Ultralight Aircraft Market Size to worth $18.17 billion by 2031, growing at a CAGR of 9.6%, says Coherent Market Insights
Burlingame, July 11, 2024 (GLOBE NEWSWIRE) -- The global Ultralight Aircraft Market is estimated to be valued at USD 9.54 Bn in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights. Growing popularity and participation in leisure activities like recreational aviation is driving the demand for ultralight aircrafts. More people are taking up recreational flying as a hobby to enjoy the experience of flying small aircrafts over scenic locations for leisure and adventure purposes. Ultralight aircraft being smaller, lighter and less expensive than traditional small aircraft are attracting these new recreational pilots.
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Market Dynamics:
Increasing participation in aviating sports like gliding, parachuting and recreational flying is driving the growth of the ultralight aircraft market. According to a survey by Federal Aviation Administration, over 250,000 people in the U.S. participate in gliding and recreational flying per year. Additionally, reduced operational costs coupled with higher affordability of ultralight aircraft is also accelerating their demand. However, lack of supportive air traffic control infrastructure is challenging the market growth.
Market Trends:
Recreational ultralight aircraft are gaining rapid traction among enthusiasts. Their light weight and compact design along with easy maneuverability makes them suitable for recreational flying activities. Growing popularity of ultralight aircraft for pilot training and as means of aerial sightseeing is encouraging manufacturers to develop innovative recreational models. Furthermore, developing technologies to equip ultralight aircraft with electric propulsion systems are expected to open new revenue opportunities. Use of composite materials to manufacture strong yet lightweight airframes is another trend witnessed in the ultralight aircraft market.
Ultralight Aircraft Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $9.54 billion |
| Estimated Value by 2031 | $18.17 billion |
| Growth Rate | Poised to grow at a CAGR of 9.6% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Takeoff, By Technology, By Propulsion, By Application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Recreational flying • Agricultural applications |
| Restraints & Challenges | • Strict regulations and certification requirements • Stringent safety regulations |
Market Opportunities:
The recreational applications segment is expected to witness significant growth over the forecast period. Ultralight aircraft cater well to recreational activities like sightseeing, adventure sports etc. Their lightweight nature and easy maneuverability makes them suitable for aerial photography, tourism and leisure flying. Increasing disposable incomes and popularity of air sports in developing nations is fueling the demand.
Military and homeland security remain a key growth driver for ultralight aircraft market. They are used for missions requiring vertical take-off and landing in difficult terrains like mountains, forests etc. Their ability to carry out surveillance at low-cost makes them suitable for border patrolling and coastal monitoring. Ongoing R&D for developmental of specialized variants will support the demand from defense sector.
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Key Market Takeaways:
The global ultralight aircraft market is anticipated to witness a CAGR of 9.6% during the forecast period 2024-2031, owing to growing participation in air sports and adoption of UAVs for defense applications.
On the basis of engine type, fuel powered segment is expected to hold a dominant position, accounting for around 65% market share in 2024 due to lower costs and easy availability of fuels.
On the basis of aircraft type, fixed wing segment is expected to hold a dominant position over the forecast period, owing to higher payload capacity and longer flight duration. The segment accounted for over 70% market share in 2024.
Based on application, defense segment is expected to hold a dominant position over the forecast period and grow at a CAGR of 10.2% during 2024-2031. This is attributed to increasing deployment of ultralight aircraft for border surveillance, combat support, and ISR missions.
Regionally, North America is expected to hold a dominant position in the global ultralight aircraft market and grow at a CAGR of 8.4% during 2024-2031. This is owing to robust participation in air sports and strong defense infrastructure in the US.
Some of the major players operating in the ultralight aircraft market include Aeropro s.r.o, Cub Crafters, Inc., Evektor, Spol. s.r.o, Flight Design GmbH, P&M Aviation and American Legend Aircraft Company. These players are focusing on new product launches and expansion in emerging markets.
Recent Development:
In January 2023, Pipistrel, a prominent ultralight aircraft manufacturer, made a significant industrial development by unveiling the Nuuva V300, an autonomous cargo drone. Introduced in October 2020, this innovative electric vertical take-off and landing (eVTOL) aircraft cater to the cargo delivery sector, showcasing Pipistrel's commitment to advancing sustainable aviation solutions.
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Market Segmentation:
By Takeoff:
- CTOL
- VTOL
By Technology:
- Manned
- Unmanned
By Propulsion:
- Conventional Propulsion
- Electric and Hybrid
By Application:
- Recreation
- Defense
- Commercial
By Regional:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Mr. Shah Senior Client Partner – Business Development Coherent Market Insights Phone: US: +1-206-701-6702 UK: +44-020-8133-4027 Japan: +81-050-5539-1737 India: +91-848-285-0837 Email: sales@coherentmarketinsights.com Website: https://www.coherentmarketinsights.com
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