According to the latest report by IMARC Group, titled "Piston Engine Aircraft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global piston engine aircraft market size reached US$ 907 Million in 2022. Piston engine aircraft are airplanes that are powered by a piston engine. They work by using the energy created by the combustion of fuel and air within a cylinder to turn a crankshaft, which then drives the propeller that provides the thrust necessary to move the aircraft forward. They are also referred to as reciprocating engines or internal combustion engines and are commonly used for personal and general aviation purposes, such as flying for pleasure or business trips. They range in various sizes from small single-engine planes that can carry one or two passengers, to larger multi-engine planes that can carry several passengers and have longer-range capabilities. Additionally, they can also be adapted for training new pilots due to their relative simplicity compared to other types of aircraft across the globe.
Global Piston Engine Aircraft Market Trends:
The global market is primarily driven by the rising demand for cost-efficient aircraft. Since piston engine aircraft are generally less expensive to purchase, operate, and maintain than their turbine-powered counterparts, this makes them a cost-effective option for individuals and small businesses who want to own or operate an aircraft. Moreover, the growing investments by public and private agencies in improving the overall tourism and hospitality sectors are significantly supporting the demand for piston engine aircraft for business travel and recreational flying. Apart from this, the rising spending on the development of new airports across several developing countries to operate from smaller airports that may not be accessible to larger turbine-powered aircraft is creating a positive market outlook. Along with this, the widespread adoption of piston engine aircraft in pilot training, due to their relative simplicity and lower operating costs, is creating a steady demand in the aviation industry. Furthermore, with the growing concern regarding the environmental impact of aviation, there has been a considerable rise in the demand for alternative aviation fuels and more fuel-efficient aircraft across the globe. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 1,170 Million by 2028, exhibiting a CAGR of 4.2% during 2023-2028.
- On the basis of the type, the market has been categorized into single and multi-engine.
- Based on the maximum take-off weight, the market has been segmented into less than 1000 kg, 1000-2000 kg and more than 2000 kg.
- On the basis of the application, the market has been classified into military and defense and commercial.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include American Champion Aircraft Corporation, Cirrus Aircraft (The Aviation Industry Corporation of China), Costruzioni Aeronautiche TECNAM S.p.A., CubCrafters Inc., Diamond Aircraft Industries (Wanfeng Aviation Industry Co. Ltd.), Discovery Aviation Inc., Garmin Ltd., ICON Aircraft Inc., Piper Aircraft Inc. and Textron Inc.
|Base Year of the Analysis
||Type, Maximum Take-off Weight, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||American Champion Aircraft Corporation, Cirrus Aircraft (The Aviation Industry Corporation of China), Costruzioni Aeronautiche TECNAM S.p.A., CubCrafters Inc., Diamond Aircraft Industries (Wanfeng Aviation Industry Co. Ltd.), Discovery Aviation Inc., Garmin Ltd., ICON Aircraft Inc., Piper Aircraft Inc. and Textron Inc.
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