Business Jet Market
Business Jet Market Forecasts to 2030 - Global Analysis By Aircraft Type (Light, Mid-sized, Large, Airliner and Other Aircraft Types), System (Propulsion System, Aero Structure, Avionics and Other Systems), Point of Sale (Original Equipment Manufacturer (OEM) and Aftermarket ), Business Model, Range, End User and by Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $33.03 BN |
|
Projected Year Value (2030) |
US $50.32 BN |
|
CAGR (2023 - 2030) |
6.2% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Business Jet Market is accounted for $33.03 billion in 2023 and is expected to reach $50.32 billion by 2030 growing at a CAGR of 6.2% during the forecast period. A business jet, also known as a private jet or corporate jet, is a type of aircraft that is specifically made to carry business executives, celebrities, and small groups of people. Business executives can hold meetings effectively, visit several sites in a single day, and remain highly productive while traveling thanks to these jets' quick and adaptable air travel. Moreover, business jets provide passengers with a comfortable and productive environment thanks to their opulent interiors, cutting-edge avionics, and state-of-the-art technology.
According to the data from GAMA, the General Aviation Manufacturers Association, the deliveries of corporate jets increased statistically by over 12% in the first half of 2019. Due to their advantages, the demand for new models such as Pilatus PC-24, Cirrus SF50 Vision, and Gulfstream G500 is maximum.
Market Dynamics:
Driver:
Requirements for corporate travel
The changing needs of business travelers are closely linked to the demand for business jets. Executives are faced with managing complex schedules and multiple locations as businesses participate in more international business ventures. Furthermore, executives can travel to a variety of locations with efficiency, attend important meetings, and maintain a degree of flexibility that is not possible with commercial airlines thanks to business jets, which offer a customized solution.
Restraint:
Economic recessions
The business jet market can be greatly impacted by financial instability and economic downturns. Businesses may reduce discretionary spending, including private aviation investments, during economic downturns. Moreover, as businesses prioritize cost-cutting measures, a decline in demand for business jets could result from lower corporate profits and a broader economic downturn.
Opportunity:
Digital linkage and airline services
Improving in-flight amenities and digital connectivity gives business jet operators a chance to set themselves apart from the competition. Additionally, in order to meet the needs of contemporary business travelers, enhanced in-flight amenities, integrated entertainment systems, and cutting-edge connectivity solutions all contribute to a more seamless and pleasurable travel experience.
Threat:
Strict environmental guidelines
Business jet manufacturers face difficulties due to strict environmental regulations and emissions standards. Research and development expenditures for the creation of more ecologically friendly and fuel-efficient aircraft must be significantly increased in order to comply with these regulations. Furthermore, ignorance of these changing requirements may lead to exclusion from the market and higher retrofitting costs for already-existing models.
Covid-19 Impact:
The COVID-19 pandemic caused a significant decline in demand and operations for business jets, which had an immediate and significant effect on the market. Lockdowns, travel restrictions imposed globally, and increased economic uncertainty resulted in a general decline in business travel, which caused orders for new business jets to be cancelled or delayed. Companies tried to reduce discretionary spending by concentrating on cost-saving strategies, which had an impact on how well-utilized their current business jet fleets were. Moreover, the pandemic also highlighted the significance of health and safety, which led to a re-evaluation of travel preferences and possibly long-term changes in business travel practices.
The Mid-sized segment is expected to be the largest during the forecast period
The mid-sized business jet segment has the largest market share. Many different types of business aviation users favor mid-sized business jets because they present an attractive option because they balance capacity, range, and operating costs. Additionally, business organizations and wealthy individuals prefer mid-sized business jets for both local and international travel because they can carry a large number of passengers in comfort and cover greater distances than light jets.
The Avionics segment is expected to have the highest CAGR during the forecast period
The market's highest CAGR has been seen in the avionics segment. The field of avionics, which includes the electronic systems used in aircraft for navigation, communication, and monitoring, has seen a rapid advancement in technology. Furthermore, the need for updated avionics solutions has been fuelled by the integration of cutting-edge technologies like fly-by-wire systems, sophisticated radar systems, and state-of-the-art cockpit displays.
