The general aviation market will continue to grow between 2018 and 2023 although aircraft deliveries are still at one of the lowest rates since a peak in 2007, according to new research.
A report by Research and Markets stated: ”
The market is influenced by several factors, such as the health of global economy, technology disruption, the price of avgas, and jet fuels, regulatory standards, etc. Increasing number of passengers using the chartered jet, 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, or half the market share is occupied by the US.
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% compared to 56.2%. The second largest market share for turboprop airplane shipments in 2016 was the Asia-Pacific region at 13.2%.”
The full report can be found here.