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“An increasing number of high net worth individuals is one of the significant factors driving the business jets market”
The business jets market is projected to grow from an estimated USD 18.8 billion in 2020 to USD 38.0 billion by 2030, at a CAGR of 7.3% during the forecast period. Besides an increasing number of high net worth individuals, recommencement of global economic growth, and upcoming new aircraft programs are expected to drive the growth of the market.
The outbreak of COVID-19 has led to a significant economic toll on the aviation sector due to air travel restrictions in various countries. The crisis having idled much of the aviation business; fleet readiness, and maintenance considerations are of paramount significance to tackle the challenges posed by the pandemic. However, with certain relaxations across regions, business jet operators and service providers have witnessed a sluggish demand for charter services., Clients are choosing to charter to gain quicker access, skip long and crowded check-in, customs, and immigration queues of people with unknown travel histories.
Based on aircraft type, large segment projected to lead business jets market during the forecast period
Based on aircraft type, the large segment is projected to lead business jets market during the forecast period. This growth can be attributed to the comfort that large business jets provide. Large jets comprise standard heavy jets and ultra-long-range heavy jets, which are priced much higher than light and mid-sized jets. The delivered volume of large jets is 1/3rd that of total business jets, and its price is more than double of average business jet price, leading to a larger market share.
Based on point of sale, OEM segment projected to lead business jets market during the forecast period
Based on point of sale, the OEM segment is projected to lead business jets market during the forecast period. Aircraft are equipped with various components and subcomponents before being delivered to operators. This stage of installation is known as OEM. The OEM phase is one of the crucial aspects of the business jets market. Over the years, there has been a significant rise in demand for business jets around the world.
Based on range, less than 3,000 NM segment is projected to grow at the highest CAGR during the forecast period
Based on range, the less than 3,000 NM segment is projected to to grow at the highest CAGR during the forecast period. Business jets that fall under the range of less than 3,000 NM are generally used for short-distance domestic travel. These aircraft have access to small airports and can and can modify departure and arrival processes and time, which drives the growth of this segment.
North America is estimated to account for the largest share of the business jets market in 2020
North America region is expected to account for the largest share of the global market in 2020. This can be attributed to the maximum number of high-net-worth individuals in this region, and presence of major business jet manufacturers in this region such as Textron (US), Bombardier (Canada), and Gulfstream (US), among others. Additionally, the availability of airports across North America enables ease in business travel across the region. Geographically, North America is the biggest region, by area, hence it is important for business travelers to opt for the fastest mode of transport to save time, resulting in increasing demand for business jets.
Break-up of profile of primary participants in the Business Jets Market:
- By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: Others – 40%, C Level – 35%, and Director Level – 25%
- By Region: North America – 45%, Europe – 20%, Asia Pacific – 30%, and Rest of the World – 5%
Major companies profiled in the report include Bombardier (Canada), Embraer (Brazil), Textron, Inc. (US), Gulfstream (US), Airbus (Netherlands), and Boeing (US), among others. Startups such as Eviation Aircraft, Zunum Aero, and XTI aircraft are some of the companies focusing on launching and commercializing their business jets before 2025.
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the business jets market. A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; new product launches; mergers; and partnerships, agreements, and collaborations; and recent developments associated with the business jets market. Competitive analysis of upcoming startups in business jets market ecosystem is covered in this report.
Reasons To buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall business jets market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on Business Jets offered by top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the Business Jets Market
- Market Development: Comprehensive information about lucrative markets – the report analyzes the Business Jets Market across varied regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Business Jets Market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the Business Jets Market