Region with largest share:
With the largest market share in the market, North America is a major player in the global aerospace and aviation sector. Leading centers for aerospace manufacturing, R&D, and research are found in the United States, home to organizations like Boeing and Lockheed Martin. The area gains from substantial investments in commercial and defense aviation, as well as from a strong infrastructure and established aerospace ecosystem. Moreover, North America is an important market for cutting-edge technologies such as avionics, propulsion systems, and next-generation aircraft.
Region with highest CAGR:
With the highest CAGR, the Asia-Pacific region has become a vibrant, quickly expanding center for the global aerospace industry. Demand for air travel is surging in countries like China and India due to strong economic growth, rising urbanization, and an expanding middle class. This need has prompted large investments in R&D and manufacturing in the area, as well as an increasing focus on domestic aerospace capabilities. Additionally, Asia-Pacific governments are actively working with international aerospace behemoths on large-scale projects aimed at improving their defense capacities and developing their civil aviation infrastructure.
Key players in the market
Some of the key players in Business Jet market include Embraer SA, Gulfstream Aerospace Corporation, Dassault Aviation, Airbus SAS, Honda Aircraft Company, Collins Aerospace, Bombardier, Honeywell International, Textron, Inc., Joby Aviation, Ametek and The Boeing Company.
Key Developments:
In October 2023, Collins Aerospace and Satair sign engine mounts distribution agreement. The new agreement builds upon a longstanding partnership between Satair and Collins Aerospace and expands the existing LEAP programme with the addition of PW1100 engine mounts, increasing Satair’s support capabilities for the A320neo platform.
In June 2023, Honeywell International Inc. HON has entered into a definitive agreement to acquire heads-up-display (HUD) assets of Swedish aerospace and defense company Saab Technology. The financial terms of the transaction are kept under wraps. The HUD system reduces the workload for pilots, helps them with increased situational awareness and increases flight safety. Per the deal, the companies will collaborate to advance and strengthen HON’s HUD product portfolio.
In May 2023, Embraer SA and Saab launched a production line for Gripen fighter jets in Brazil, a move seen strengthening their partnership as the South American country mulls potential new orders for the aircraft. Brazil holds a contract for 36 Gripen jets with Sweden's Saab, but has been considering further increasing that order as the local Air Force has long said more fighters would be necessary to meet its needs.
Aircraft Types Covered:
• Light
• Mid-sized
• Large
• Airliner
• Other Aircraft Types
Systems Covered:
• Propulsion System
• Aero Structure
• Avionics
• Other Systems
Point of Sales Covered:
• Original Equipment Manufacturer (OEM)
• Aftermarket
Business Models Covered:
• On-Demand Service
• Ownership
• Other Business Models
Ranges Covered:
• Less than 3,000 nm
• 3,000 nm -5000 nm
• More than 5,000 nm
End Users Covered:
• Private Jets User
• Operator
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Business Jet Market, By Aircraft Type
