Market Research Report
Europe General Aviation Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||357674|
|Published||Content info||75 Pages
Delivery time: 2-3 business days
|Europe General Aviation Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: June 1, 2020||Content info: 75 Pages||
The Europe general aviation market is projected to witness a CAGR of more than 3.8% during the forecast period.
The Business Jet Segment is Anticipated to Witness Higher Growth
Currently, the Europe general aviation market is dominated by business jets, in terms of segmental revenue. The growing number of business aircraft deliveries in the European region in the past few years has led to the region gradually becoming a significant hub for light business jet operations. The growing preference for light business jets and the increasing number of ultra-high net worth individuals (UHNWIs) are promoting the growth of this segment. On this note, the Cessna Citation XLS aircraft is considered the best-selling business jet in Europe. Traveling via a business jet results in offering enhanced comfort and flexibility for the passengers, allowing business aviation users to complete their travel objectives more quickly, securely, and smoothly. For business and employee travel, the use of business jet leads to increased business efficiency. Project teams can work in the security of the aircraft and discuss sensitive topics without fear of being overheard, and on-board facilities are better suited to meeting and collaborative work than public, commercial airport areas. The increase in the number of deliveries of the Honda Jet in Europe has led some air charter operators, such as Wijet, to upgrade their fleet with the more economical HondaJet aircraft, to provide their customers with a safe and superior product at a lower price. Other charter jet service companies are also expanding their fleet to meet the growing demand. For instance, in September 2019, Luxaviation added a Bombardier Global Express XRS and a Global 5000 to its aircraft fleet. The company has added nine jets in the past nine months. Such developments are anticipated to drive the business jet segment of the market in focus during the forecast period.
The United Kingdom is Expected to Experience the Highest Growth
In the European general aviation market, the United Kingdom accounts for a significant share in terms of revenue. Currently, the United Kingdom ranks third among the other European countries in terms of business jet fleet size. There are over 27,000 civil aircraft registered in the United Kingdom, out of which 90% are used in general aviation. VistaJet, Ravenair, Wijet, and the Luxaviation United Kingdom, are some of the leading charter service providers in the United Kingdom. Tourism is also expected to support market growth for general aviation in the United Kingdom. With the growing number of people opting for charter services for business travel in Europe, charter service providers are procuring new aircraft to increase their product portfolio. For instance, in October 2019, Luxaviation UK added a Bombardier Global 6000 to its fleet, based at London Luton Airport. Several procurement initiatives undertaken by business jet charter operators in the country are anticipated to provide a significant boost to the growth of the European general aviation market during the forecast period.
The Europe general aviation market is dominated by players, such as Textron Inc., Gulfstream Aerospace, Bombardier Inc., Embraer SA, and Dassault Aviation. The procurement initiatives drive the market, and it is marked by the extensive R&D efforts of the aircraft OEMs to deliver state-of-the-art features in their aircraft models. In 2016, Cessna Aircraft Company, a subsidiary of Textron Inc., reported the successful delivery of its 5,000th Citation Light Business Jet, which was a Citation M2 aircraft. The aircraft was delivered to Helitrip Charter LLP, which is leasing the aircraft to Catreus Limited, an established charter operator based in the United Kingdom. In October 2019, Bombardier announced a range increase for its Global 5500 business jet. According to the company, the aircraft will now have a range of 5,900 nautical miles from 5,700 nautical miles. Bombardier launched Global 5500 aircraft in May 2018 at European Business Aviation Convention (EBACE). To support growing sales of charter jets in European region aircraft OEM are investing in MRO services to end-users, For instance, in September 2019, Dassault Aviation announced the acquisition of TAG Aviation Group's maintenance, repair, and overhaul (MRO) activities. The new organization has been named TAG Maintenance Services (TMS). According to Dassault Aviation, the company has acquired all TAG maintenance operations, including its service centers in Geneva, Farnborough, Le Bourget, Lisbon, and other facilities in Luton and Moscow. In July 2019, Dassault Aviation acquired RAUG maintenance and FBO activities in Geneva and Lugano. According to Dassault Aviation, the RAUG MRO operations will be integrated into TAG maintenance Services and will continue to cover both Falcon aircraft and other business jet models.