EINPresswire/ -- The global ultralight aircraft market size was generated $5.6 billion in 2021, and is projected to reach $9.7 billion by 2031, growing at a CAGR of 6% from 2022 to 2031.

Surge in disposable income, delay in delivery of conventional aircrafts, low-cost of acquiring ultralight aircrafts, maintenance of ultralight aircrafts, increase in the use of ultralight aircrafts in recreational and sports activities, and persistent technological advancements will drive the growth of the global ultralight aircraft market. Closed manufacturing facilities, reduction on workforce, downfall of the tourism industry, and lack of raw materials during the pandemic negatively impacted the global market.

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The ultralight aircraft market holds a great potential backed by the rise in global expenditure toward sports and recreational activities. Attributes such as simple mode of operation and minimal regulatory limitations toward owning and operating an ultralight aircraft is one of the major market accelerators. Research and development by major companies such as Airbus to develop electric ultralight aircraft such as e-fan is one of the primary driving factors. Rise in global population and demand to commute effectively is one of the growing logistics concerns across the globe.

Application of ultralight aircraft in future commutation is bolstering business opportunities. Advancements in material technology, electronic components, and manufacturing technologies are expected to play a vital role in shaping future prospects of the ultralight aircraft market penetration. Discovery of ultralight alloys is anticipated to eventually improve operational efficiency of ultralight aircraft, providing longer flight range. Mature electronics and battery systems are expected to replace redundant propulsion system, ensuring environmentally friendly operations and additive manufacturing allowing designers to improve aerodynamics and an aircraft.

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The report offers detailed segmentation of the global ultralight aircraft market based on technology propulsion, takeoff, end use, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.

Based on region, the market across Asia-Pacific region held the largest market share in 2021, holding nearly one-third of the global ultralight aircraft market share, and is expected to maintain its leadership status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 6.6% during the forecast period. The report also analyses other regions such as North America, Europe, and LAMEA.

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The key players analyzed in the global ultralight aircraft market report include AutoGyro, Pilatus Airraft Ltd., Pipistrel, Textron Inc., VOLOCOPTER GMBH, Evektor, P&M Aviation, Legend Aero, Vulcanair, and Cirrus Aircraft.

The report analyzes these key players in the global ultralight aircraft industry. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.

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