Global Business Jets Market Overview
The key drivers impacting the business jets market are the increasing number of high net worth personnel and the launch of new aircraft programs. For instance, In 2018, Embraer launched the Praetor 500 and the Praetor 600, Bombardier launched Global 5500 and Global 6500, and in 2019, Honda launched Honda Jet Elite in 2018, and Daher launched TBM 940 in 2019. There is a growing focus of business jet Manufacturers on enhancing passenger experience and rising operational efficiency. It also includes lowering carbon footprints, dipping operational costs, and advancing cabin interiors, avionics, and aircraft systems. Also, the rising demand for all-electric aircraft and eco-air jets support market growth in the long run. Moreover, the aging fleet size e contributes to business jets market demand in the later years.
According to Value Market Research, the global business jets market size was valued at about USD 19 BN in 2020 and is estimated to grow at a CAGR of around 7.5% during the forecast period 2021 to 2027.
The growing tourism sector will likely augment the need for business jets in the forecast period. However, the prolonged period of product certification from aviation authorities hamper the market in the long run. In addition, the uncertainty of orders impedes market growth. Nevertheless, the market trends, such as the emergence of hybrid-electric aircraft propulsion technology and the entry of new business jets OEMs, might provide considerable opportunities to the market's leading players.
The business jets market is widespread, with many local and international players. The market leaders follow numerous strategies such as extending product portfolio, amalgamation, contracts, acquisitions, product upgrades to mount their market share globally. The key players in the report are Gulfstream Aerospace Corporation, Bombardier Inc., Textron Inc., Dassault Aviation SA, Embraer SA, and Airbus SE, Dassault Aviation, HondaJet, Eviation Aircraft, Zunum Aero, Joby Aviation, and Cennas Aircraft Company.
In this research report, the business jets market is segmented by point of sale, range, aircraft type, deployment, and region.
Analysis by Point of Sale:
By point of sale, the report is divided into OEM and Aftermarket. The OEM segment dominates the type segment with the highest market share in 2020. It is because the OEM segment is the total OEM market size for conventional and futuristic business jets. Moreover, the cost of aftermarket, which includes maintenance, repair, and operations (MRO) cost and parts replacement, is low than the overall OEM market, contribute to the growth of the OEM segment in the forecast period.
Analysis by Range:
By range, the report is divided into Less than 3,000 NM, 3000–5,000 NM, and more than 5,000 NM. The 3000-5000 NM segment dominates the range segment with the highest market share in 2020. It is due to the increasing demand for business travel, and short-haul flights are the primary factor surging the growth of the business jets market. Moreover, an increase in the intercity travels by the VVIPs, and corporate individuals drive the demand for business jets of 3,000 -5,000 NM range.
Analysis by Aircraft Type:
By aircraft type, the report is segmented into Light, Mid-sized, Large, and Airliner. The Light segment dominates the aircraft type segment with the highest share in 2020. It is due to the air taxis commercialization, which will be utilized as a business jets for intra and intercity travel. Moreover, the growth of urban air mobility between 2025 to 2030 is expected to drive the overall business jets market, further contributing to the development of the light aircraft segment.
Analysis by Region:
In the regional outlook of the global business jets market, the North America region dominates with the largest market share of 43% in 2020. It is due to the existence of severa high-net-worth individuals with considerable business jet manufacturers such as Bombardier Textron, and Gulfstream, and others. Moreover, the presence of countries like the U.S. and Canada make it a critical region for business travelers to choose for the fastest mode of transport to save time, which is creating an increased demand for business jets contribute to the tremendous market growth across North America.
Market Segmentation covered in the Report:
By Point of Sale
By Aircraft Type
- Light
- Mid-sized
- Large
- Airliner
By Range
- Less than 3,000 NM
- 3,000–5,000 NM
- More than 5,000 NM
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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