Business Jet Market

Market Overview:

The global business jet market size reached US$ 18.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028. The growing popularity among celebrities for personal use, rising demand for convenient and safe business jets, and increasing availability of hybrid or electric powered business jets represent some of the key factors driving the market.

A business jet, also known as a private jet, refers to an aircraft that is designed for a small group of passengers to travel for business purposes. It comprises turbine aircraft, propeller-driven jets, and single-pilot airplanes that have international reach. It is manufactured using various materials, such as aluminum sheet billet, castings, fiberglass, graphite, carbon epoxies, carbon fiber reinforced plastics (CFRP), boron fiber reinforced plastics (BFRP), and glass reinforced plastics (GRP). It offers enhanced safety, comfort, flexibility, convenience, and stress-free traveling experience and maintains privacy. It also provides easy access to various airports and has fewer baggage restrictions while encouraging client retention. It assists in saving valuable time and improving the productivity of a business while reducing costs. As a result, the business jet is widely utilized by government officials, entrepreneurs, armed forces, and non-profit organizations across the globe.

Business Jet Market Trends:

At present, the increasing demand for business jets among individuals as they do not have long intermediate stops represents one of the key factors strengthening the growth of the market. Besides this, the growing preference for long-range jets for travel and tourism activities, along with the inflating income level of individuals, is positively influencing the market. Additionally, there is a rise in the demand for a safe and convenient journey with individualized features among the masses around the world. This, coupled with the increasing demand for business jets, as they are comfortable and offer easy access to several destinations worldwide, is propelling the growth of the market. Apart from this, the introduction of hybrid-electric aircraft propulsion to increase the performance and dependability of business jets is offering lucrative growth opportunities to industry investors. Moreover, the increasing utilization of business jets for business travel and personal use by various celebrities across the globe is positively influencing the market. In addition, the rising demand for business jets, as they offer luxury, advanced flight decks, and private lounges and terminals, is contributing to the growth of the market. Furthermore, key players are introducing heavy and long-range business jets with better connectivity Wi-Fi systems, electro-chromatic windows, and light-emitting diode (LED) lighting features, which is supporting the growth of the market.  

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global business jet market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, business model, range and point of sale.

Type Insights:

• Light
• Medium
• Large
   

The report has provided a detailed breakup and analysis of the business jet market based on the type. This includes light, medium, and large. According to the report, large represented the largest segment.

Business Model Insights:

• On-Demand Service
  • Air Taxis
  • Branded Charters
  • Jet-Card Programs
• Ownership
  • Fractional Ownership
  • Full Ownership
     

A detailed breakup and analysis of the business jet market based on the business model has also been provided in the report. This includes on-demand service (air taxis, branded charters, and jet-card programs) and ownership (fractional ownership and full ownership). According to the report, on-demand service (air taxis, branded charters, and jet-card programs) accounted for the largest market share.

Range Insights:

• < 3,000 NM
• 3,000 - 5,000 NM
• > 5000 NM
   

A detailed breakup and analysis of the business jet market based on the range has also been provided in the report. This includes < 3,000 NM, 3,000 - 5,000 NM, and > 5000 NM. According to the report, 3,000 - 5,000 NM represented the largest segment.

Point of Sale Insights:

• OEM
• Aftermarket
   

A detailed breakup and analysis of the business jet market based on the point of sale has also been provided in the report. This includes OEM and aftermarket. According to the report, OEM represented the largest segment.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America (the United States and Canada) was the largest market for business jet. Some of the factors driving the North America business jet market included the rising demand for electric-powered business jets, availability of various airports that ease in business travel, presence of various manufacturers in the region, etc.  

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global business jet market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 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. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the business jet market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global business jet market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the business jet industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.