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North America Business Jet Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

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    Report

  • 149 Pages
  • January 2023
  • Region: North America
  • Mordor Intelligence
  • ID: 5717166
The North America Business Jet Market is projected to register a CAGR of 2.11%

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 - Light Jet: Regional air travel and the capability to access remote airports/locations are making light jets more attractive to customers, therefore driving their demand in the market.
  • Largest Market by Country - United States: A strong economy and the procurement and usage of business jets by various sectors/individuals are leading to the growth of the business jet market in the country.

Key Market Trends

Large Jet is the largest segment by Body Type.

  • The North American region accounted for around 66% of the global business jet deliveries in 2021, making it the biggest general aviation market globally.
  • Among all the jets, the light jet category accounted for the largest share of over 52% of the deliveries in 2021 in the North American region. An increase in business travel flight hours after the pandemic generated a high demand for business jets in the region.
  • During the COVID-19 pandemic, the light jet category was the least impacted category of business jets in this region, with a decline of 17.8% compared with the mid-size 35.3% and large jets 21.5%, respectively. This is due to the consistent demand for light jets, with clients prioritizing light jets over other mid-size and large jets.
  • During the historic period, Cessna became the leading player in deliveries with 140 aircraft, while Gulfstream Aerospace was in the second position with 78 deliveries. Cirrus Aircraft, Embraer, Bombardier, Honda Group, and Pilatus Aircraft were the other major players in the North American business jet market. Most companies are unveiling and developing new business jet models to meet the growing demand for business jets over the forecast period.
  • In terms of the business jets OEMS, Cessna constitutes around 34% of the overall business jet fleet, followed by Bombardier and Gulfstream with around 21% and 14% of the fleet as of July 2022. In 2021, economic recovery resulted in the growth of deliveries by 10.7% in the business aviation sector. Around 3000+ units of the global demand for jets is expected to be from the North American region during the forecast period.


United States is the largest segment by Country.

  • In 2021, North America accounted for the highest growth in the ultra-wealthy (HNWI) population, with remarkably high purchasing power parity, representing an increase in the sales of business jets in the region. The HNWI population in the country grew by 7% in 2021 compared to 2020.
  • The North American region accounts for the highest number of private jets globally, and the United States accounts for around 89% of the total jets fleet in the region, making it the most dominating market in terms of volume and value. Mexico and Canada accounted for 6% and 3% of the current operational fleet in the region, respectively, as of July 2022.
  • The overall aircraft deliveries in the business aviation sector were affected during the COVID-19 pandemic, and the growth in 2020 declined by 24%. The reduction in North America's economic activities and travel-related restrictions affected the demand for business jets in the region. There has been a shift toward private flying as it is considered a safer means of transportation among the ultra-wealthy population, which aided in procuring business jets in the region.
  • This led to an increase in the purchase plans of first time buyers are anticipated to double the region's business jet fleet size during the forecast period. The change in purchasing habits driven by Covid-19 pandemic is expected to drive the growth of the market.


Competitive Landscape

The North America Business Jet Market is fairly consolidated, with the top five companies occupying 94.23%. 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

1 EXECUTIVE SUMMARY & KEY FINDINGS

2 REPORT OFFERS

3 INTRODUCTION
3.1 Study Assumptions & Market Definition
3.2 Scope of the Study​
3.3 Research Methodology

4 KEY INDUSTRY TRENDS
4.1 High-Net-Worth Individual (HNWI)
4.2 Regulatory Framework
4.3 Value Chain Analysis

5 MARKET SEGMENTATION
5.1 Body Type
5.1.1 Large Jet
5.1.2 Light Jet
5.1.3 Mid-Size Jet
5.2 Country
5.2.1 Canada
5.2.2 Mexico
5.2.3 United States
5.2.4 Rest Of North America

6 COMPETITIVE LANDSCAPE
6.1 Key Strategic Moves
6.2 Market Share Analysis
6.3 Company Landscape
6.4 Company Profiles
6.4.1 Bombardier Inc.
6.4.2 Cirrus Design Corporation
6.4.3 Dassault Aviation
6.4.4 Embraer
6.4.5 General Dynamics Corporation
6.4.6 Honda Motor Co., Ltd.
6.4.7 Pilatus Aircraft Ltd
6.4.8 Textron Inc.

7 KEY STRATEGIC QUESTIONS FOR AVIATION CEOS

8 APPENDIX
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

A selection of companies mentioned in this report includes:

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

Methodology

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