Enjoy complimentary customisation on priority with our Enterprise License!
The business jet market size is estimated to grow at a CAGR of 4.25% between 2022 and 2027. The market size is forecast to increase by USD 6.32 billion. The growth of the market depends on several factors such as increased global connectivity, economic growth and business expansion, and technological advancement. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by end-user (operator and private), type (large business jet, medium business jet, and light business jet), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Business Jet Market Forecast 2023-2027
To learn more about this report, Request Free Sample
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Business jets allow executives and professionals to travel to many international destinations quickly and conveniently. Business jets have the advantage of being able to reach more airports than commercial airlines, including airports in remote or underserved areas. This flexibility saves time and improves overall travel logistics, allowing businesses to respond quickly to global opportunities and challenges.
Furthermore, the demand for business jets is further increased by the globalization of business, as companies expand their operations and seek new markets in different regions of the world. As global trade and investment increase, so does the need for convenient and reliable modes of transportation. Therefore, this increase in global connectivity will drive the growth of the global business jet market during the forecast period.
This trend can be attributed to a number of factors, the most important of which is the global expansion of business operations. As businesses grow, they need more efficient and convenient travel solutions. Long-haul aircraft permit executives to travel longer distances without the need for multiple layovers or connections, saving time and improving efficiency.
In addition, business class jet passengers expect spacious cabins, advanced technology, and top-notch service when traveling. Long-haul aircraft offer the necessary features to create an atmosphere of comfort and efficiency, making them a desirable choice for discerning travelers. These trends will contribute positively to the growth of the global business jet market during the forecast period.
Political tensions, trade conflicts, and changes to travel regulations could negatively impact the industry. Political instability in major markets could also lead to reduced demand for business jets. Due to instability, political uncertainty may lead to reduced investment in private aviation. The business jet market has also been affected by travel bans and visa conditions.
Additionally, during the coronavirus pandemic, travel restrictions and border closures have caused a considerable decrease in the number of business jets used for international flights. This shows how quickly geopolitical events can impact the business jet market. Hence, such factors will impede the growth of the global business jet market during the forecast period.
The operator segment will account for a major share of the market's growth during the forecast period.?The operator segment includes many organizations and individuals who use business jets for a variety of purposes, including business travel, charter flights, shared ownership, and more. Business jets are a popular choice among businesses due to their ability to provide quick transportation for important employees and decision-makers as well as the flexibility and privacy involved in going to work.
Get a Customised Report as per your requirements for FREE!
The operator segment was valued at USD 24.89 billion in 2017. The operator segment includes aircraft charter service providers that provide business aircraft rental services to individuals and businesses looking for on-demand travel options. High-net-worth individuals often use corporate jets for personal travel, which further increases the importance of the executive segment. These people seek the luxury, convenience, and benefits that business jets provide when traveling for pleasure or business. Therefore, such factors will drive the growth of the global business jet market during the forecast period.
Based on type, the market has been segmented into large business jet, medium business jet, and light business jet. The large business jet?segment will account for the largest share of this segment.? Large business jets redefine the concept of air travel comfort owing to their large cabins, advanced technology, and extended range. Owing to their exceptional range, these aircraft are known for their ability to transport passengers to international destinations, often non-stop. This is especially interesting for businesses and individuals who operate internationally or want to travel to remote locations. This type of flexibility is especially beneficial for business travelers because it allows them to reach remote or underserved areas efficiently. Therefore, such factors will drive the growth of the global business jet market during the forecast period.
For more insights on the market share of various regions View PDF Sample now!
North America is estimated to contribute 36% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. North America's predominant position in this sector is mainly owing to the diverse range of industries in the region, including finance and technology, entertainment, and energy.
As a result, these sectors often require quick and adaptable travel arrangements, which is why business jets are important assets for business executives and individuals. high net worth individual. Additionally, major manufacturers such as Gulfstream Aerospace, Bombardier, and others have their global headquarters and manufacturing facilities located in North America, bringing advantage of the region's advanced technology and highly qualified workforce. Hence, such factors are expected to drive market growth in this region during the forecast period.
The outbreak of COVID-19 in 2020 had a negative impact on the business jet market in North America. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions. Airports restarted to operate again with the ease of lockdown and quarantine regulations. The demand for business jets went on expanding post covid as well in North America. Thus, such favorable factors related to the operation of business jets will increase the growth of the business jet market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Airbus SE, Bombardier Inc., Cirrus Design Corp., Diamond Aircraft Industries GmbH, Eclipse Aerospace Inc., Embraer SA, Epic Aircraft LLC, Eviation, General Dynamics Corp., Groupe Industriel Marcel Dassault, MSC Aerospace, PIAGGIO AERO INDUSTRIES S.p.A., Pilatus Aircraft Ltd., Stratos Aircraft, Textron Inc., The Boeing Co., XTI Aircraft Co., and Piper Aircraft Inc.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The business jet market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Business Jet Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
150 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.25% |
|
Market growth 2023-2027 |
USD 6.32 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
3.19 |
|
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
|
Performing market contribution |
North America at 36% |
|
Key countries |
US, Canada, China, UK, and Germany |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Airbus SE, Bombardier Inc., Cirrus Design Corp., Diamond Aircraft Industries GmbH, Eclipse Aerospace Inc., Embraer SA, Epic Aircraft LLC, Eviation, General Dynamics Corp., Groupe Industriel Marcel Dassault, Honda Motor Co. Ltd., MSC Aerospace, PIAGGIO AERO INDUSTRIES S.p.A., Pilatus Aircraft Ltd., Stratos Aircraft, Textron Inc., The Boeing Co., XTI Aircraft Co., and Piper Aircraft Inc. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
