通用航空市场稳步发展，低空运营未来可期

Core Viewpoint - The general aviation market is experiencing steady growth, with annual deliveries exceeding 4,000 aircraft for two consecutive years, and projected deliveries for 2024 are 4,197 units with a total value of $31.9 billion [1][3]. Global Market Overview - North America accounts for 70.4% of global deliveries, while the Asia-Pacific region shows the fastest growth [1][3]. - Fixed-wing aircraft dominate the market, representing 75.3% of global deliveries, with a trend towards higher-value models [1][3]. - According to Global Market Insights, the global general aviation market is expected to reach $40.2 billion by 2029, with a compound annual growth rate (CAGR) of 4.72% [1][3]. Industry Dynamics - Traditional general aviation aircraft manufacturing is currently led by companies in Europe and the United States, with a high market concentration exceeding 50% for fixed-wing aircraft and helicopters [3]. - The top three manufacturers of fixed-wing aircraft in 2024 are Cirrus Aircraft, Textron Aviation, and Piper Aircraft [3]. - Chinese companies are increasingly participating in the international market through acquisitions, such as Wan Feng Aviation's acquisition of Diamond Aircraft and Aviation Industry Corporation of China's acquisition of Cirrus Aircraft, yielding positive results [3]. Low-altitude Application Expansion - The low-altitude application scenarios are gradually expanding, with high entry barriers and significant Matthew effects, focusing on maritime transport, port piloting, and logistics delivery in the short term [4]. - General aviation operations are positioned in the midstream of the general aviation value chain, characterized by significant business differentiation and complex operational environments, which require high safety standards and present substantial financial, technical, and operational barriers [4]. - The development path for low-altitude applications in China is clear: starting with cargo operations before moving to passenger transport, and initially focusing on remote areas before integrating urban operations [4]. - As new aircraft technologies mature, reductions in acquisition, energy, personnel, and operational costs are expected to enhance the commercial viability of low-altitude operations [4]. - Compared to the U.S. industry, China's general aviation sector has immense growth potential, with significant gaps in infrastructure, aircraft numbers, and flight usage structures [4].