A business jet or a private jet, is a jet aircraft designed for transporting small groups of people. Business jets may be adapted for other roles as well but it is largely owned by millenniums for business related activities. There are three basic types of operators who own manage and operate business jets; flight departments, charter companies, and fractional ownership. Amongst the three, fractional ownership is becoming a popular choice because the benefits it offer.
The global business jets market is extremely cyclical in nature and is highly correlated to corporate profits. The business jets are classified according to their size i.e. heavy business jets, medium sized business jets and light business jets. Another classification of these jets is made on the basis of their age and the requirement for replacement demand.
The global business jets market has seen a rise in the historical fleet count and is further expected to see a rise, however, the business jet deliveries are vastly affected by cyclical nature of the market. The global market is expected to grow owing to factors such as increase in corporate profits, rise in flight operations of business jets and growing GDP. The ongoing trend of the market includes growing demand for emerging economies and increased focus on research and development for technological breakthrough.
The report “Global Business Jet Market: Industry Analysis & Outlook (2018-2022)” offers an in-depth analysis of the global and regional markets. The major companies that have been covered in the report include; Bombardier Inc., Textron Inc., Dassault Aviation SA, and Airbus SE.