Report : North America 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 “North America General Aviation Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Aircraft, Component and Country.” The North America general aviation market is expected to reach US$ 21,893.94 million by 2028 from US$ 15,903.37 million in 2021; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028. The report highlights trends prevailing in the North America general aviation market and the factors driving market along with those that act as hindrances.
Charter operators are expanding their service lines by adding newer routes to them. Along with this, the growing need for non-scheduled business travel compels them to add new aircraft to their existing fleets, which propels the demand for business jets and turboprops across North America. On the other hand, the demand for light sport and trainer aircraft is persistently high across the region. The rising interest of millennials toward aircraft piloting as their career is boosting the demand for aviation training, thus contributing to the surge in general aviation aircraft deliveries across different regions. Moreover, a few of the charter aviation vendors have also witnessed a rise in their revenues during the pandemic year i.e. FY 2020. Also, the corporate sectors across the region are major consumers of charter aviation due to the burgeoning requirement of air travel for attending cross-border meetings and operational sessions planned among business personnel. The abovementioned factors are also generating high demands for helicopters for domestic travel operations for commercial and tourism purposes. Thus, the elevated demand for charter operations across different regions is bolstering the general aviation aircraft market growth.
The US has witnessed the most severe impact of COVID-19 pandemic in 2020. The general aviation manufacturers and service providers in the region are adversely affected due to nationwide lockdowns and travel restrictions, shut down of production facilities, and shortage of employees. The massive outbreak of the virus has created a health crisis and an economic crisis in the US. It has led to major disruptions in the aerospace industry, impacting everything from supply chain and manufacturing to product sales. Moreover, in the US, the number of general aviation aircraft deliveries (excluding helicopters) declined by nearly 12–13% and reached to an estimated value of 1,555 units in 2020 from nearly 1,771 units in 2019, according to the market research study. In addition, the world’s largest general aviation aircraft manufacturer i.e. Textron Aviation, Inc. (based on the US) mentioned that the demand for aircraft products was cyclical during 2020, and lower demand had adversely affected their financial results. Demand for business jets, turbo props, and commercial helicopters had been cyclical and difficult to forecast due to the pandemic. Therefore, future demand for these products could be significantly and unexpectedly less than anticipated and/or less than previous period deliveries. Similarly, there is an uncertainty that their existing commercial backlog for aircraft products would convert to revenues as the conversion depends on production capacity, customer needs, and credit availability across the market. However, recovery in demands for business jets and private leisure aircraft along with helicopters for different applications is anticipated to boost the manufacturing and sales of the general aviation in the region in the coming years.
Based on component, the North America 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 North America general aviation market is bifurcated into fixed wing and rotary wing. Geographically, the North America general aviation market is sub-segmented into U.S, Canada and Mexico.
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 North America general aviation market.
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