubCrafters, a US-based aircraft company, introduced Carbon Cub UL which is a type of ultralight aircraft that uses multi-fuel and avionics technology. These technologies will allow the aircrafts to meet ASTM standards, and to carry two adults with a full fuel load and baggage at a max takeoff weight of 1,320 pounds.

The ultralight and light aircraft market report table of contents includes: