North America General Aviation Market Outlook 2031
The North America General Aviation Market size was valued at USD 17 Billion in 2022 and is likely to reach USD 21.17 Billion by 2031 expanding at a CAGR of 2.47 % during the forecast period, 2023 – 2031. General aviation includes usage of various aircrafts and jets by mass for travelling to one place to another. The Covid-19 pandemic affected the demand and supply chain of North America general aviation market.
Between Q2 2020 and Q1 2021, the US faced considerable issues as a result of the COVID-19 pandemic, particularly in the commercial and general aviation sectors. According to IATA, North American airlines' full-year passenger traffic plummeted 75.4% in 2019 compared to the previous year. In 2020, the closedown of international borders and local borders resulted in disruption in the general aviation market.
North America General Aviation Market Trends, Drivers, Restraints, and Opportunities
- The regulatory authorities' increased attention on operational safety, as well as ongoing advancements targeted at building light sports aircraft is projected to drive the market growth.
- Technology breakthroughs in avionics systems, new product introductions, and long-term procurement and service agreements are some factors that can spur the market.
- The presence of routes and charter services is fostering to spur the market growth.
- The third wave of COVID-19 pandemic can create challenges for the market.
- A surge in the selling of pre-owned private planes can hinder the market growth.
- Increased concern over greenhouse gas emissions is pushing general aviation aircraft manufacturers to build all-electric aircraft, which is estimated to create lucrative opportunities for the market.
Scope of North America General Aviation Market Report
The report on the North America general aviation market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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General Aviation Market - North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016-2021
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Forecast Period
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2023-2031
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Segmentation
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Type (Helicopter, Piston Fixed-wing Aircraft, Business Jet, Turboprop Aircraft)
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Geographical Scope
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The US and Canada
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Embraer SA.; Bombardier Inc.; Airbus SE.; Textron Inc.; The Boeing Company
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North America General Aviation Market Segment Insights
Business jet segment is expected to grow at a rapid pace
Based on types, the market is divided into helicopter, piston fixed-wing aircraft, business jet, and turboprop aircraft. The business jet segment is expected to grow at a rapid pace during the forecast period due to increasing number of high-net-worth individuals (HNWIs) who are the primary purchasers of aircraft.
The development of ultra-long-range planes that can go nearly halfway around the world is also contributing to the expansion of the business jet sector. Business jets provide a number of benefits over airliners, including convenience, scheduling flexibility, and safety. Several new business jet types and models are expected to be introduced by aircraft manufacturers in order to provide premium luxury to their customers.
The fixed-wing aircraft segment is anticipated to account a significant market share during the forecast period. Rising air passenger traffic is one of the major factors driving the market growth. Moreover, the relaxation in restrictions has surged the demand for air travel, which is fueling the segment growth.
The US is anticipated to constitute a key market share
In terms of geography, the North America general aviation market is bifurcated into the US and Canada. The US is expected to constitute a key share of the market during the projected period due to rising demand for newer generation aircraft and the emergence of new aircraft ownership models.
Segments
The North America general aviation market has been segmented on the basis of
Types
- Helicopter
- Piston Fixed-wing Aircraft
- Business Jet
- Turboprop Aircraft
Geography
Key Players
Competitive Landscape
Key players competing in the North America general aviation market are Embraer SA.; Bombardier Inc.; Airbus SE.; Textron Inc.; The Boeing Company. Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market share and to generate revenue and increase their production line of the business in the coming years.
In February 2020, Bombardier Inc. agreed to sell its rail operations to Alstom SA in a deal for around USD 4.5 billion. Bombardier had a debt of almost USD 9 billion before the purchase. Despite previous rumor’s that the corporation was in discussions with Textron to sell its business jet operation, the company stated its plans to focus on its business aviation and aftermarket business in February.
