General Aviation: A Bird’s Eye View
Q: Is General Aviation Growing?
A: The General Aviation Market was valued at USD 19.91 billion in 2020 and is projected to reach USD 24 billion by 2026, registering a CAGR of about 3% during the forecast period (2021 – 2026).
Q: Where is General Aviation Most Popular?
A: North America. General aviation is particularly popular in North America, with over 6,300 airports available for public use by pilots of general aviation aircraft (around 5,200 airports in the U.S. and over 1,000 in Canada).
Q: How many Aircraft Represent General Aviation?
In 2020, there were more than 440,000 general aviation aircraft in the world. These aircraft range from small training aircraft and helicopters to business jests. Nearly half of these are based in the United States.
Q: Has the Pandemic Adversely Effected Aviation?
In the short term, the pandemic has affected the general aviation as the orders and deliveries suffered an initial decline in 2020. However, due to the increased operations of the helicopters and business jets for the transport of patients, charter operations, and VIP transportation among others, the plans for fleet modernization have been unaffected in the long term. This is expected to have a positive impact- enhancing the growth of the general aviation market in the coming years.
Q: Has the Market Changed Significantly for General Aviation?
A: Yes. The increase in the number of high-net-worth individuals has led to a greater demand for private travel, and business travel. There’s also been an increase in the number of helicopters and business jets to meet this need.
The other larger factor is the growth in tourism in various regions. Many charter operators and tourism companies are making plans expand their fleet with introduction of new piston engine aircraft, turboprop aircraft, helicopters and further expand their presence.
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Q: How significantly does General Aviation contribute to the US Economy?
A: The general aviation industry contributes over USD 150 billion to the US economy, annually.
According to the National Agricultural Aviation Association, the agricultural aviation operations continue to grow. In addition to the growth in demand for fixed-wing aircraft, the demand for civil helicopters is also witnessing growth due to helicopter service (such as air taxis, air ambulance, etc.) in the region.
Finally, the increasing investments of the aerospace companies towards the introduction of urban air mobility in the North American air space are expected to rapidly strengthen the growth of the general aviation market in the region during the forecast period.
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