WASHINGTON, Sept. 02, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Business Jet Market finds that the increase in launchings of new programs in private jets and technological advancements in Business Jet Market are projected to expand the growth of the Global Business Jet Market during the forecast period. The Global Market revenue was valued at USD 29.3 Billion in 2021.
The Global Business Jet Market size is forecast to reach USD 42.7 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period; states Vantage Market Research, in a report, titled “Business Jet Market Size, Share & Trends Analysis Report by Aircraft Type (Light, Mid-sized, Large, Airliner), by End Users (Private Users, Operators), by Point of Sale (Original Equipment Manufacturer (OEM), Aftermarket), by Systems (Original Equipment Manufacturer (OEM) Systems, Aftermarket Systems), by Range (Less than 3,000 nm, 3,000 nm -5000 nm, More than 5,000 nm), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
- The global Business Jet Market was valued USD 29.3 Billion in 2021 and is all set to surpass USD 42.7 Billion by 2028, exhibiting a CAGR of 6.3% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Business Jet industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Driver:
Rising Introduction of New Programs in Private Jets to Drive the Market Growth
Companies and corporations use business aircraft to move people or goods in line with the requirement of the business. People generally use these jets for business travel or celebrities' personal use. The jets grant well-organized long flight hours, safe, secure, flexible, and cost-efficient access to places across the country, and are wide-reaching. Therefore, introducing innovative and new models in the existing fleet is expected to drive the global market expansion Business Jet Market. Moreover, the charter companies have reduced costs to gain the Business Jet Market opportunities. Therefore, the growth in charter operations in developing regions has pushed fleet modernization programs by charter operators to enhance their fleet efficiencies. Furthermore, the demand for new models such as Gulfstream G500, Pilatus PC-24, and Cirrus SF50 Vision is highest owing to their improvements. As a result, this is propelling the growth of the market worldwide.
Advancement in Technologies in Business Jet Market to Stimulate Market Growth
Technology advancement is the major trend, which is gaining popularity in the Business Jet Market industry worldwide. In addition, the advancements in technology comprise the usage of the most advanced technologies like fighter technology in Business Jet Market through advanced safety features, the largest cabin, an inventive flight deck, and other features. Moreover, top participants are focusing more on introducing the technologically advanced Business Jet Market to provide the customers with the best experience and all the safety features. Also, the advent of hybrid-electric aircraft propulsion technology will create critical prospects for the overall market during the forecast period. Furthermore, different electrical & electronic systems that will be upgraded and modernized using new software and hardware to enhance the performance and dependability of Business Jet Market will facilitate the industry’s development.
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Segment Analysis:
- Aircraft Type
- Light
- Mid-sized
- Large
- Airliner
- End Users
- Private Users
- Operators
- Point of Sale
- Original Equipment Manufacturer (OEM)
- Aftermarket
- Systems
- Original Equipment Manufacturer (OEM) Systems
- Aftermarket Systems
- Range
- Less than 3,000 nm
- 3,000 nm -5000 nm
- More than 5,000 nm
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide and the Global Business Jet Market is not an exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Business Jet Market suffered as the manufacturing units around the world were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies which are the backbone technology providers to the Business Jet Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Business Jet Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Business Jet Market has considered the impact of COVID-19 on the Business Jet Market globally and the subsidiaries for the Business Jet Market industry. In addition, the demand and supply chain is considered while estimating the current and forecast market size for the Global Business Jet Market industry for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
a. North America
b. Europe
c. Asia Pacific
d. Latin America
e. Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long-Term Dynamics
- Short-Term Dynamics
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The report on Business Jet Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
Regional Analysis:
North America Dominated the Global Business Jet Market
North America leading the Global Business Jet Market and will likely continue the same during the forecast period. The growth can be attributable to the increasing demand for electric aircraft, the largest fleet size, and the availability of required infrastructure. Also, the presence of major key players such as Textron Inc. (U.S.), Gulfstream Aerospace (U.S.), Piper Aircraft (U.S.), and Bombardier Inc. (Canada), among others, will propel the market growth in the region. Presently, the adoption of Business Jet Market in North America is driven preliminarily by the surge in demand for the product in Canada and the U.S. This region holds the majority of operating Business Jet Market fleet, around 15,000 aircraft worldwide with the United States accounting for the most of its share. In addition, the rapid growth in aircraft manufacturing, technological advancements, and travel and tourism propel regional market growth.
List of Prominent Players in Business Jet Market:
- Textron Inc. (US)
- Embraer SA (Brazil)
- Gulfstream Aerospace (US)
- Bombardier (Canada)
- Airbus (Netherlands)
- Boeing (US)
- Dassault Aviation (France)
- Pilatus Aircraft (Switzerland)
- Honda Aircraft Company (US)
- Syberjet Aircraft (US)
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Business Jet Market Size, Share & Trends Analysis Report by Aircraft Type (Light, Mid-sized, Large, Airliner), by End Users (Private Users, Operators), by Point of Sale (Original Equipment Manufacturer (OEM), Aftermarket), by Systems (Original Equipment Manufacturer (OEM) Systems, Aftermarket Systems), by Range (Less than 3,000 nm, 3,000 nm -5000 nm, More than 5,000 nm), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
April 2022: Textron Inc. acquired Pipistrel for $235 million amount. In addition, Textron aims to expand its manufacturing and product development capabilities, making Textron a global leader in sustainable aircraft by this acquisition. Pipistrel will be operated under Textron’s new business segment known as Textron eAviation.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Business Jet Market for the base year and forecast period?
This market titled “Business Jet Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Aircraft Type • Light • Mid-sized • Large • Airliner • End Users • Private Users • Operators • Point of Sale • Original Equipment Manufacturer (OEM) • Aftermarket • Systems • Original Equipment Manufacturer (OEM) Systems • Aftermarket Systems • Range • Less than 3,000 nm • 3,000 nm -5000 nm • More than 5,000 nm • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • Textron Inc. (US) • Embraer SA (Brazil) • Gulfstream Aerospace (US) • Bombardier (Canada) • Airbus (Netherlands) • Boeing (US) • Dassault Aviation (France) • Pilatus Aircraft (Switzerland) • Honda Aircraft Company (US) • Syberjet Aircraft (US) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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