Northbrook, IL 60062 -- (SBWIRE) -- 06/13/2022 -- This report provides an analysis of the ultralight and light aircraft market from 2018 to 2030. It discusses industry and technological trends that are currently prevailing in the market. It analyses factors driving and restraining the growth of this market, as well as the challenges faced it. The market is estimated to be USD 7.5 billion in 2022 and is projected to reach USD 11.9 billion by 2027, at a CAGR of 5.9% during the forecast period. Key factors fueling the growth of this market include growing demand for modernized aircraft fleet for commercial and civil applications.
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Based on aftermarket, the ultralight and light aircraft market is segmented into ultralight aircraft and light aircraft. Minimum and maximum take-off weights were taken into consideration to define these segments. Ultralight aircraft include aircraft with a maximum take-off weight less than 600 kg, while light aircraft have maximum take-off weight ranging from 600 kg to 5,700 kg. The ultralight and light aircraft aftermarket is projected to grow at a CAGR of 0.64% during the forecast period. The increasing demand for aftermarket services, upgrades, and replacement of parts for aging aircraft fleets is a major factor driving the global ultralight and light aircraft aftermarket.
Based on aircraft type, the ultralight and light aircraft market is segmented into ultralight aircraft and light aircraft. Minimum and maximum take-off weights were taken into consideration to define these segments. Ultralight aircraft include aircraft with a maximum take-off weight less than 600 kg, while light aircraft have maximum take-off weight ranging from 600 kg to 5,700 kg. The ultralight and light aircraft market is projected to grow at a CAGR of 5.86% during the forecast period. The increasing demand for aircraft to train pilots, along with the convenience of small aircraft to access remote areas, is the major factor driving the growth of the global ultralight and light aircraft market. Upcoming technologies such as electric Vertical Take-off and Landing (VTOL) aircraft and UAVs to be used for Urban Air Mobility (UAM) are some of the other factors anticipated to drive the market.
Based on end use, the ultralight and light aircraft market is segmented into the civil & commercial and military segments. The civil & commercial segment accounted for a share of 54.6%, whereas the military segment accounted for a share of 45.4% of the ultralight and light aircraft market in 2020.