North American General Aviation Market to Grow 0.71% by 2023

According to ResearchAndMarkets, the general aviation market in North America is expected to register a CAGR of 0.71% and reach $13.55 billion by 2023. This falls into a similar forecast pace that ResearchAndMarkets projected for the global general aviation market during the same timeframe.

The performance of the general aviation industry is measured using various parameters, such as active pilots, new airplane deliveries and number of airports. The market is influenced by several factors, such as the health of the global economy, technology disruption, the price of avgas and jet fuels and regulatory standards. An increasing number of passengers using chartered jets for travel and tourism are some of the drivers identified in the current market.

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 were 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.

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