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Companies covered in Business Jet Market Are 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.) and more players profiled.
The global business jet market size was USD 25.87 billion in 2021. The market 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 2021-2028. 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 industry refers to the production, sale, and operation of aircraft designed for private use by individuals or corporations. Business jets are also commonly referred to as executive jets or corporate jets.
The industry has experienced significant growth over the past decade, with increasing demand for private air travel by high net worth individuals and companies looking to save time and increase efficiency in their business operations.
The business jet market is dominated by a few major players, including Gulfstream, Bombardier, Dassault, and Textron Aviation (which owns Cessna and Beechcraft brands). These companies compete in a highly competitive market, constantly developing new and improved models to meet the demands of their clients.
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List of Key Players Profiled in the Report:
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.
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.
However, aviation authorities' long period of product certifications may hinder the market’s progress.
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Regional Insights
Presence of Major Key Players and Fleet Size to Foster Industry Growth in North America
North America dominated the business jet market share due to the presence of several major key players in the market. The market in North America stood at USD 9.23 billion in 2021 and is expected to grow positively in the coming years. Furthermore, the rising demand for electric aircraft and the availability of a developed infrastructure may foster the market progress.
In Asia Pacific, rising infrastructural investments and developments in India, China, and Japan may boost business flight adoption. Furthermore, the rising adoption of such jets by service providers and operators is expected to increase the product adoption.
In Europe, increasing leasing facilities and advanced technology-based aircraft may boost the product adoption. Furthermore, the changing flying behavior of passengers and rising private jets may boost the market growth
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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
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Business Jet Market Share and Growth Factors, Impact Analysis 2029