The ultralight aircraft market is broadly classified into aircraft type, engine type, and application. In the market based on the aircraft type, the fixed wing segment is projected to account for the largest market share. The market for flex wing is expected to grow at the highest CAGR during the forecast period. A high demand for flex wing ultralights is attributed to reliability, cost-effectiveness, and longer range of these aircraft compared to other types.
On the basis of applications, the recreation segment is expected to account for the largest market share owing to the growth in adventure sports and recreational spending in developed and emerging markets. Recreational flying has become an upcoming sport in regions such as Europe and the Middle East.
Ultralight aircraft vary depending on the application and various models are available in the market at different costs. Although it is primarily used for recreation, ultralight aircraft have a strong demand for pilot training and leisure activities across the globe.
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On the basis of regions, this market is classified into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. In 2015, the ultralight aircraft market is estimated to be led by Europe, whereas emerging markets such as the Middle East would witness highest growth. This high growth rate can be attributed to rising recreational and sports spending over the past few years.
A number of factors including low cost of acquisition, maintenance, and operation; growth in adventure sports and recreational spending; and versatility in pilot training offered by ultralight aircraft are expected to drive the ultralight aircraft market.
Factors such as night vision capabilities and improved pilot licensing are expected to provide growth opportunities for the ultralight aircraft market. In contrast to this, factors such as economic slowdown and safety concerns are projected to restrict the growth of the market.
New product launches was a key strategy adopted by major players to sustain their position in the global ultralight aircraft market in 2014. Partnerships, agreements, collaborations, joint ventures, and acquisitions, are additional growth strategies adopted by key players to strengthen their product portfolio and expand their geographic presence.
The ultralight aircraft market is led by key players such as Costruzioni Aeronautiche Tecnam S.R.L. (Italy), Cub Crafters, Inc. (U.S.), Flight Design GmbH (Germany), Pipistrel D.O.O. Ajdovšèina (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.).
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