June 22, 2024
Ultralight Aircraft Market
Ict

The Ultralight Aircraft Market is Powered by Adventure Tourism Trend

The ultralight aircraft market comprises single and two-seater aircrafts that are lightweight and easy to operate. Ultralight aircraft weigh less than 250 kg and their maximum speed is slower than 130 knots. They are operated with basic safety features and training. These aircraft are affordable and provide the thrills of flying. Ultralight aircraft are used for recreational activities like sightseeing, adventure tourism, and aerobatics. They offer a cost-effective way to experience the joy of piloting an aircraft. The increasing participation in leisure activities and the rising trend of adventure tourism are fueling the demand for ultralight aircraft.

The Global Ultralight Aircraft Market is estimated to be valued at US$ 18.17 Bn in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Ultralight Aircraft Market Size are Textron Aviation Inc., Bombardier Inc., Cirrus Design Corporation, Piper Aircraft, Inc., Pilatus Aircraft Ltd, Mooney International Corporation, Lancair International, Inc., Vulcanair S.p.A., Honda Aircraft Company, Advanced Tactics Inc,, Embraer S.A., and Glasair Aviation USA, LLC.

The growing participation in recreational activities and adventure tourism is driving the demand for ultralight aircraft. According to statistics, the global adventure tourism market was valued at US$ XX Bn in 2021 and is expected to grow at a CAGR of X% during 2022-2030. Affordable ultralight aircraft provide an economical way to enjoy leisure flying.

Moreover, major manufacturers are expanding their global footprint to tap the potential of emerging markets in Asia Pacific and Latin America regions. For instance, Textron Aviation announced plans to set up new service and sales centers in China and Brazil in 2023. Such initiatives will help boost the sales and aftermarket services of ultralight aircraft in international markets.

Market Key Trends

One of the key trends in the Ultralight Aircraft Market is the growing popularity of electric aircraft. Several startups and major players are developing electric and solar-powered ultralight aircraft to reduce carbon footprint and noise levels. For example, Pipistrel Aircraft introduced the Velis Electro, which is claimed to be the world’s first certified electric aircraft. Such eco-friendly aircraft variants are likely to appeal more environmentally conscious recreational flyers in the coming years.

Porter’s Analysis

Ultralight Aircraft Market: High upfront costs like investment for developing aircraft, acquiring licenses and certifications pose significant barrier.

Bargaining power of buyers: Buyers have moderate bargaining power as ultralight aircraft have certain performance over other transportation options.

Bargaining power of suppliers: Suppliers have moderate bargaining power as they cater to global demand and new players are also emerging.

Threat of new substitutes: Light electric aircraft can emerge as substitutes with advancement in battery technology.

Competitive rivalry: Intense competition exists among regional and global players.

The North American region currently holds the largest share in the ultralight aircraft market in terms of value owing to high demand for recreational and training aircraft. The Asia Pacific region is expected to witness the fastest growth over the forecast period supported by expanding middle class population and rising disposable income in China and India.

Geographical Regions

United States currently accounts for the largest ultralight aircraft market in North America driven by increasing participation in air sports. Canada and Mexico are other major country markets in the region.

China is projected to emerge as the fastest growing country market in Asia Pacific. This can be attributed to growing interest of Chinese population in air adventures and initiatives by local manufacturers to introduce low-cost ultralight aircraft. India and Japan also offer lucrative opportunities for industry participants.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it