ICON: The People's Plane

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"This is still a relatively young category," says Chris Dancy, a spokesperson for the Frederick (Md.)-based nonprofit pilot advocacy group, Aircraft Owners & Pilots Assn. "It was developed to create a new entry point into aviation," he adds, noting that well-known manufacturers like Cessna and Cirrus are also gearing up their offerings in this area, in the hopes of luring former pilots back into the air and attracting new enthusiasts previously discouraged by cost and time commitments.

Certainly, the category has drawn a record number of new pilots in the past three years—even as the overall number of those taking to the skies is in sharp decline. According to the FAA, the total number of pilots dropped from a 1980 high of 827,071 to 624,007 last year. During the same period, the number of private pilots shrunk from 357,479 to 228,475. In contrast, the number of pilots earning the new Sport Pilot License rose from 134 in 2005, the first year it was available, to more than 2,000 last year. A previous attempt at a relaxed set of rules in 1990, which did not go nearly as far as the new regulations, never attracted more than about 350 pilots a year.

Of course, the challenges to ICON's success are significant. The downturn in the economy has dampened discretionary spending, creating greater competition for consumers' leisure dollars. The A5 will be pitched as a luxury product at a time when consumers are sharply cutting back. Steadily rising fuel prices aren't likely to help, either. The A5's engine, which burns either jet fuel or regular gasoline, earns about 18 miles to the gallon and has a range of about 300 miles. "The timing [of the launch]," admits Hawkins, "is less than optimal."

Still, with its relatively affordable price tag and sports car looks, the A5 is likely to turn heads. And modeling itself after successful, design-savvy heavy hitters such as Apple or BMW could prove a smart strategy. Hawkins says companies like boat manufacturer Mastercraft and automaker Porsche (PSEPF.PK) have found the right balance between engineering and consumer-oriented design. "In the end," says Hawkins, "we just want to make the coolest consumer airplane in the world."

Click here to view a slide show of the ICON Aircraft A5 airplane.

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Vella is a writer for BusinessWeek.com in New York.