According to the recent report by IMARC Group, titled “Business Jet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global business jet market grew at a CAGR of 4% during 2014-2019. A business jet, also known as bizjet or private jet, is a specially designed aircraft for transporting a small group of people. There are different classes of business jets available like light, mid-size, large, and long-range jets. They offer privacy, minimize traveling time, and provide the facility of quick flight scheduling. As a result, business jets are used by government officials, corporates, sportspeople, as well as by individuals for VVIP transport, leisure travel, and business tours. Apart from transporting people, business jets are also utilized for express parcel deliveries, evacuation of casualties, and for exchanging goods for government officials.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Business Jet Market Trends:
The increasing penetration of business aviation, especially in emerging economies, is one of the major growth-inducing factors of the market. Continuous wealth generation in mature markets is also bolstering the market growth. Additionally, a rise in the demand for long-range jets has been witnessed in the aviation industry as they offer optimum performance and comfort to individuals. Apart from this, business jet operators are expanding their portfolio by extending membership programs like private jet cards and member plans through which users can get negligible blackout dates, reduced rates, and additional fleet options. Moreover, fleet retirement faced by operators in branded charters and fractional ownership arena are compelling them to replace their existing jets with the latest ones, thereby fueling the market growth. Furthermore, technological innovation is playing a crucial role in the growth of the market as new players are focusing on the development of light jets with more comfortable interiors. On account of these factors, the market is expected to experience moderate growth during the forecast period (2020-2025).
- Based on the type, the market has been divided into light, medium, and large jets.
- On the basis of the business model, the market has been categorized into on-demand service and ownership. The on-demand service segment has been further segmented into air taxis, jet-card programs, and branded charters. On the other hand, the ownership segment has been segregated into full and fractional ownership.
- Based on the range, the market has been classified into jets with <3,000 NM, 3,000 - 5,000 NM, and >5000 NM.
- On the basis of the point of sale, the market has been bifurcated into OEM and aftermarket.
- Region-wise, the market has been segmented into North America (Canada and the United States), Asia Pacific (India, Japan, China, South Korea, Australia, Indonesia, and Others), Europe (France, Germany, United Kingdom, Russia, Italy, Spain, and Others), Latin America (Mexico, Brazil, and Others), and Middle East and Africa.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Dassault Aviation, Saab AB, Textron Inc., The Boeing Company, Embraer S.A., Gulfstream Aerospace, Honda Aircraft Company, Airbus, Bombardier Inc., Pilatus Aircraft, and Piper Aircraft.
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