The global business jet market is anticipated to reach $41,404.5 million by 2032, growing from $26,800.0 million in 2022 at a CAGR of 4.5% from 2023 to 2032. Business jets are designed to travel at high speeds, often faster than commercial airliners. This is crucial for the passengers to reach their destinations more quickly without taking multiple halts. In addition, the interior of business jets can be customized to suit the needs of the passengers. The majority of the private jets offer comfortable seating, conference areas, as well as they are equipped with entertainment systems. This level of customization is important for customers as it helps the passengers in being productive and comfortable.
The demand for business jets is driven by many factors such as time saving feature that business jets provide. In addition, business jet can also be effectively utilized in community crises for providing emergency services. It can also be used in medical emergencies as an air ambulance to transport patients immediately to the hospitals. Business jets do not have the same limits as commercial airlines, allowing them to depart from smaller, more convenient airports, greatly reducing journey time by landing closer to the passenger's destination. In times of disaster, business aviation is frequently on the front lines of assisting residents and communities. In such times, the army also uses business jets for medical and other air transportation of wounded warriors, veterans, and their families in emergency situations.
However, safety issue is one of the prime reasons restraining the growth of the market. Various safety issues with business jet include runway safety, ground handling collisions, loss of control in flight, ignoring mandates given by the regulatory authorities, and others These factors are anticipated to restrain the business jet market size in the coming years.
The use of advanced aerodynamics that offers excellent fuel efficiency and comfort is anticipated to generate excellent growth opportunities in the market. Also, the business jets with long ranges are being designed to have excellent fuel capacity owing to the use of advanced aerodynamics that can cover extended distances without the need for refueling stops. Long-range business jets are engineered to be fuel-efficient as they are equipped with larger fuel tanks or additional fuel storage space to carry the necessary amount of fuel for the entire journey. In addition, business jets with long ranges are mostly equipped with powerful engines that offer high cruising speeds and the necessary thrust to maintain efficient flight over extended distances. All these factors are anticipated to create several growth opportunities for the key players operating in the market during the forecast period.
The pandemic triggered a global economic downturn affecting several business activities causing layoffs, financial instability, and reduced business activities. As several businesses became cautious about their spending, the spending on luxury goods such as business jets was impacted. Also, many potential customers delayed or canceled their orders for purchasing new business jets owing to uncertainties led by the pandemic. Furthermore, the widespread adoption of remote work and virtual meetings reduced the need for corporate travel as the majority of the meetings were conducted online reducing the necessity for business jets. These factors led to a negative impact on the business jet market during the pandemic.
The key players profiled in this report include Bombardier Inc., Gulfstream Aerospace Corporation, Textron Aviation Inc., Dassault Aviation, Embraer, Pilatus Aircraft Ltd., Airbus, Cirrus Aircraft, LLC, The Boeing Company, and Honda Aircraft Company, LLC. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
The demand for business jets is driven by many factors such as time saving feature that business jets provide. In addition, business jet can also be effectively utilized in community crises for providing emergency services. It can also be used in medical emergencies as an air ambulance to transport patients immediately to the hospitals. Business jets do not have the same limits as commercial airlines, allowing them to depart from smaller, more convenient airports, greatly reducing journey time by landing closer to the passenger's destination. In times of disaster, business aviation is frequently on the front lines of assisting residents and communities. In such times, the army also uses business jets for medical and other air transportation of wounded warriors, veterans, and their families in emergency situations.
However, safety issue is one of the prime reasons restraining the growth of the market. Various safety issues with business jet include runway safety, ground handling collisions, loss of control in flight, ignoring mandates given by the regulatory authorities, and others These factors are anticipated to restrain the business jet market size in the coming years.
The use of advanced aerodynamics that offers excellent fuel efficiency and comfort is anticipated to generate excellent growth opportunities in the market. Also, the business jets with long ranges are being designed to have excellent fuel capacity owing to the use of advanced aerodynamics that can cover extended distances without the need for refueling stops. Long-range business jets are engineered to be fuel-efficient as they are equipped with larger fuel tanks or additional fuel storage space to carry the necessary amount of fuel for the entire journey. In addition, business jets with long ranges are mostly equipped with powerful engines that offer high cruising speeds and the necessary thrust to maintain efficient flight over extended distances. All these factors are anticipated to create several growth opportunities for the key players operating in the market during the forecast period.
The pandemic triggered a global economic downturn affecting several business activities causing layoffs, financial instability, and reduced business activities. As several businesses became cautious about their spending, the spending on luxury goods such as business jets was impacted. Also, many potential customers delayed or canceled their orders for purchasing new business jets owing to uncertainties led by the pandemic. Furthermore, the widespread adoption of remote work and virtual meetings reduced the need for corporate travel as the majority of the meetings were conducted online reducing the necessity for business jets. These factors led to a negative impact on the business jet market during the pandemic.
The key players profiled in this report include Bombardier Inc., Gulfstream Aerospace Corporation, Textron Aviation Inc., Dassault Aviation, Embraer, Pilatus Aircraft Ltd., Airbus, Cirrus Aircraft, LLC, The Boeing Company, and Honda Aircraft Company, LLC. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the business jet market analysis from 2022 to 2032 to identify the prevailing business jet market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the business jet market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global business jet market trends, key players, market segments, application areas, and market growth strategies.
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- Consumer Buying Behavior Analysis
- Investment Opportunities
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- Technology Trend Analysis
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- New Product Development/ Product Matrix of Key Players
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- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- Brands Share Analysis
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- Historic market data
- Key player details (including location, contact details, supplier/vendor network etc. in excel format)
- Market share analysis of players at global/region/country level
- SWOT Analysis
Key Market Segments
By Type
- Very Light Jets
- Light Jets
- Medium Jets
- Heavy Jets
By Category
- New
- Pre-owned
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Switzerland
- Austria
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- United Arab Emirates
- South Africa
- Rest of LAMEA
- Key Market Players
- Bombardier Inc.
