Report : Asia Pacific General Aviation Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Avionics, Airframe, Landing Gears, Engine, and Others), and Aircraft (Fixed Wing and Rotary Wing)
The engine segment by component is estimated to lead the market growth during the forecast period.
According to a new market research study of “Asia Pacific General Aviation Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Aircraft, Component and Country.” The Asia Pacific general aviation market is expected to reach US$ 4497.52 million by 2028 from US$ 2977.89 million in 2021; it is estimated to grow at a CAGR of 6.1% from 2021-2028. The report highlights trends prevailing in the Asia Pacific general aviation market and the factors driving market along with those that act as hindrances.
The popularity and adoption of business jets are expected to increase in the next decade due to the inclusion of new models in the service. In Asia Pacific, countries such as China, Japan, and South Korea together account for more than two-thirds of the regional demand for business jets and helicopters each year. In addition, the demand for business jets, particularly for the large and medium-size jets, is on the rise in Southeast Asia. Gulfstream, Bombardier, and Textron are among the major sellers of business jets in Asia-Pacific. Despite a dip in the sales volumes in the last two years, business jet manufacturers are considering China and India as lucrative markets. Charter flight activities experienced a significant growth in the first half of 2020 due to the travel restrictions enacted by various governments upon the onset of COVID-19 outbreak. Despite these favorable conditions, private buyers were reluctant to buy new jets in that year, which resulted in the limited number of orders in 2020. However, the demand for business jets is expected to increase in the coming years due to the persistent surge in charter activities and business travel in the region. For instance, in the first quarter of 2021, Embraer delivered Phenom 100EV to an undisclosed Australian customer. Further, with the increasing demand from end users, the aircraft OEMs are expanding their customer support and service capabilities, which would contribute to the general aviation market growth during the forecast period. The newly growing interest in aviation electrification is attracting contributions from the manufacturers of aircraft, energy supply equipment, and battery storage. Most of the vendors in the aircraft industry are focusing on the development of advanced electric systems meant for deployments in different aircraft assemblies. With the rapidly growing aviation industry from the past few years, the demand for aircraft overhaul services is also increasing. Emerging economies in APAC are highly focused on extending overhaul services to general aviation aircraft and helicopters. Economic growth, increasing air passenger count, and growing aviation infrastructure spending in APAC countries are among the major factors driving the sales of aircraft overhaul services. A general aviation aircraft engine has a lifespan of ~10–12 years, after which it requires the replacement or overhauling of the whole system, along with its periodic maintenance. Similarly, other components, such as airframe, avionics, and landing gears, need periodic maintenance for efficient flight operations. Thus, the growing focus on electrification of aircraft components and deployment of electronic systems, and escalating demand for periodic maintenance and overhaul services are among the major trends in the general aviation market.
The COVID-19 pandemic has disrupted the APAC’s economy and the region’s aerospace market and changed the customer attitude toward the sector. The region has witnessed a significant decline in the air transportation. As per IATA estimates, Asia-Pacific airlines recorded a revenue decline of US$ 113 billion in 2020 compared to 2019. The reduction in air travel demand, and border restrictions have resulted in the grounding of aircraft at an unprecedented scale. From aircraft manufacturing and assembly viewpoint, China is one of the leading aerospace manufacturing countries in the region and has been one of APAC's most affected countries during Q1 and Q2 of 2020. Therefore, the manufacturing facilities are witnessing severe conditions in general aviation aircraft and component manufacturing facilities. Airbus and Boeing manufacturing facilities in China were shut down for a longer period, which resulted in substantial lesser demand for various components and systems, such as wheels and brakes. Similarly, China’s indigenous aircraft manufacturer COMAC also halted its production of C919 during Q1 of 2020, which hindered the general aviation market. However, the aviation authorities, airlines, and aircraft manufacturers foresee a strong growth in APAC aviation industry. Owing to this, several airlines are ordering and taking deliveries of newer aircraft models. This is expected to drive the demand for general aviation aircraft components among business jets and helicopter manufacturing facilities along with turboprop aircraft manufacturers.
Based on component, the APAC general aviation market is segmented into avionics, airframe, landing gears, engines, and others. The engines segment is further sub-segmented into piston engine, turboprop, turbofan and turboshaft. Based on aircraft type, the APAC general aviation market is bifurcated into fixed wing and rotary wing. Geographically, the APAC general aviation market is sub-segmented into Australia
China, India, Japan, South Korea and Rest of APAC.
Airbus, Boeing, Leonardo S.p.A., Saab AB, Dassault Aviation, PILATUS AIRCRAFT LTD, Textron Inc., Bombardier, Gulfstream Aerospace Corporation and Embraer are among the leading companies operating in the APAC general aviation market.
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