Global General Aviation Market to Grow 0.72% by 2023
MAY 15, 2018 - 2:00 pm
According to a report from ResearchAndMarkets, the global general aviation market was valued at $21.1 billion in 2017 and is estimated to register a CAGR of 0.72% from 2018 to 2023.
General aviation forms a considerable component of any national airspace and airport system. As a result, insights into the general aviation industry are relevant to issues in air traffic management, air transportation infrastructure and aviation safety, among others. Beyond the operational aspect, general aviation is of significance to pilot groups, aircraft manufacturers and the workforce, along with larger portions of the economy as a whole.
In 2016, there were more than 416,000 general aviation aircraft in the worldwide fleet, ranging from small training aircraft and helicopters to intercontinental business jets. About 210,000 of these, or half the market share, was occupied by the U.S. However, deliveries of general aviation aircraft are still way below their 2007 peak levels, both worldwide and in the U.S. because the price per aircraft has doubled.
The share of turboprop shipments in North America increased slightly in 2016 compared to the prior year (57.8% to 56.2%). The second largest market share for turboprop airplane shipments in 2016 was the Asia-Pacific region at 13.2%. Piston-engine aircraft are the most frequently sold general aviation aircraft worldwide followed by business jets and turboprops. In 2016, of the 2,262 aircraft delivered worldwide, 1,019 were piston-powered, 661 were jets and 582 were turboprops.
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