The new report by Expert Market Research titled, ‘Business Jets Global Market Size, Share, Trends, Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global business jets market, assessing the market based on its segments like aircraft type, end use, systems, services, platform and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 24.74 billion
- Forecast CAGR (2023-2028): 7%
- Forecast Market Size (2026): USD 37.13 billion
The market for business jets has seen substantial growth due to factors such as the increasing number of staff and the introduction of fresh aircraft programs. Also, increased knowledge across different segments offers an enormous market opportunity for key players in the business jets market. The light aircraft segment is expected to grow at the fastest rate during the forecast period.
The expansion of the light aircraft segment can be attributed to its growing use as business jets for inter- and intra-city transportation, as well as greater brand marketing by manufacturers. The sector is expected to grow even more as technology advances and the middle-class population grows. The business jet industry is expected to grow as air mobility improves in both developed and developing countries.
Business Jets Industry Definition and Major Segments
A private jet, often known as a business jet or bizjet, is a jet aircraft designed to transport small groups of people. Business jets can be customised for specific missions, such as casualty evacuation or parcel delivery, and some are used by public bodies, government officials, and the military services.
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Based on the aircraft type, the industry is divided into:
Based on the end use, the industry is divided into:
Based on the system, the industry is divided into:
Based on the services, the industry is divided into:
- Charter Services
- Jet Card Programs
- Debit as You Fly Program
- Fractional Ownership
Based on the platform, the industry is divided into:
- Fixed Wing
- Rotary Wing
The regional markets for business jets include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Business Jets Market Trends
Geographically, North America currently holds the largest market share and is likely to maintain that position throughout the forecast period. The region has the world’s largest operational business jet fleet, with the United States accounting for most of them. Most of the demand is for light and large jets due to the presence of numerous high-net-worth people and corporate companies. In addition, there has been a rise in demand for charter services in the region during the last few years.
In 2020, demand for business aviation has increased as a result of COVID-19’s influence on commercial aviation. Even though overall flight activity decreased in 2020, business aviation flight activity began to recover steadily in May of that year. Furthermore, following the lifting of COVID-19 pandemic restrictions in the region in 2021, corporate jet activity began to surge. In addition, charter companies have reduced their pricing to accommodate the business jet prospects. The expansion of charter operations in the region has prompted charter operators to embark on fleet modernization plans in order to improve fleet efficiency.
Key Market Players
The major players in the market are APG-Neuros, Safran S.A. (SAF (EPA)), Curtiss-Wright Corporation (CW (NYSE)), Esterline Technologies Corporation, Meggitt PLC (MGGT (LON)), United Technologies Corporation (UTX (NYSE)), Eaton Corporation Inc (ETN (NYSE)), Ametek, Inc. (AME (NYSE)), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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