The Business Jets Market is driven by factors such as the growing demand for time-saving and luxurious transportation, infrastructure development, favorable regulatory environment, and a highly competitive landscape. North America holds the largest revenue share due to its well-developed infrastructure and regulatory environment.
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The global business jets market size was USD 28.73 Billion in 2021 and is expected to register a revenue CAGR of 4.2% during the forecast period, according to latest analysis by Emergen Research.
In order to provide high-net-worth individuals, businesses, and governments with private and opulent transportation, the business jet market is an essential component of the aviation sector. The industry includes a variety of aircraft types, from small corporate jets to huge light jets, and it has been steadily expanding over the years for a number of reasons.
The rising demand for private aviation services is one of the key factors driving the market for business jets. High-net-worth individuals who favour private jet travel over commercial airlines have significantly increased as a result of the rise in disposable income and wealth accumulation. Additionally, the business sector favours using private jets to transport executives since it saves time and provides more privacy and comfort.
The expanding need for business aviation services in developing nations is another factor driving the market for business jets. The recent tremendous economic growth in nations like China, India, Brazil, and Russia has increased the number of billionaires and global enterprises. As a result, these markets are experiencing an increase in business jet demand, which is fueling the expansion of the worldwide business jet market.
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The market for business jets, nevertheless, also has its share of difficulties, such as high acquisition and operating costs. In addition to being more expensive to buy and operate than commercial aircraft, business jets require extensive maintenance. This constraint on private aviation services’ accessibility may hinder the market expansion for business jets in particular areas.
Business Jets Market Segmentation:
The business jets market can be categorized by aircraft type, point of sale, and end-use outlook. In terms of aircraft type, the market is divided into light, mid-sized, and large jets. The mid-sized jets segment is expected to grow from USD 6.2 billion in 2019 to USD 12.6 billion by 2030, at a CAGR of 7.3% during the forecast period. The large jets segment is expected to grow from USD 5.7 billion in 2019 to USD 11.3 billion by 2030, at a CAGR of 7.3% during the forecast period.
In terms of point of sale, the market is divided into original equipment manufacturers (OEM) and aftermarket. The OEM segment includes the sale of new aircraft, while the aftermarket segment includes the sale of parts, maintenance, and services. The aftermarket segment is expected to grow from USD 5.1 billion in 2019 to USD 10.3 billion by 2030, at a CAGR of 7.3% during the forecast period.
Finally, in terms of end-use outlook, the market is divided into private users and operators. Private users include high-net-worth individuals and corporations who own and use business jets for personal or corporate travel. The operators include charter companies, management companies, and fractional ownership companies who own and operate business jets for commercial purposes. The operators segment is expected to grow from USD 9.0 billion in 2019 to USD 18.4 billion by 2030, at a CAGR of 7.3% during the forecast period.
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Some Key Highlights from the Report
The aftermarket segment in the business jets market accounted for a moderate revenue share in 2021 due to several factors. One of the major factors is the high cost of maintenance and repairs associated with business jets. The aftermarket segment primarily includes the sale of parts, maintenance, and services, which are crucial for the upkeep of business jets. However, the high cost of these services and parts can deter private users and operators from investing in aftermarket services.
The operators segment in the business jets market accounted for a moderate revenue share in 2021 due to several factors. One of the primary reasons is the impact of the COVID-19 pandemic on the industry. The pandemic has led to a decline in business jet usage, which has reduced the revenue generated by operators. Many companies have also cut down on travel expenses and reduced the use of business jets to save costs during the pandemic.
The North America market accounted for the largest revenue share in the business jets market in 2021 due to several factors. One of the primary drivers of the market in North America is the presence of a large number of high net worth individuals and corporations that use business jets for transportation. These individuals and corporations are willing to invest in business jets for convenience, time-saving, and luxury.
On 29 July 2021, Textron Aviation, a leading provider of airborne solutions for government, military, and commercial customers, announced that it had delivered the 200th Cessna Citation CJ4 aircraft. The CJ4 is a popular light jet that is known for its range, speed, and efficiency, and it has become a favourite among private users and operators.
Some major companies in the global market report include Textron Inc., Embraer, Gulfstream Aerospace Corporation, Bombardier, Dassault Aviation, Boeing, Airbus, Pilatus Aircraft Ltd., Honda Aircraft Company, and MSC Aerospace Company.
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