- Gulfstream Aerospace Corporation
- Textron Aviation Inc.
- Dassault Aviation.
- Embraer
- Pilatus Aircraft Ltd.
- Airbus
- Cirrus Aircraft, LLC
- The Boeing Company
- Honda Aircraft Company, LLC
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BUSINESS JET MARKET, BY TYPE
CHAPTER 5: BUSINESS JET MARKET, BY CATEGORY
CHAPTER 6: BUSINESS JET MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the business jet market was valued at $26.8 billion in 2022, and is estimated to reach $41.4 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032. Business jets are majorly used for business and executive travel, providing an accessible and efficient mode of transportation for people who need speed, flexibility, and privacy. Large private and public organizations use business jets to boost their business operations. Other reported advantages of business jet travel over commercial airlines include enhanced safety, privacy, access to smaller airports, flexible flight scheduling, and enhanced customer engagement & assistance.Business jets are developed in a variety of sizes, capacities, and capabilities to fulfill the specific needs of clients, ranging from small-cabin jets optimized for short-distance travel to significantly larger capacity aircraft with transoceanic capabilities. Business jets offer several advantages as these jets can use smaller airports that are often closer to the final destination which helps in reducing the time for ground transportation. Also, the business jets can be scheduled based on passenger's preferences who need to optimize their time. In addition, the business jets enable passengers to work during travel in a distraction-free environment. Business jets helps in reducing the travel times related to flight delays, crowded terminals, as well as security lines.
Business jets can be used during medical emergencies. For instance, business jets can be used for medical evacuation which is the fastest way to transport a sick or injured person to the target destination for medical care. Typically, it is a small, two-engine business jet that can transport one or two patients and is accompanied by a medical crew consisting of a doctor and a paramedic. Business jets are a very effective tool in the management of these various medical emergencies, which creates a huge demand for them for this purpose. Some non-profit charitable groups organize free air transportation for people and health care organizations in need. Many times, the army also employs business jets for medical and other air transportation of wounded warriors, veterans, and their families in emergency situations. Due to the superior emergency medical transport facilities that business jets can provide; they are in huge demand.
Purchasing and operating business jets is a challenging task, which is estimated to restrain the market growth in the upcoming years. When it comes to the price of acquiring a business aircraft, there are several fees to consider. Legal expenses, valuation expert fees, and ferry flight fees, which include the ferry flight crew, fuel, overflight, and landing fees if the aircraft is not in your location, may be extremely costly. Additionally, related governmental and civil aviation registration fees also adds up to the cost. Regardless of whether flying or grounding a business jet, it needs to be cared for by authorized personnel, and all activities must be completed on schedule to keep the aircraft in proper condition in accordance with civil aviation standards, which can be costly. Fixed costs of owning a business jet include crew and maintenance personnel salaries, hangarage fees, maintenance packages administration charges, civil aviation licensing, insurance, and so on. Also, every year, aircraft insurance certificates must be renewed, and owners must pay the associated fees.
The advancements in the in-flight technology in business jet with advanced avionics, high-speed Wi-Fi, iPad-based entertainment systems, and excellent comfort are anticipated to drive excellent opportunities in the business jet industry. For instance, in December 2021, Textron Aviation Inc., the leading general aviation company, unveiled business jet with enhanced design & technologies. The business jet launched by Textron Aviation Inc. has elegant interior design, in-flight accessible storage, wireless charging capabilities, USB-A ports at each cabin seat, and USB-C ports in the club area. Advanced cockpit technology can lead to more comfortable flights with more intuitive touchscreen control. In addition, the supersonic business jets are becoming quite popular for long-range business travel. These factors are anticipated to boost the business jet market expansion in the upcoming years.
The business jet market share is segmented on the basis of type, category, and region. By type, it is classified into very light jets, light jets, medium jets, and heavy jets. By category, it is classified into new and pre-owned. By region, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America.
The key players profiled in the business jet market report include Bombardier Inc., Gulfstream Aerospace Corporation, Textron Aviation Inc., Dassault Aviation, Embraer, Pilatus Aircraft Ltd., Airbus, Cirrus Aircraft, LLC, the Boeing Company, and Honda Aircraft Company, LLC.
The report offers a comprehensive analysis of the global business jet market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of COVID-19 on the Global Business Jet Industry
The COVID-19 pandemic negatively impacted the demand for business jets owing to a decline in the number of passengers for business travel. The pandemic led to widespread travel restrictions and lockdowns that severely limited both domestic and international travel.As many people were unable or unwilling to travel, the demand for business jet services declined. In addition, economic uncertainty and reduced business activities led to reduced spending on non-essential things such as travel expenses which have reduced the demand for business jet services.
As commercial air travel faced health & safety concerns owing to crowded airports, some of the companies opted for business jets to minimize contact with large number of individuals.
Key Findings of the Study
Based on type, the heavy jets sub-segment emerged as the global leader in 2022 and the very light jets sub-segment is predicted to show the fastest growth in the upcoming years.Based on category, the pre-owned sub-segment emerged as the global leader in 2022 and the new sub-segment is predicted to show the fastest growth in the upcoming years.
Based on region, North America registered the highest market share in 2022 and LAMEA is projected to be the fastest growing during the forecast period.
Companies Mentioned
- Bombardier Inc.
- Gulfstream Aerospace Corporation
- Textron Aviation Inc.
- Dassault Aviation.
- Embraer
- Pilatus Aircraft Ltd.
- Airbus
- Cirrus Aircraft, LLC
- The Boeing Company
- Honda Aircraft Company, LLC
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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