Pune, India, May 29, 2023 (GLOBE NEWSWIRE) -- The global business jet market size was USD 25.87 billion in 2021 and is expected to grow from USD 29.03 billion in 2022 to USD 38.34 billion in 2029, exhibiting a CAGR of 4.06% in 2022-2029. The rising demand for private aviation from consumers and the advent of hybrid-electric aircraft propulsion technology are expected to bolster market progress. Fortune Business Insights™ provides this information in its report titled “Business Jet Market, 2022-2029.”
The business jet market is highly specialized and caters to a niche customer base that values speed, convenience, privacy, and flexibility in air travel. These jets offer several advantages over commercial airlines, including the ability to access smaller airports with less congestion, the ability to customize the interior layout to suit specific needs, and the convenience of personalized scheduling.
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List of Key Players Profiled in the Business Jet Market Report:
- Airbus SAS (Netherlands)
- The Boeing Company (U.S.)
- Bombardier (Canada)
- Dassault Aviation (France)
- Embraer SA (Brazil)
- Gulfstream Aerospace Corporation (U.S.)
- HondaJet (U.S.)
- Textron, Inc. (U.S.)
- Eviation Aircraft (Israel)
- XTI. Aircraft (U.S.)
- Zunum Aero (U.S.)
- Joby Aviation (U.S.)
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 4.06% |
| 2029 Value Projection | USD 38.34 billion |
| Market Size in 2022 | USD 29.03 billion |
| Historical Data | 2018-2020 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Business Jet Market Growth Drivers | Introduction of New Programs in Private Jets Drives the Market Growth |
| Increasing High Net Worth Individuals and Recommencement of Global Economic Growth to Propel Market Growth |
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Market Segments:
By type, the market is segmented into light business jet, mid-size business jet, and large business jet.
As per platform, it is bifurcated into on-demand service and aircraft management service. Based on system, it is segregated into propulsion system, aero structure, avionics, and others.
On the basis of end-user, it is grouped into operator and service. By point of sale, it is categorized into OEM and aftermarket.
Geographically, it is clubbed into North America, Europe, Asia Pacific, the Middle East, and the rest of the world.
Report Coverage:
The research report conducts an in-depth analysis of the market and highlights several key aspects such as material types, leading organizations, distribution channels, and end-uses of the product. The report also offers actionable insights into the major trends and competitive landscape of the market and underlines many major industry developments.
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The business jet industry is a significant segment of the aviation industry that focuses on the manufacture, sale, and operation of private and corporate jets. The market for business jets is largely driven by the demand for high-end luxury and executive transportation services. The industry has witnessed significant growth in recent years, with a rising number of high-net-worth individuals, increasing globalization, and the expansion of corporate business across the world.
Drivers and Restraints:
Introduction of New Programs and Recommencement of Global Economic Growth
The emergence of several businesses and the rising demand for business flights by individuals and celebrities for personal use are expected to propel the adoption of jets. The jet offers efficient long, cost-effective, secure, safe, and flexible flight hours. Further, rising disposable income and the emergence of several small and large-scale businesses have led to the adoption of personal flights globally. Moreover, the adoption of jets by individuals may foster industry growth. Besides, the adoption of the product from India and China may foster its sales. These factors may drive the business jet market growth.
Despite these challenges, the business jet industry is expected to continue growing in the long term. The growing number of wealthy individuals and expanding corporate business are likely to drive demand for private and corporate jets. Moreover, technological advancements are also expected to improve the safety, performance, and efficiency of business jets, making them more attractive to potential customers.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Business Jet Market
- Impact of COVID-19 Pandemic on Global Business Jet Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
TOC Continued…!
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Competitive Landscape
Manufacturers Announce Novel Products to Fuel Competition
The prominent players operating in the market announce novel products to attract consumers, improve sales, and fuel the competitive landscape. For example, Dassault Aviation announced its Falcon jet, Falcon 10X in May 2021. The Falcon line shall enter the market in 2025 and have a 7,500 nautical mile speed. This launch may place the company at the forefront of the incessantly competitive market and improve its brand image. Moreover, companies adopt research and development, mergers, acquisitions, and expansion strategies to boost their market position.
Key Industry Development
- October 2021–Gulfstream introduced two all-new business jets, G800 and G400. The G800 is the longest-range aircraft of Gulfstream history and G400 is a new entrant to large cabin class. Both are equipped with gulfstream symmetry flight leak featuring electronic system.
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