The global business jet market reached a value of US$ 17.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 22.7 Billion by 2027, exhibiting a CAGR of 4.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
A business jet refers to an aircraft that is specifically designed for private air travel for a small group of passengers. Some of the common types of business jets include single-pilot airplanes, propeller-driven jets, turbine aircraft and piston jets. These jets are primarily used by individuals as well as private and government organizations for leisure travel, business tours, short-haul flights and VVIP transport. They can also be customized for other applications, such as evacuation during emergencies, express parcel deliveries and transporting goods for the armed forces.
Significant growth in the aviation industry is one of the key factors driving the growth of the market. Furthermore, the growing preference for long-range jets for travel and tourism activities is also providing a boost to the market growth. Business jets minimize travel time, offer the facility of on-demand flight scheduling and provide ample privacy to the passengers to conduct their business while flying. Various advancements, including the integration of innovative connectivity solutions, avionics, interiors and more efficient engines in the jets, are acting as another growth-inducing factor. Original equipment manufacturers (OEMs) are replacing mechanical flight systems with lightweight virtual windows, video calling systems and inflight entertainment systems that aid in enhancing the comfort and overall travel experience for the passengers. In line with this, the introduction of Electric Vertical Take-off and Landing (eVTOL) aircraft that has superior urban air mobility is creating a positive impact on the market growth. Other factors, including the development of vertiports and the introduction of consumer-centric business models and membership programs, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global business jet market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, business model, range and point of sale.
Breakup by Type:
Breakup by Business Model:
Breakup by Range:
< 3,000 NM
3,000 - 5,000 NM
> 5000 NM
Breakup by Point of Sale:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined with some of the key players being Airbus, Bombardier Inc., Dassault Aviation, Embraer S.A., Gulfstream Aerospace, Honda Aircraft Company, Pilatus Aircraft, Piper Aircraft, Saab AB, Textron Inc., The Boeing Company, etc. Key Questions Answered in This Report:
How has the global business jet market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global business jet market?
What is the breakup of the market based on the type?
What is the breakup of the market based on the business model?
What is the breakup of the market based on the range?
What is the breakup of the market based on the point of sale?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global business jet market and who are the key players?
What is the degree of competition in the industry?