Business Jet Market Size to Hit USD 38.34 Billion by 2029 | With 4.06% CAGR

The global business jet market size is projected to reach USD 38.34 Billion by 2029, at CAGR of 4.06% during forecast period 2022-2029 | Introduction of New Programs and Recommencement of Global Economic Growth

Pune, India, Oct. 10, 2022 (GLOBE NEWSWIRE) -- The global business jet market size was USD 25.87 billion in 2021. The market is expected to grow from USD 29.03 billion in 2022 to USD 38.34 billion in 2029, exhibiting a CAGR of 4.06% in 2021-2028. The rising demand for private aviation from consumers and the advent of hybrid-electric aircraft propulsion technology are expected to bolster market progress. Fortune Business Insights™ provides this information in its report titled “Business Jet Market, 2022-2029.

A business jet is a plane designed to transport passengers in small groups. Exceptional growth in high-net-worth and the rising demand for private aviation from consumers is expected to increase the aircraft’s adoption. Further, the emergence of several start-ups and businesses is expected to boost the aerial vehicle demand. Also, the advent of hybrid-electric aircraft propulsion technology is expected to boost consumers' demand for the jet. These factors may foster industry growth.

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List of Key Players Profiled in the Report:

  • Airbus SAS (Netherlands)
  • The Boeing Company (U.S.)
  • Bombardier (Canada)
  • Dassault Aviation (France)
  • Embraer SA (Brazil)
  • Gulfstream Aerospace Corporation (U.S.)
  • HondaJet (U.S.)
  • Textron, Inc. (U.S.)
  • Eviation Aircraft (Israel)
  • XTI. Aircraft (U.S.)
  • Zunum Aero (U.S.)
  • Joby Aviation (U.S.)

Report Scope & Segmentation:

Report CoverageDetails
Forecast Period2022-2029
Forecast CAGR4.06%
2029 Value ProjectionUSD 38.34 Billion
Base Year2021
Historical Data2018-2020
No. of Pages200
Segments CoveredBy Type, By Material, By Platform
Business Jet Market Growth DriversIntroduction of New Programs and Recommencement of Global Economic Growth

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Market Segments: 

By type, the market is segmented into light business jet, mid-size business jet, and large business jet.

As per platform, it is bifurcated into on-demand service and aircraft management service. Based on system, it is segregated into propulsion system, aero structure, avionics, and others.

On the basis of end-user, it is grouped into operator and service. By point of sale, it is categorized into OEM and aftermarket.

Geographically, it is clubbed into North America, Europe, Asia Pacific, the Middle East, and the rest of the world.

Russia-Ukraine War Impact

Economic Sanctions Imposed by the U.S. and its Allies on the Russian Federation Negatively Affected the Industry

The economic sanctions imposed by the U.S. and its allies on the Russian Federation are expected to affect this industry’s growth. Furthermore, the war negatively affected the global industries leading to import and export flow disruptions. The dominance of Russia and Roscosmos, a quasi-civilian space agency in the commercial space, affected alternative launch service providers in Japan, India, Europe, and the U.S. These factors negatively affected the market during the war.

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Drivers and Restraints:

Introduction of New Programs and Recommencement of Global Economic Growth

The emergence of several businesses and the rising demand for business flights by individuals and celebrities for personal use are expected to propel the adoption of jets. The jet offers efficient long, cost-effective, secure, safe, and flexible flight hours. Further, rising disposable income and the emergence of several small and large-scale businesses have led to the adoption of personal flights globally. Moreover, the adoption of jets by individuals may foster industry growth. Besides, the adoption of the product from India and China may foster its sales. These factors may drive the business jet market growth.

However, aviation authorities' long period of product certifications may hinder the market’s progress.

Regional Insights

Presence of Major Key Players and Fleet Size to Foster Industry Growth in North America

North America dominated the business jet market share due to the presence of several major key players in the market. The market in North America stood at USD 9.23 billion in 2021 and is expected to grow positively in the coming years. Furthermore, the rising demand for electric aircraft and the availability of a developed infrastructure may foster the market progress.

In Asia Pacific, rising infrastructural investments and developments in India, China, and Japan may boost business flight adoption. Furthermore, the rising adoption of such jets by service providers and operators is expected to increase product adoption.

In Europe, increasing leasing facilities and advanced technology-based aircraft may boost product adoption. Furthermore, the changing flying behavior of passengers and rising private jets may boost the market growth.

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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
    • Latest technological Advancements
    • Porters Five Forces Analysis
    • Supply Chain Analysis
  • Quantitative Insights-Impact of COVID-19 Pandemic on Global Business Jet Market
    • Impact of COVID-19 Pandemic on Global Business Jet Market
    • Steps Taken by Industry/Companies/Government to Overcome the Impact
    • Key Development in the industry in Response to COVID-19 Pandemic
    • Potential Opportunities due to COVID-19 Outbreak

TOC Continued…!       

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Competitive Landscape

Manufacturers Announce Novel Products to Fuel Competition

The prominent players operating in the market announce novel products to attract consumers, improve sales, and fuel the competitive landscape. For example, Dassault Aviation announced its Falcon jet, Falcon 10X in May 2021. The Falcon line shall enter the market in 2025 and have a 7,500 nautical mile speed. This launch may place the company at the forefront of the incessantly competitive market and improve its brand image. Moreover, companies adopt research and development, mergers, acquisitions, and expansion strategies to boost their market position.

Key Industry Development

  • October 2021–Gulfstream introduced two all new business jets, G800 and G400. The G800 is the longest-range aircraft of Gulfstream history and G400 is a new entrant to large cabin class. Both are equipped with gulfstream symmetry flight leak featuring electronic system.

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