Wilmington, Delaware, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, "Business Jet Market by Type (Very Light Jets, Light Jets, Medium Jets, Heavy Jets), by Category (New, Pre-owned): Global Opportunity Analysis and Industry Forecast, 2023-2032". As per the report, the global market size for business jets is estimated to grab $41.4 billion by 2032. The industry has garnered $26.8 billion in 2022 and would cite the fastest growth with 4.5% CAGR during the forecast period of 2023 to 2032.
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Factors influencing the growth of the market:
The global business jet market is expanding rapidly due to an introduction of new programs on private aircraft and a rise in the number of air travelers. However, the high initial cost of buying a private jet restrains the market growth. Nevertheless, technological advancements have led to more fuel-based engines and the evolution of lightweight materials are estimated to offer remunerative growth opportunities in the future.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $26.8 billion |
| Market Size in 2032 | $41.4 billion |
| CAGR | 4.5 % |
| No. of Pages in Report | 310 |
| Segments covered | Type, Category, and Region |
| Drivers | Increased demand for business aviation The arrival of hybrid-electric airplane propulsion technology |
| Opportunities | Cabin layout and entertainment system advancements can improve flying comfort High-speed internet connectivity and innovative communication tools onboard let passengers to stay connected during flights, making business travel more efficient |
| Restraints | High costs and less accommodation compared to passenger jets |
The heavy jets segment to dominate the market by 2032
Based on type, the heavy jets segment held the highest market share of nearly one-third of the global business jet market in 2022 and is projected to lead the trail from 2023 to 2032. Heavy jets may travel at high speeds across the world. They are gaining momentum as the highest range private jets with huge cabins that provide great comfort.
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Pre-owned segment to grab the lion’s share by 2032
By category, the pre-owned segment was the largest revenue contributor in 2022, held the highest share of more than half of the global business jet market and is estimated to rule the roost from 2023 to 2032. This is because the pre-owned jets are extremely popular owing to their low cost, hence individuals can benefit from private jet journeys without any large initial investment. Additionally, while comparing with new business jets, pre-owned jets provide a rapid acquisition procedure.
North America region to experience the significant growth during the forecast period
The regional analysis in the report indicates that the North America region grabbed the highest share of nearly half of the global business jet market in 2022 and is estimated to lead the supremacy in terms of revenue from 2023 to 2032. The growth is attributed to the constant R & D activities in the U.S. in the sector of Noice-cancelling devices. Additionally, technological advancements in eVTOL (electric Vertical Takeoff and Landing) aircraft may enhance urban transportation by improving travel duration.
Key market players:
- Honda Aircraft Company, LLC
- Bombardier Inc.
- Dassault Aviation
- Pilatus Aircraft Ltd.
- Gulfstream Aerospace Corporation
- Textron Aviation Inc.
- Cirrus Aircraft, LLC
- Airbus
- The Boeing Company
- Embraer
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Regional/ Country Specific Reports We Have:
North America Business Jet Market Research Report 2023-2032
Asia-Pacific Business Jet Market Research Report 2023-2032
U.S. Business Jet Market Research Report 2023-2032
Europe Business Jet Market Research Report 2023-2032
LAMEA Business Jet Market Research Report 2023-2032
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
