The global business jet market size is expected to reach USD 29.32 billion by 2025, registering a CAGR of over 3% from 2019 to 2025. The new and technologically advanced aircraft models are expected to boost the development. The emerging markets across the globe are projected to witness increased demand for business jets as a result of the convergence of adoptions into mature market levels. Industry players are implementing new business models, such as fractional ownership, which give customers full ownership of aircraft, thereby driving the overall demand.
As airline travel is becoming tiresome and exhausting due to an immense increase in the number of travelers, a significant number of people prefer business aviation for convenience, privacy and comfort. Such increased demand is expected to impact both supply and cost. In regard to this increasing demand, numerous business jet operators are expanding their portfolio of membership services, including membership plans, preferred charter accounts, and private jet cards. These membership accounts have discounted rates, additional fleet options, and negligible blackout dates.
Business Jet Market Report Highlights
• On the basis of type, the light jet type segment accounted for more than 43% of the overall global market. The jets in this category are characterized by relatively lower operating costs and purchase price, along with adequate range for short-haul missions.
• The COVID-19 pandemic has changed the dynamics of the global business jet market owing to the traveling restriction across the globe. However, with the businesses opening up, the demand for business jets is anticipated to rise over the forecast period.
• In May 2020, Bombardier announced the shutdown of its manufacturing facilities due to the loss of production caused by the COVID-19 crisis.
• North America dominated the business jet industry with a revenue share of more than 55% in 2018. The region is projected to remain dominant over the forecast period.
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Business Jet Market Segmentation
Grand View Research has segmented the global business jet market on the basis of type, business model, and region:
Business Jet Type Outlook (Volume, Units; Revenue, USD Million, 2015 – 2025)
• Light
• Medium
• Large
Business Jet Business Model Outlook (Volume, Units; Revenue, USD Million, 2015 – 2025)
• On-demand Service
• Air Taxis
• Branded Charters
• Jet-card Programs
• Ownership
• Fractional Ownership
• Full Ownership
Business Jet Regional Outlook (Volume, Units; Revenue, USD Million, 2015 – 2025)
• North America
• U.S.
• Canada
• Europe
• Germany
• The U.K.
• Spain
• Italy
• France
• Russia
• Asia Pacific
• China
• India
• Japan
• Indonesia
• Singapore
• Thailand
• South Korea
• Malaysia
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
List of Key Players of Business Jet Market
• Airbus S.A.S.
• Beechcraft Corporation (Textron Aviation)
• Boeing
• Bombardier
• Cessna Aircraft (Textron Aviation)
• Dassault Aviation
• Embraer SA
• Gulfstream Aerospace Corporation
• Pilatus Aircraft Ltd.
• SyberJet Aircraft (MSC Aerospace LLC)
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