5.1 Introduction
5.2 Light
5.3 Mid-sized
5.4 Large
5.5 Airliner
5.6 Other Aircraft Types
6 Global Business Jet Market, By System
6.1 Introduction
6.2 Propulsion System
6.3 Aero Structure
6.4 Avionics
6.5 Other Systems
7 Global Business Jet Market, By Point of Sale
7.1 Introduction
7.2 Original Equipment Manufacturer (OEM)
7.2.1 Conventional
7.2.2 Hybrid & Electric
7.3 Aftermarket
7.3.1 MRO
7.3.2 Parts Replacement
8 Global Business Jet Market, By Business Model
8.1 Introduction
8.2 On-Demand Service
8.2.1 Air Taxis
8.2.2 Branded Charters
8.2.3 Jet-Card Programs
8.3 Ownership
8.3.1 Fractional Ownership
8.3.2 Full Ownership
8.4 Other Business Models
9 Global Business Jet Market, By Range
9.1 Introduction
9.2 Less than 3,000 nm
9.3 3,000 nm -5000 nm
9.4 More than 5,000 nm
10 Global Business Jet Market, By End User
10.1 Introduction
10.2 Private Jets User
10.3 Operator
10.4 Other End Users
11 Global Business Jet Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Embraer SA
13.2 Gulfstream Aerospace Corporation
13.3 Dassault Aviation
13.4 Airbus SAS
13.5 Honda Aircraft Company
13.6 Collins Aerospace
13.7 Bombardier
13.8 Honeywell International
13.9 Textron, Inc.
13.10 Joby Aviation
13.11 Ametek
13.12 The Boeing Company
List of Tables
1 Global Business Jet Market Outlook, By Region (2021-2030) ($MN)
2 Global Business Jet Market Outlook, By Aircraft Type (2021-2030) ($MN)
3 Global Business Jet Market Outlook, By Light (2021-2030) ($MN)
4 Global Business Jet Market Outlook, By Mid-sized (2021-2030) ($MN)
5 Global Business Jet Market Outlook, By Large (2021-2030) ($MN)
6 Global Business Jet Market Outlook, By Airliner (2021-2030) ($MN)
7 Global Business Jet Market Outlook, By Other Aircraft Types (2021-2030) ($MN)
8 Global Business Jet Market Outlook, By System (2021-2030) ($MN)
9 Global Business Jet Market Outlook, By Propulsion System (2021-2030) ($MN)
10 Global Business Jet Market Outlook, By Aero Structure (2021-2030) ($MN)
11 Global Business Jet Market Outlook, By Avionics (2021-2030) ($MN)
12 Global Business Jet Market Outlook, By Other Systems (2021-2030) ($MN)
13 Global Business Jet Market Outlook, By Point of Sale (2021-2030) ($MN)
14 Global Business Jet Market Outlook, By Original Equipment Manufacturer (OEM) (2021-2030) ($MN)
15 Global Business Jet Market Outlook, By Conventional (2021-2030) ($MN)
16 Global Business Jet Market Outlook, By Hybrid & Electric (2021-2030) ($MN)
17 Global Business Jet Market Outlook, By Aftermarket (2021-2030) ($MN)
18 Global Business Jet Market Outlook, By MRO (2021-2030) ($MN)
19 Global Business Jet Market Outlook, By Parts Replacement (2021-2030) ($MN)
20 Global Business Jet Market Outlook, By Business Model (2021-2030) ($MN)
21 Global Business Jet Market Outlook, By On-Demand Service (2021-2030) ($MN)
22 Global Business Jet Market Outlook, By Air Taxis (2021-2030) ($MN)
23 Global Business Jet Market Outlook, By Branded Charters (2021-2030) ($MN)
24 Global Business Jet Market Outlook, By Jet-Card Programs (2021-2030) ($MN)
25 Global Business Jet Market Outlook, By Ownership (2021-2030) ($MN)
26 Global Business Jet Market Outlook, By Fractional Ownership (2021-2030) ($MN)
27 Global Business Jet Market Outlook, By Full Ownership (2021-2030) ($MN)
28 Global Business Jet Market Outlook, By Other Business Models (2021-2030) ($MN)
29 Global Business Jet Market Outlook, By Range (2021-2030) ($MN)
30 Global Business Jet Market Outlook, By Less than 3,000 nm (2021-2030) ($MN)
31 Global Business Jet Market Outlook, By 3,000 nm -5000 nm (2021-2030) ($MN)
32 Global Business Jet Market Outlook, By More than 5,000 nm (2021-2030) ($MN)
33 Global Business Jet Market Outlook, By End User (2021-2030) ($MN)
34 Global Business Jet Market Outlook, By Private Jets User (2021-2030) ($MN)
35 Global Business Jet Market Outlook, By Operator (2021-2030) ($MN)
36 Global Business Jet Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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