Rising disposable income and an increase in the number of high-net-worth individuals are anticipated to drive the growth of the global business jet market during the forecast period. The North America region is projected to hold the majority of market share by 2032.
PORTLAND, Ore, Sept. 12, 2023 /PRNewswire/ -- 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". According to the report, the global business jet market generated $26.8 billion in 2022, and is anticipated to generate $41.4 billion by 2032, witnessing a CAGR of 4.5% from 2023 to 2032.
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Prime Determinants of Growth
A growth in air travelers and the launch of new programs on private aircraft are the factors expected to drive the growth of the global business jet market in the forecast period from 2023 to 2032. However, the initial cost of purchasing a private jet can be in the millions of dollars, which may hamper the business jet market growth in the coming future. On the contrary, advances in technology have resulted in more fuel-efficient engines and the development of lightweight materials, which is expected to offer remunerative opportunities for the expansion of the business jet market during the forecast period.
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 |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic has had an adverse impact on the growth of the global business jet market. The lockdown had a significant impact on business travel, affecting business jet demand during the pandemic. As many organizations limited their operations or shifted to remote work models, the requirement for corporate travel decreased dramatically.
- The outbreak caused economic uncertainty, which harmed corporate travel budgets as well as discretionary expenditures, reducing demand for private jet travel.
- Moreover, several events, conferences, and trade exhibits were canceled, reducing demand for private jet travel.
Type: Heavy Jets Sub-segment to Hold Highest Share During the Forecast Period
The heavy jets sub-segment of the global business jet market accounted for the largest market share of 32.0% in 2022 and is expected to dominate the market during the forecast period. The prominent growth of the sub-segment is mainly because heavy jets are becoming increasingly popular as the longest-range private jets with large cabins that offer excellent comfort. Additionally, heavy jets can travel at great speeds throughout the entire world.
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Category: Pre-owned Sub-segment to Hold Majority of Market Share by 2032
The pre-owned sub-segment of the global business jet market accounted for the largest share of 54.1% in 2022 and is expected to dominate the market during the forecast period. The significant growth of the pre-owned sub-segment is mainly because pre-owned business jets are highly popular due to their low cost, owing to which people can profit from private jet travel without making a large initial investment. Furthermore, when compared to purchasing new business jets, purchasing a pre-owned plane offers a faster acquisition process.
Region: North America Market to Flourish Immensely by 2032
The business jet market in the North America region accounted for the largest share of 47.1% in 2022 and is expected to dominate the market during the forecast period. This growth is mainly due to continuous research and development in the United States in the field of noise-cancelling devices. Furthermore, advances in electric vertical takeoff and landing (eVTOL) aircraft can improve urban transportation by enhancing journey times.
Leading Players in the Business Jet Market:
- Embraer
- The Boeing Company
- Airbus
- Cirrus Aircraft, LLC
- Textron Aviation Inc.
- Gulfstream Aerospace Corporation
- Pilatus Aircraft Ltd.
- Dassault Aviation
- Bombardier Inc.
- Honda Aircraft Company, LLC
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The report provides a detailed analysis of the key players of the global business jet market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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