While other retrofit and modernization markets are often dictated by specific needs or economic calculation, the light aircraft modernization market tends to be much more personal. Operators with smaller fleets of cheaper aircraft can afford to let emotion play a bigger role in their decision-making, and personal taste can mean more than a number at the bottom of a balance sheet. It is these factors that make the market exceptionally mercurial and agile, able to move in unpredictable directions with surprising swiftness. Yet a single FAA mandate can dictate the direction of the market for years to come, only to release its control once a program is complete or a deadline is reached. In addition, it's more difficult to keep track of these cheaper aircraft, many of which are privately owned. In many ways, the light aircraft retrofit and modernization market more closely resembles one for personal transports rather than large assets, as in many cases that's exactly what these aircraft are. Light aircraft operators have vastly different needs and preferences from those with larger, more expensive aircraft. This market covers everything from very light aircraft flown by a single individual for sport to small cargo or VIP transports operated by companies. Personal taste and comfort, therefore, play a much larger role in this market than in others; a recreational flier with a Cessna may be more interested in enjoying his or her pastime than in maximizing fuel efficiency, and a VIP flying on a Learjet may prefer comfort to capacity or performance. The introduction of low-cost Very Light Jets further complicates the market, as private owners can now switch from their existing aircraft to a new one at relatively little cost. The nature of the light aircraft market buffered it against damage from the recent global economic downturn, though it still suffered indirectly as contractors have hesitated to risk valuable funding by developing new retrofit products. The brief reprieve over the last several years led to a growing selection of upgrades -particularly in the avionics market, though the economy again seems uncertain, and that doubt alone is likely to have a chilling effect. Additionally, the market includes a growing number of aircraft conversion programs that address a variety of customer needs in a single retrofit, albeit an expensive one. These conversions usually include re-engining and other improvements to efficiency, such as winglets or weight reduction, and an assortment of modern avionics. These new avionics systems, along with other full flight deck and cockpit retrofits, often include WAAS/LPV compatibility, and a growing number also incorporate ADS-B Out, which the FAA has mandated for all light aircraft by 2020. Though the market can be difficult to predict, it appears to be healthy and in fact growing, unlike larger, less agile markets. As the economy recovers, this trend is expected to continue. This analysis covers major active and upcoming retrofit and modernization programs, and examines developing and ongoing trends within the light aircraft retrofit and modernization market over the next 10 years.
展开▼
