A new report projects the ultralight and light aircraft market will grow from $7.5 billion in 2022 to $11.9 billion by 2030.
That’s a compound annual growth rate (CAGR) of 5.9%, according to the report from MarketsandMarkets, a company that provides research on 30,000 “high growth opportunities and threats that will impact 70% to 80% of worldwide companies’ revenues.”
The demand for ultralight and light aircraft for use in personal, passenger, cargo, training, survey and research, agriculture, and medical applications is a “major driving factor” in the projected growth, the report states.
North America accounts for about 45% of the ultralight and light aircraft market in 2022, the report continues.
“The aviation and aerospace sector in the North American region is growing steadily,” it notes. “This has consequently created a significant demand for ultralight and light aircraft. The growth of the ultralight and light aircraft market in this region is driven by factors such as rapid growth in aircraft manufacturing, technological advancements, and travel and tourism.”
Key players include Textron Aviation, Piper Aircraft, Tecnam, and Cirrus Aircraft, it adds.
“The players are largely focused on new product development and launches and having a strong global presence will help them gain a competitive advantage in the ultralight and light aircraft industry,” it states.