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With a valuation of USD 29.20 billion in 2023, the worldwide business jets market is projected to expand at a CAGR of 6.17% from 2023 to 2024.
The purpose of a business jet is to carry smaller groups of people. The demand for private aviation and the acquisition of improved business aircraft has been skyrocketing recently, driven by an unprecedented increase in the number of travelers with high net worth. The conventional and basic pillars of business aviation are also doing well, thanks to demand from corporations and ultra-wealthy people. New charter services with upgraded cabin interiors and advanced avionics are expected to be in high demand because to the modernization initiatives implemented by both developed and emerging countries, which are expected to boost the capabilities of the fleet.
It is expected that bizjet demand would increase in emerging nations worldwide as adoption rates converge to levels observed in established markets. For example, in 2021, the demand for private aviation services in Europe surged by 26%, driven mostly by sightseers seeking luxurious vacations around the continent. While private jet demand increased by 21% in Europe, the business aviation market saw a smaller uptick of 21% worldwide. The interconnectedness of the private jet industry and international travel is demonstrated by these patterns.
There is greater future growth potential for the business jet market as a result of technology advancements in this industry. Bizjet will undergo a series of software and hardware updates to improve its functionality and reliability throughout its electrical and electronic systems. Using hybrid-electric propulsion systems will provide OEMs a better opportunity of capturing market share. One component of hybrid-electric propulsion systems is the turbogenerator, which combines a gas turbine with an electric generator.
There is a wide variety of products and services available in the Business Jets Market today, each designed to meet the specific requirements of corporate jet operators and private jet passengers. The majority of new business jets purchased are either replacements for older planes or additions to current fleets. The average age of a business jet is 17 years, and Bombardier, Inc. (Canada) anticipates that 2,000 of these planes will enter retirement between 2016 and 2025. The retirement age of business jets has been lowered due to airspace modernization and environmental regulations, which has increased the replacement of these planes. It is anticipated that numerous business jets flying globally will encounter operational limitations imposed by environmental rules and the efforts of different governing authorities to create a greener environment. The fuel economy and carbon impact of an older business jet are negatively correlated. This is a major motivator for the market for business jets.
Uncertainty regarding orders has plagued the business jet industry since 2019. Many factors, including the state of the world economy, the quantity of high-net-worth individuals (HNWI), the cost of gasoline, and consumer demand, all contribute to the unpredictability of this market. Economic growth, high-net-worth individuals (HNWIs), fuel pricing, infrastructure availability, and the capacity to own business jets are some of the factors that influence orders. Since there are more individual clients and a higher degree of customization in the business jets industry, the prediction of orders is unpredictable, which limits market growth, in contrast to the commercial aircraft market where there are few buyers and orders are provided in advance.
The ordinary population cannot afford the luxury of private jet purchasing due to its high cost and time-intensive nature. Those who can afford it and have a lot of money, including famous people and wealthy business owners, are the only ones allowed to own private jets. Customizing used planes adds to the price tag because there's more work to do than only fix and maintain them; there's also the need to restore the interiors.
Sustainable air travel practices have been necessitated by the rise of electronic transport mediums. Jets outfitted with electric vertical takeoff and landing technologies show a similar trend. Next-gen, environmentally friendly, noiseless, and safe aircraft are known as eVTOLs, or electronic vertical takeoff and landing planes. Demand for electric vertical takeoff and landing (eVTOL) is expected to rise during the projection period as more people become aware of and employ environmentally friendly transportation options. The eVTOL market is anticipated to experience growth over the projected period due to factors such as the increasing spending power of personnel and the resulting increase in frequent travel. For example, AIR, the company behind eVTOL, successfully conducted their first full flight in December 2023, achieving a smooth transition between cruise and hover. At maximum capacity, the AIR ONE prototype can carry around 1100 kg.
Report Coverage
Global Business Jets research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Business Jets report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Business Jets competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Business Jets market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Business Jets market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Business Jets market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Airbus SAS, The Boeing Company, Bombardier, Dassault Aviation, Embraer SA, Gulfstream Aerospace Corporation, HondaJet, Textron, Aircraft, Zunum Aero, Joby Aviation, Honeywell International, Collins Aerospace, and Ametek.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Business Jets market based on the below-mentioned segments:
Global Business Jets Market, By Type
Light Business Jet
Mid-Sized Business Jet
Large Business Jet
Global Business Jets market, By System
Propulsion System
Aero structure
Avionics
Others
Cabin Interiors
Global Business Jets Market, By End User
Operator
Private
Global Business Jets market, Regional Analysis
The purpose of a business jet is to carry smaller groups of people. The demand for private aviation and the acquisition of improved business aircraft has been skyrocketing recently, driven by an unprecedented increase in the number of travelers with high net worth. The conventional and basic pillars of business aviation are also doing well, thanks to demand from corporations and ultra-wealthy people. New charter services with upgraded cabin interiors and advanced avionics are expected to be in high demand because to the modernization initiatives implemented by both developed and emerging countries, which are expected to boost the capabilities of the fleet.
