The ultralight and light aircraft market is estimated to be USD 9.3 billion in 2023 and is projected to reach USD 18.4 billion by 2028, at a CAGR of 14.4% during the forecast period. Some of the factors fueling the market’s growth include increasing use of commercial and military aircraft fleets demand around the world. The increasing demand of low-cost, effective aircrafts and advancements in technologies provide lucrative opportunities for ultralight and light aircraft system providers during the forecast period. Business aviation is evolving rapidly with new technologies and transport modes. The ultralight and light aircraft market is witnessing technological advancements right from structural materials to propulsion technologies. One of which is Urban Air Mobility (UAM), a concept, which incorporates technological advancements in electric motors, rotors, batteries, and flight automation. Urban air mobility eVTOL platforms include Air Taxis, Personal Air Vehicle (PAV), Cargo Air Vehicle (CAV), and Air Ambulance. On-demand air taxi services have the potential to improve urban mobility for businesses radically.
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Based on material, The ultralight and light aircraft market has been segmented on the basis of material into aluminum, composites, and others (steel and titanium alloys). These materials are used in the construction of airframes and other aircraft components. The aluminum segment accounted for a major share of the market in 2023, while the composites segment accounted for the second largest market share in the same year.
Based on propulsion, the ultralight and light aircraft market has been segmented into electric/hybrid and conventional fuel. The electric/hybrid segment refers to ultralight and light aircraft that are powered by full or partial electric engines. Electric aircraft are powered by electricity generated from batteries, solar cells, and fuel cells. Aircraft using electric propulsion are considered the core of the future of Urban Air Mobility (UAM) due to their low costs, reduced noise, and less pollution caused by them. For instance, UAVs are fully propelled by electricity. Hybrid aircraft engines use a combination of conventional fuels and electricity. Conventional fuels are used to power electric engines in hybrid aircraft. Moreover, these aircraft engines can be switched to full electricity mode whenever the fuel is over. The conventional fuel segment includes widely used fuel-powered engines for propelling an aircraft. Conventional fuels use a mixture of fuel and air for carrying out the combustion process to propel an aircraft. Standard turboprop, piston, and turboshaft aircraft engines use conventional fuels. Though these engines work on different mechanisms to combust fuel in an aircraft chamber, they all use conventional fuels to generate the required thrust. Efforts are being made across the globe to reduce the environmental impact of these fuels, thereby resulting in the development of their substitutes.
Based on Technology, The ultralight and light aircraft market has been segmented into the manned and unmanned segments. Various ultralight and light aircraft that require a pilot to perform flight operations in the cockpit are included in this segment. Most fixed-wing aircraft and helicopters are manned since unmanned aircraft technology has not been fully integrated for commercial air travel. The unmanned segment of the market includes aircraft, such as UAVs and drones, which do not require a pilot in the cockpit to perform flight operations. This segment is further divided into fully autonomous and remotely controlled. A fully autonomous aircraft is coded to fly over a predetermined route and return to its location. Basic operations or take-off, landing, and cruising are pre-determined using a set of automated commands. A remotely controlled aircraft, as the name suggests, is an aircraft remotely controlled by a human, with the aircraft either in the line of sight or tracked from a control room.
Key Market Players
Major players operating in the ultralight and light aircraft market include Pipistrel doo (Slovenia), American Legend Aircraft Co. (US), Pilatus Aircraft (Switzerland), Cirrus Aircraft (US), Evektor Aerotechnik (Czech Republic), Quicksilver Aircraft (US), Flight Design General Aviation (German), Aeropro (Slovakia), P&M Aviation (UK), Autogyro GmbH(Germany), Piper Aircraft, Inc (US), Textron Inc (US), Costruzioni Aeronautiche TECNAM SpA (Italy), and Vulcan Air (Italy) among others.
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