The ultralight aircraft market is estimated to be worth USD 301.62 million in 2015, and is expected to reach USD 389.26 billion by 2020, at a CAGR of 5.23% from 2015 to 2020. The fixed wing segment accounts for the largest market share based on various aircraft type. Fixed wing ultralight aircraft are light in weight, have better control, and offer a good range.
Rise in advanced technologies in aircraft construction has led to improved designs which are more fuel -efficient. Use of composite materials such as carbon fiber composites has led to the production of lighter aircraft with more functionality.
The ownership of ultralight aircraft was restricted to the wealthy and enthusiasts, however, due to the proliferation of training schools and the increase in incomes, recreational flying is now within reach of the common people. Ownership of ultralights has also become cost-effective because of the simplistic design and construction of these aircraft. Fixed wing ultralight aircrafts are largely used globally because of their design and ease of use and they have variety of applications ranging from pilot training to farming.
Europe is expected to hold the largest share in the global ultralight aircraft market in 2015. The ultralight aircraft market in the Middle East is expected to register the highest CAGR during the forecast period, which is fueled by the growth in recreational spending. Advanced technologies such as night vision capabilities offer additional growth opportunities in the ultralight aircraft market.
Factors such as rise in sports and recreational spending, low cost of acquisition, maintenance and operation, and versatility in pilot training are expected to drive the overall demand for ultralight aircraft. On the other hand, economic slowdown and safety concerns are projected to restrict its market growth.
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Key players operating in the ultralight aircraft market include Costruzioni Aeronautiche Tecnam S.R.L. (Italy), Cub Crafters, Inc. (U.S.), Flight Design GmbH (Germany), Pipistrel D.O.O. Ajdovščina (Slovenia) and Evektor spol s.r.o. (Czech Republic), American Legend Aircraft Co. (U.S.), Aeropro s.r.o. (Slovakia), Jabiru Aircraft Pty. Ltd. (Australia), Quicksilver Aircraft (U.S.), and P&M Aviation (U.K.). Companies are also investing in new technologies, which would further reduce the overall cost of ownership. Strategic contracts, joint ventures, partnerships, and expansions are some of the key growth strategies adopted by players in the ultralight aircraft market.
