The Business Jets Market Size was valued at USD 21.99 billion in 2022 and is expected to reach USD 39.51 billion by 2030 with a growing CAGR of 7.6% over the forecast period 2023-2030.
Business jets are an integral part of the business aviation industry. The commercial airline is designed to transport small groups of people. A commercial airline is a common airline used for private purposes, parcel delivery, and small group transport by government officials, civil society organizations, and armed forces. Business jets may be adapted to other roles, such as wound removal or parcel delivery, and some are used by civil society organizations, government officials, or armed forces. Business jets are strongly associated with new orders, delivery, and high order expectations. Provides the customer with much-needed flight planning services, conducting business during the flight, reducing travel time, safer and more economical travel route. Every type of aircraft differs in price and technology. Simple jets behave the same way, mid-size jets, and heavy jets behave differently due to complexity, and comparable types of different manufacturers also behave differently, with different models of the same OEM non-commercial aircraft.
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MARKET DYNAMICS
KEY DRIVERS
Manufacturers of business jets are concentrating on improving passenger comfort and increasing operational efficiency.
Manufacturers are focusing on reducing carbon footprints, lowering operational costs, and upgrading avionics, cabin interiors, and aircraft systems.
RESTRAINTS
Product certification from aviation authorities takes a long time.
Aviation authorities postpone certification due to a lack of process efficiency in the certification processes. When providing certifications, one of the most important parameters to consider is safety.
OPPORTUNITIES
Businessmen and corporations use business jets for intercity travel to save time.
Urban air mobility includes eVTOL aircraft.
CHALLENGES
Infrastructure is unavailable in several countries.
India, China, Nigeria, and Malaysia have a potential market for business jets, but their infrastructure is insufficient for the market to grow.
IMPACT OF COVID-19
The COVID-19 pandemic had an immediate impact on the business jet market, with orders and deliveries declining in 2020 and 2021 compared to before pandemic 2019. However, no long-term market impact is expected because the fleet modernization plans of charter service providers and other business jet users have not been hampered. Furthermore, due to restricted commercial aviation access, business jet activity began to increase in the second half of 2020 compared to the first half of the year. The increase in business jet operations is expected to strengthen demand for business jets in the coming years.
There are four types of business jets available: light, mid-sized, large, and airliner. During the forecast period, the light segment is expected to grow at the fastest CAGR. The anticipated commercialization of air taxis, which will be used as business jets for inter and intracity travel, will drive growth in this segment. Growth in urban air mobility is expected to drive the overall business jets market further between 2022 and 2028.
The market has been divided into three categories based on end use: less than 3,000 NM, 3,000-5,000 NM, and more than 5,000 NM. Mid-size and a few large business jets are typically found in the 3,000 to 5,000 NM range. The primary factor driving the growth of the business jets market is the increasing demand for business travel and short-haul flights. With private aviation experiencing rapid growth in recent years, demand for exclusive flight services has surpassed pre-recessionary levels. The increased intercity travel of VVIP and corporate individuals drives the market for business jets with ranges of 3,000-5,000 nautical miles. The market has been divided into OEM and aftermarket segments based on the system. During the forecast period, the OEM segment has the largest market share. The OEM market size for conventional and futuristic business jets is represented by the OEM segment. Furthermore, OEM will be the fastest-growing market during the forecast period, owing to the introduction of new aircraft programme and the commercialization of electric and hybrid business aircraft. Because the cost of aftermarket maintenance, repair, and operations (MRO) and parts replacement is low in comparison to the overall OEM market, the OEM segment will lead the business jets market during the forecast period. These membership accounts provide lower rates, more fleet options, and fewer blackout dates. However, the growth of the light aircraft segment can be attributed to its increasing use as business jets for inter and intra-city transportation, as well as increased brand marketing by the manufacturers. The industry is expanding due to technological advancements and an increasing middle-class population.
