Newark, Aug. 15, 2024 (GLOBE NEWSWIRE) -- The global business jets market is expected to reach USD 40.67 billion by 2033, at a CAGR of 4.1% during the forecast period 2024-2033. In a business jet, the waiting time is around five or six minutes only and there is no need for pointless queuing. Business jets allows to fly direct to an airport closer to the destination, have separate security lines, and depart when the person is ready to fly. Similarly, business jets are very comfortable and relaxing. It has sufficient room for sleep or watching a movie. If the person chooses a larger jet, also known as bizliners, it has master bedrooms, fully furnished bathrooms, and luxury finishings. All private planes are equipped with inflight Wi-Fi, phones, a vast entertainment library, and the feature to control the cabin environment.
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Business jets play a crucial role in the business aviation sector, designed to transport small groups of people efficiently. These jets are commonly used for parcel deliveries, transporting government officials, private individuals, public bodies, and military personnel. Beyond these primary functions, business jets are also employed for tasks such as casualty evacuation and express parcel deliveries.
The business jet market is closely tied to new orders, deliveries, and high-net-worth customer expectations. These aircraft offer on-demand flight scheduling, enabling businesses to operate in-flight, reduce travel time, and provide a secure, cost-effective mode of travel. Each type of business jet—light, mid-size, and heavy—varies in terms of cost, technology, and complexity. Even similar models from different manufacturers, or different models from the same OEM, perform differently.
Currently, about one-third of the global business jet fleet is over ten years old, prompting operators and charter providers to invest in fleet modernization programs. This effort is expected to drive market growth during the forecast period. Additionally, the expanding tourism sector in Southeast Asia and Latin America has led numerous charter operators to introduce new routes in these regions, further fueling the demand for lightweight and fuel-efficient business jets.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 4.1% |
| 2033 Value Projection | USD 40.67 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Aircraft Type, Point of Sale, End-User, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Business Jets Market Growth Drivers | Alternate of old aircraft fleets |
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Key Insights on Business Jets Market
The large segment dominated the market, with a market share of around 28% in 2023.
The aircraft type segment is divided into light, large, mid-sized, & airliners. The large segment dominated the market, with a market share of around 28% in 2023. The Aircraft OEMs are launching new large jets with advanced features to allure customers.
The OEM segment dominated the market, with a market share of around 56% in 2023.
The point of sale segment is divided into Aftermarket & OEM. The OEM segment dominated the market, with a market share of around 56% in 2023.
The operator segment dominated the market, with a market share of around 55% in 2023.
The end user segment is divided into private user and operator. The operator segment dominated the market, with a market share of around 55% in 2023. Along with developing the tourism industry in America and Southeast Asia, multiple charter operators are organizing to deliver new charter routes in the regions and extend their existence.
Regional Segmentation Analysis:
The market is analyzed based on five regions, namely North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America is expected to be the largest market during the forecast period. The growth is due to many high-net-worth individuals and significant business jet manufacturers like Textron Inc., Bombardier Inc., Gulfstream Aerospace, etc. Further, the airports available in North America allow comfort in business travel across the region. Geographically, North America is the most significant region by area. Therefore, business travellers must choose the speediest mode of transport to save time, increasing the need for business jets.
Competitive Analysis:
The major players of the market include Textron Inc., Syberjet Aircraft, Pilatus Aircraft, Honda Aircraft Company, Gulfstream Aerospace Corporation, Embraer SA, Dassault Aviation SA, Bombardier Inc., Boeing, Airbus SE, among others.
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