Pune, India, Feb. 09, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fortune Business Insights, the business jet market size is projected to grow from USD 25.87 billion in 2021 to USD 36.94 billion by 2028 at a CAGR of 5.22% in the forecast period. It stood at USD 24.21 billion in 2020. The global business jet market is set to gain impetus from the increasing demand for in-flight 4G & 5G networks in cabin interiors. Hence, several business jet operators are striving to procure Gogo Avance L5, a provider of excellent 4G inflight experience.
Increasing Development of Electric Aircraft by Companies to Bolster Growth
Numerous private jet manufacturers across the globe are focusing majorly on investments in research and development activities to design and unveil electric aircraft. As per the International Civil Aviation Organization (ICAO), at present, all-electric aircraft is showcasing a steady demand with a growth rate of 2-5%. It is set to reach up to 24% in the near future. Additionally, the usage of electric aircraft will help in reducing maintenance cost and surge fuel efficiency. These factors are expected to propel the business jet market growth in the near future. However, the shutdown of manufacturing facilities by companies to tackle the COVID-19 pandemic may hamper growth.
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Operators Segment to Dominate Fueled by High Demand for Service-based Operators
Based on the end-use, the market is segregated into private and operators. Out of these, the operators segment generated 66.34% in terms of the business jet market share in 2020. The high demand for service-based operators in countries, such as Singapore, China, U.A.E, and the U.S. would propel this segment’s growth.
A list of reputed business jet manufacturers operating in the global industry:
- Airbus SE (Leiden, the Netherlands)
- The Boeing Company (Illinois, the U.S.)
- Bombardier, Inc. (Montreal, Canada)
- Embraer SA (State of São Paulo, Brazil)
- Textron Inc. (Rhode Island, the U.S.)
- GulfstreamAerospace (Georgia, the U.S.)
- Dassault Aviation (Paris, France)
- Cessna Aircraft Company (Kansas, the U.S.)
- Hondajet (North Carolina, the U.S.)
- Eviation Aircraft (Israel)
- Joby Aviation (California, the U.S.)
- Zunum Aero (Washington, the U.S.)
- Other Players
Latest Report Coverage-
The research report provides a detailed assessment of multiple customers’ journeys pertinent to segments and the market. It helps our clients to get a clear picture of their pain points across multiple customer touch points. At the same time, it offers projections and estimations. It equips businesses to frame excellent strategic frameworks. Lastly, it sheds light on vital answers related to this industry.
Regional Insights-
North America Procured USD 8.62 billion Revenue in 2020: Fortune Business Insights™
Geographically, North America held USD 8.62 billion in 2020 in terms of revenue. It is set to remain at the forefront because of the high demand for on-demand services and electric aircraft, especially in the U.S. In Europe, increasing changes in the flying behavior of passengers would surge the demand for business aircraft. On the other hand, Asia Pacific is expected to grow steadily backed by the ongoing development of smart cities in Singapore, India, and China.
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Competitive Landscape-
Key Players Focus on Winning New Contracts from Renowned Agencies to Compete in Market
The market for executive aircraft houses a large number of manufacturers that are currently trying to bag new contracts to deliver their in-house aircraft featuring innovative systems to enhance passenger experience. Below are the two significant industry developments:
- December 2020: Bombardier bagged a new contract worth USD 267 million for delivering 10 Challenger 350 business jets. These will fly from New York to London or Los Angeles, and Dubai to Paris non-stop.
- October 2020: Airbus Corporate Jets received new orders to supply six ACJ TwoTwenty aircraft. These will include a premium VIP cabin interior, a private suite, a bathroom, and a private entertainment space.
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 –Mergers, Acquisitions, and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Business Jet Industry
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- Impact of COVID-19 on Global Business Jet Market
- Steps Taken By Industry/Companies/Governments to Overcome the Impact
- Key Developments in The Industry in Response to COVID-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
- Global Business Jet Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Business Jet Type
- Light Business Jet
- Mid-size Business Jet
- Large Business Jet
- Market Analysis, Insights and Forecast – By Platform
- On-demand Service
- Aircraft Management Service
- Market Analysis, Insights, and Forecast – By System
- Propulsion System
- Aerostructures
- Avionics
- Others (Cabin Interiors, Aircraft Power Systems, Landing Gears)
- Market Analysis, Insights and Forecast – By End-use
- Operators
- Private
TOC Continued…!
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