It is expected that bizjet demand would increase in emerging nations worldwide as adoption rates converge to levels observed in established markets. For example, in 2021, the demand for private aviation services in Europe surged by 26%, driven mostly by sightseers seeking luxurious vacations around the continent. While private jet demand increased by 21% in Europe, the business aviation market saw a smaller uptick of 21% worldwide. The interconnectedness of the private jet industry and international travel is demonstrated by these patterns.
There is greater future growth potential for the business jet market as a result of technology advancements in this industry. Bizjet will undergo a series of software and hardware updates to improve its functionality and reliability throughout its electrical and electronic systems. Using hybrid-electric propulsion systems will provide OEMs a better opportunity of capturing market share. One component of hybrid-electric propulsion systems is the turbogenerator, which combines a gas turbine with an electric generator.
There is a wide variety of products and services available in the Business Jets Market today, each designed to meet the specific requirements of corporate jet operators and private jet passengers. The majority of new business jets purchased are either replacements for older planes or additions to current fleets. The average age of a business jet is 17 years, and Bombardier, Inc. (Canada) anticipates that 2,000 of these planes will enter retirement between 2016 and 2025. The retirement age of business jets has been lowered due to airspace modernization and environmental regulations, which has increased the replacement of these planes. It is anticipated that numerous business jets flying globally will encounter operational limitations imposed by environmental rules and the efforts of different governing authorities to create a greener environment. The fuel economy and carbon impact of an older business jet are negatively correlated. This is a major motivator for the market for business jets.
Uncertainty regarding orders has plagued the business jet industry since 2019. Many factors, including the state of the world economy, the quantity of high-net-worth individuals (HNWI), the cost of gasoline, and consumer demand, all contribute to the unpredictability of this market. Economic growth, high-net-worth individuals (HNWIs), fuel pricing, infrastructure availability, and the capacity to own business jets are some of the factors that influence orders. Since there are more individual clients and a higher degree of customization in the business jets industry, the prediction of orders is unpredictable, which limits market growth, in contrast to the commercial aircraft market where there are few buyers and orders are provided in advance.
The ordinary population cannot afford the luxury of private jet purchasing due to its high cost and time-intensive nature. Those who can afford it and have a lot of money, including famous people and wealthy business owners, are the only ones allowed to own private jets. Customizing used planes adds to the price tag because there's more work to do than only fix and maintain them; there's also the need to restore the interiors.
Sustainable air travel practices have been necessitated by the rise of electronic transport mediums. Jets outfitted with electric vertical takeoff and landing technologies show a similar trend. Next-gen, environmentally friendly, noiseless, and safe aircraft are known as eVTOLs, or electronic vertical takeoff and landing planes. Demand for electric vertical takeoff and landing (eVTOL) is expected to rise during the projection period as more people become aware of and employ environmentally friendly transportation options. The eVTOL market is anticipated to experience growth over the projected period due to factors such as the increasing spending power of personnel and the resulting increase in frequent travel. For example, AIR, the company behind eVTOL, successfully conducted their first full flight in December 2023, achieving a smooth transition between cruise and hover. At maximum capacity, the AIR ONE prototype can carry around 1100 kg.
Report Coverage
Global Business Jets research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Business Jets report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Business Jets competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Business Jets market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2023 |
| Forecast Period | 2023-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Airbus SAS, The Boeing Company, Bombardier, Dassault Aviation, Embraer SA, Gulfstream Aerospace Corporation, HondaJet, Textron, Aircraft, Zunum Aero, Joby Aviation, Honeywell International, Collins Aerospace, and Ametek. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Business Jets Market from 2021 to 2031.
- Market Forecast for Business Jets Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Business Jets competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Business Jets
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Business Jets market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Business Jets market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Airbus SAS, The Boeing Company, Bombardier, Dassault Aviation, Embraer SA, Gulfstream Aerospace Corporation, HondaJet, Textron, Aircraft, Zunum Aero, Joby Aviation, Honeywell International, Collins Aerospace, and Ametek.
Primary Target Market
- Market Players of Business Jets
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Business Jets market based on the below-mentioned segments:
Global Business Jets Market, By Type
Light Business Jet
Mid-Sized Business Jet
Large Business Jet
Global Business Jets market, By System
Propulsion System
Aero structure
Avionics
Others
Cabin Interiors
Global Business Jets Market, By End User
Operator
Private
Global Business Jets market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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