Business jet aircraft are an alternative and more exclusive means of air travel reserved for those with a significantly high net worth. The market has recently begun to gain momentum in light of the recovery following the 2008 economic crisis. Driving this growth is the increase of GDP in emerging markets and continuing economic recovery in mature markets such as the United States. The high net worth population, the primary customer base for business jets, has also demonstrated greater resilience to the adverse market conditions in recent years.
The global market for business jets is expected to be worth $21,065.5m in 2015. Reflecting the improving outlook for the business jet market are the activities of leading aircraft manufacturers with a number of new aircraft programmes and enhanced versions of existing types, offering enhanced performance capabilities, optimised operating economics and with some jets, cabin sizes that are more spacious. Currently, the market is seeing high demand for aircraft in the medium / large cabin size, long range class. Leading industry OEMs include Gulfstream Aerospace, Textron Aviation and Dassault Aviation.
The business jet market is expected to continue improving in the short to medium term. Setting this trend is the strengthening North American market, new aircraft programmes from several leading OEMs, an increase in the global high net worth individual population and further globalisation of corporations. Long term growth factors focus on fleet renewal initiatives to replace ageing airframes.
This 263 page report breaks the business jet market down by five submarkets that are related to the different categories of aircraft; very light jets, light jets, medium jets, large jets and airliner business jets. Furthermore, there are detailed tables of 272 business jet contracts divided by category, region and company. There is also in-depth analysis of five regional markets and profiles of leading companies in the business jet sector. To support this detailed analysis, the report has also obtained an exclusive interview with One Aviation Corporation, the manufacturer of the Eclipse 500/550 very light business jet.