Ultralight Aircraft Market Projected to Reach $9.7 Billion by 2031
The global ultralight aircraft market is projected to reach $9.7 billion by 2031, growing from $5.6 billion in 2021 at a CAGR of 6% from 2022 to 2031, according to Allied Market Research.
The global market for ultralight aircraft is projected to reach $9.7 billion by 2031, expanding from $5.6 billion in 2021 with a compound annual growth rate (CAGR) of 6% between 2022 and 2031, according to a new report from Allied Market Research.
The market's growth is attributed to increased global expenditure on recreational activities and the relatively fewer regulatory limitations associated with owning and operating ultralight aircraft. Advancements in materials, electronics, and manufacturing technologies are also noted as key drivers.
By technology, the unmanned segment leads the market. Electrically and hybrid-powered propulsion systems are expected to dominate their segment, and vertical takeoff and landing (VTOL) aircraft are anticipated to see significant growth. The military sector represents a leading end-use segment.
Geographically, the Asia-Pacific region demonstrated the strongest growth, followed by North America. The United States held the largest market share in 2020. Rising disposable incomes and the demand for efficient transportation solutions are contributing to market expansion.
Key players in the ultralight aircraft market include AutoGyro, Pilatus Aircraft Ltd, Textron Inc., VOLOCOPTER GMBH, and Boeing. The report segments the market by technology, propulsion, takeoff method, end-use, and region.