The global general aviation market, which made new highs and reached its pinnacle in 2008, crashed drastically since then, and it is only in 2015 that some of the sales figures of 2008 were breached. On the bright side, the future indeed looks promising for the sector and it is the emerging markets of the world, which will drive the next phase of general aviation market growth. As of 2014, the market accounted to $24.5 billion and is poised to grow substantially from 2015 to 2020 with a CAGR of XX% over the forecast period.
Bombardier, a key player in the general aviation sector, is in the process of launching the potentially game changing aircraft, Global 8000 in 2017. It will be the world’s farthest-reaching business jet with a maximum range of 18,400 km. In addition, this aircraft is said to have a minimum range of 400 nautical miles more than the recently launched G650 ER, making it the range leader for a foreseeable future. But the launch of the Global 8000 is still a few years away and currently the G650 ER controls the ever-expanding market for the ultra long-range business jets. This category holds high potential for the general aviation market as it fulfills the ultimate goal of time saving.
Majority of the sales currently are taking place in the North American region, which is in line with the rest of the market. United States accounted for more than 50% of the Aviation Aircraft sold across the world in 2014. Other countries like India and China are catching up and have huge potential to be future leaders in the global general aviation market. The major roadblocks for the growth of general aviation in India are stringent regulatory norms and lack of infrastructure to support such aircraft, making it extremely tough to own an aircraft. But the situation is changing and a case in point is the buildings of the first heliport of India in Delhi, which will boost the helicopter, market in India and in turn, the general aviation sector. The penetration of rotary wing in civil aviation, though is quite substantial in North America, Europe and in certain countries of Latin America, it is negligible in countries such as India where the lack of connectivity and airports make helicopters very useful. This could be a major propellant for helicopter industry in developing countries like India.
Business Jet contributes to the highest revenue in the General Aviation Market and accounts for more than 3/4th share as of 2015. Further, Business Jet Market is poised to show one of the fastest growth rates in the future as well. The Large cabin jets are currently performing the best in the segment, with high popularity. Despite the lower economic status of poor countries, the affluent classes have very high purchasing power; hence most of the sales in that region are of the high value large cabin jets.
The global general aviation market has been segmented by type (single engine piston, two-engine piston, turboprop, business jets, gliders) and by geography (North America, Europe, Asia Pacific, Latin America and Africa & Middle-East). Airbus, Boeing, Cessna, Bombardier and Bell helicopter are few among the most active players in the market.