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Business Jet - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2016 - 2029

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  • 313 Pages
  • February 2024
  • Region: Global
  • Mordor Intelligence
  • ID: 5717149
The Business Jet Market size is estimated at USD 20.89 billion in 2024, and is expected to reach USD 26.77 billion by 2029, growing at a CAGR of 5.09% during the forecast period (2024-2029).

Key Highlights

  • Largest Market by Body Type - Large Jet : The increasing number of HNWIs and UHNWIs is driving the demand for large business jets.
  • Fastest-growing Market by Body Type - Large Jet : The consumers' preference for high premium quality and convenient jets that offer large and personalized space is driving the adoption rate of large jets.
  • Largest Market by Region - North America : The United States is the major contributor to the growth of the regional market due to its strong economy and increased procurement of various business jet models.

Business Jet Market Trends

Large Jet is the largest Body Type

  • Business Jets are private jets designed to carry small groups of people. They can also be used for various other purposes. Out of the total fleet, the light jet segment accounted for 44%, followed by 27% for large jets and 24% for mid-size jets.
  • Due to the high demand for corporate travel, tourism, and personal and leisure travel, light jets dominate the business jet segment globally. Light and extremely light jets are most frequently preferred by those who travel interstate for business purposes. Some of the most delivered jets are Cessna Citation CJ3+/CJ4/XLS+, Learjet 75, Pilatus PC-24, and Embraer Phenom 30.
  • As of 2022, Gulfstream Aerospace Corporation, Bombardier, and Cessna dominate the business jet market, holding 66% of the total business jet active fleet globally. Out of the total operational business jets in Asia-Pacific, 93% are wholly owned, while the remaining are shared and fractional ownership.
  • Approximately one-third of the business jet fleets currently in operation are over 10 years old, which is driving the business jet operators and charter providers to invest in fleet modernization programs and enhance their fleet's capabilities. This factor is expected to boost the market's growth during the forecast period.
  • North America currently has the largest share of the market and is expected to continue its dominance during the forecast period. The region holds the most extensive operating business jet fleet (about 16,000 aircraft) globally, with the United States accounting for 62% of total business jets globally. Due to the presence of many high-net-worth individuals and corporate companies, the majority of the demand is for light jets and large jets.

North America is the largest Region

  • The overall aircraft deliveries in the business jet sector were affected during the COVID-19 pandemic, and the growth between 2019 and 2021 decreased by 14%. The reduction in economic activities and travel restrictions affected the utilization and procurement of business jets in the region.
  • During 2016-2021, North America procured most of the business jets, followed by Europe, Asia-Pacific, South America, and Middle East & Africa, accounting for 70%, 17%, 7%, 3%, and 3%, respectively.
  • As of July 2022, Cessna operated most of the global active business jets, followed by Bombardier, Gulfstream Aerospace Corporation, Dassault Aviation, and Embraer, accounting for 32%, 22%, 13%, 9%, and 7%, respectively.
  • Of the total business jets present, nearly 93% are wholly owned, while the rest have shared and fractional ownership. The light jet segment dominated the market with 46%, followed by large jets, with 26%, and mid-size jets, with 24%.
  • During 2022-2028, approximately 5,825 business jets are expected to be delivered globally. Out of this, North America may procure 3,817 jets, Europe 1,076, Asia-Pacific 466, South America 259 jets, and Middle East & Africa 207 jets. The economic recovery in the developing economies in the region is expected to boost the growth of the general aviation sector in the region during the forecast period.

Business Jet Industry Overview

The Business Jet Market is fairly consolidated, with the top five companies occupying 128.39%. The major players in this market are Bombardier Inc., Dassault Aviation, Embraer, General Dynamics Corporation and Textron Inc. (sorted alphabetically).

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Table of Contents

3.1 Study Assumptions & Market Definition
3.2 Scope of the Study
3.3 Research Methodology
4.1 High-Net-Worth Individual (HNWI)
4.2 Regulatory Framework
4.3 Value Chain Analysis
5.1 Body Type
5.1.1 Large Jet
5.1.2 Light Jet
5.1.3 Mid-Size Jet
5.2 Region
5.2.1 Asia-Pacific Australia China India Indonesia Japan Malaysia Philippines Singapore South Korea Thailand Rest Of Asia-Pacific
5.2.2 Europe France Germany Italy Netherlands Russia Spain UK Rest Of Europe
5.2.3 Middle East And Africa Algeria Egypt Qatar Saudi Arabia South Africa Turkey United Arab Emirates Rest Of Middle East And Africa
5.2.4 North America Canada Mexico United States Rest Of North America
5.2.5 South America Brazil Chile Colombia Rest Of South America
6.1 Key Strategic Moves
6.2 Market Share Analysis
6.3 Company Landscape
6.4 Company Profiles
6.4.1 Airbus SE
6.4.2 Bombardier Inc.
6.4.3 Cirrus Design Corporation
6.4.4 Dassault Aviation
6.4.5 Embraer
6.4.6 General Dynamics Corporation
6.4.7 Honda Motor Co., Ltd.
6.4.8 Pilatus Aircraft Ltd
6.4.9 Textron Inc.
6.4.10 The Boeing Company
8.1 Global Overview
8.1.1 Overview
8.1.2 Porter's Five Forces Framework
8.1.3 Global Value Chain Analysis
8.1.4 Market Dynamics (DROs)
8.2 Sources & References
8.3 List of Tables & Figures
8.4 Primary Insights
8.5 Data Pack
8.6 Glossary of Terms

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Airbus SE
  • Bombardier Inc.
  • Cirrus Design Corporation
  • Dassault Aviation
  • Embraer
  • General Dynamics Corporation
  • Honda Motor Co., Ltd.
  • Pilatus Aircraft Ltd
  • Textron Inc.
  • The Boeing Company