By Aircraft Type
Light
Mid-sized
Large
Airliner
By End Use
Private
Operator
By System
OEM Systems
Aftermarket Systems
By Range
Less than 3,000 NM
3,000–5,000 NM
More than 5,000 NM
By Application
Business
Commercial
Amphibious aircraft
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REGIONAL ANALYSIS
North America, Europe, Asia Pacific, the Middle East, Latin America, and Africa have all been studied in terms of the business jet industry. North America is thought to hold the largest share of the global market. This is due to the presence of a large number of high-net-worth individuals, as well as the presence of major business jet manufacturers like Tex-tron, Bombardier, and Gulf-stream, among others. Furthermore, the availability of airports across North America facilitates business travel throughout the region. Geographically, North America is the largest region in terms of area, so it is critical for business traveller to choose the fastest mode of transportation to save time, resulting in increased demand for business jets.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Major Players are Gulfstream Aerospace Corporation, Bombardier, Embraer , Textron, Inc., Airbus, Boeing, Cessna Aircraft Company, Adam Aircraft, Eclipse Aviation, Israel Aerospace Industries and Other Players
Bombardier-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 21.99 Billion |
| Market Size by 2030 | US$ 39.51 Billion |
| CAGR | CAGR of 7.6% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Aircraft Type (Light, Mid-Sized, Large, Airliner) • By Systems (OEM Systems, Aftermarket Systems) • By End User (Private, Operator), Services, Range (Less than 3,000 NM, 3,000–5,000 NM, More than 5,000 NM) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Gulfstream Aerospace Corporation, Bombardier, Embraer , Textron, Inc., Airbus, Boeing, Cessna Aircraft Company, Adam Aircraft, Eclipse Aviation, Israel Aerospace Industries. |
| DRIVERS | • Manufacturers of business jets are concentrating on improving passenger comfort and increasing operational efficiency. • Manufacturers are focusing on reducing carbon footprints, lowering operational costs, and upgrading avionics, cabin interiors, and aircraft systems. |
| RESTRAINTS | • Product certification from aviation authorities takes a long time. • Aviation authorities postpone certification due to a lack of process efficiency in the certification processes. When providing certifications, one of the most important parameters to consider is safety. |
Business jets are an integral part of the business aviation industry. Business jets are strongly associated with new orders, delivery, and high order expectations. It Provides customer a much-needed flight planning services, conducting business during the flight, reducing travel time, safer and more economical travel route.
The market size for the Business Jets Market was valued at USD 21.99 billion in 2022.
The expected CAGR of the Business Jets Market is 7.6% during the forecast period 2023-2030.
The leading players in the Business Jets Market include Gulfstream Aerospace Corporation, Bombardier, Embraer, Textron, Inc., Airbus, Boeing, Cessna Aircraft Company, Adam Aircraft, Eclipse Aviation, and Israel Aerospace Industries.
North America region dominated the Business Jets Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Business Jets Market Segmentation, by Aircraft Type
8.1 Light
8.2 Mid-sized
8.3 Large
8.4 Airliner
9. Business Jets Market Segmentation, by End Use
9.1 Private
9.2 Operator
10. Business Jets Market Segmentation, by System
10.1 OEM Systems
10.2 Aftermarket Systems
11. Business Jets Market Segmentation, by Range
11.1 Less than 3,000 NM
11.2 3,000–5,000 NM
11.3 More than 5,000 NM
12. Business Jets Market Segmentation, by Application
12.1 Business
12.2 Commercial
12.3 Amphibious aircraft
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 France
13.3.4 Italy
13.3.5 Spain
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4 Asia-Pacific
13.4.1 Japan
13.4.2 South Korea
13.4.3 China
13.4.4 India
13.4.5 Australia
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.1 Israel
13.5.2 UAE
13.5.3 South Africa
13.5.4 Rest
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Rest of Latin America
14. Company Profiles
14.1 Gulfstream Aerospace Corporation
14.1.1 Financial
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 Bombardier
14.3 Embraer
14.4 Textron, Inc.
14.5 Airbus
14.6 Boeing
14.7 Cessna Aircraft Company,
14.8 Adam Aircraft
14.9 Eclipse Aviation
14.10 Israel Aerospace Industries.
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
16. Conclusion
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