The global business jet market size was USD 25.87 billion in 2021 and is projected to grow from USD 29.03 billion in 2023 to USD 38.34 billion in 2029, exhibiting a CAGR of 4.06% during the forecast period. 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, 2023-2029.”
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 startups 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.
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)
Aircraft (U.S.)
Zunum Aero (U.S.)
Joby Aviation (U.S.)
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COVID-19 Impact:
Stringent Aviation Rules and Declining Air Travel Demand to Impede Market Progress
This market is expected to grow positively during the COVID-19 pandemic due to strict aviation rules and declining air travel demand. The sudden spike in COVID patients led to strict lockdown regulations, severely affecting the aviation industry. The halt on manufacturing led to a lack of product availability, thereby hindering sales. Furthermore, restrictions on transport and travel restricted the aircraft’s adoption. However, the recommencement of activities and the opening of lockdown may open remunerative market opportunities.
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.
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 the product adoption.
In Europe, increasing leasing facilities and advanced technology-based aircraft may boost the product adoption. Furthermore, the changing flying behavior of passengers and rising private jets may boost the market growth
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.