According to IMARC Group’s latest report, titled “Business Jet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global business jet market reached a value of US$ 17.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 22.7 Billion by 2027, exhibiting a CAGR of 4.4% during 2022-2027.
A business jet is an aircraft mainly used by a small group of passengers, including private and government organizations for leisure travel, business tours, and short-haul flights. It can also be used for evacuation during emergencies, express parcel deliveries, and transporting goods for the armed forces. Various types of business jets include single-pilot airplanes, propeller-driven jets, turbine aircraft, and piston jets.
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Market Trends
The growing aviation industry, along with the rising popularity of long-range jets for travel and tourism, is inducing the demand for business jets. They reduce travel time, facilitate on-demand flight scheduling, and ensure the privacy of the passengers to conduct their businesses during travel. Several technological upgradations have led to the integration of advanced connectivity solutions, avionics, interiors, and highly efficient engines in the jets. Several original equipment manufacturers (OEMs) are replacing mechanical flight systems with lightweight virtual windows, inflight entertainment systems, video calling systems, etc., thereby enhancing the comfort and travel experience. Moreover, the inception of Electric Vertical Take-off and Landing (eVTOL) aircraft with superior urban air mobility is also contributing to the market growth. The development of vertiports, coupled with the advent of consumer-centric business models, is anticipated to bolster the business jet market.
List of Key Companies Covered in this Market Report:
- Airbus
- Bombardier Inc.
- Dassault Aviation
- Embraer S.A.
- Gulfstream Aerospace
- Honda Aircraft Company
- Pilatus Aircraft
- Piper Aircraft
- Saab AB
- Textron Inc.
- The Boeing Company
The report has segmented the market on the basis of type, business model, range, point of sale and geography.
Breakup by Type:
- Light
- Medium
- Large
Breakup by Business Model:
- On-Demand Service
- Air Taxis
- Branded Charters
- Jet-Card Programs
- Ownership
- Fractional Ownership
- Full Ownership
Breakup by Range:
- < 3,000 NM
- 3,000 – 5,000 NM
- > 5000 NM
Breakup by Point of Sale:
- OEM
- Aftermarket
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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