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Global Very Light Jet Market to Reach US$ 7.66 Billion by 2027, Impelled by Growing Inclination Toward Private Aviation Solutions

Published on Oct 11, 2022

The latest report by IMARC Group, titled "Very Light Jet Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," finds that the global very light jet market size reached a value of US$ 4.88 Billion in 2021. A very light jet, also known as an entry-level jet or personal jet, can sustain up to 5,900 kilograms of take-off weight with a seating capacity of fewer than ten passengers. It is operated through conventional fuel, hybrid, or electric propulsion systems. It is cost-effective, fuel-efficient, and shortens the flying duration as it is twice as fast on most routes as compared to conventional planes. Owing to these properties, very light jets are extensively utilized in compact aviation solutions for business travels, training activities, military operations, passenger transportation solutions, and survey and research activities in the commercial, civil, and military sectors.

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 Very Light Jet Market Trends:

The market is primarily driven by the growing inclination toward private aviation solutions. This can be attributed to the inflating disposable income levels and the increasing number of high net worth (HNW) individuals. In addition, the rising popularity of air sports, including aerial acrobatics, represents another major growth-inducing factor. Besides this, with the expanding travel and tourism industry, there has been an escalating demand for non-scheduled charter flights. This, coupled with the rising product adoption in reconnaissance procedures on the front lines of the military, is positively influencing the market growth. Moreover, extensive research and development (R&D) activities conducted by major market players and continual advancements in aircraft technologies are also creating a favorable market outlook across the globe.  Looking forward, IMARC Group expects the market to reach a value of US$ 7.66 Billion by 2027, exhibiting a CAGR of 7.60% during 2022-2027. 

Market Summary:

  • Based on the aircraft type, the market has been classified into ultra-light and light aircraft.

  • On the basis of the material, the market has been segmented into aluminum, composites, and others.
  • Based on the propulsion, the market has been bifurcated into electric and hybrid, and conventional fuel.
  • On the basis of the end use, the market has been segmented into civil and commercial, and military.
  • Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being Bombardier Inc., Cirrus Design Corporation (Aviation Industry Corporation of China), Diamond Aircraft Industries (Wanfeng Aviation Industry Co. Ltd.), Embraer S.A., Honda Aircraft Company (Honda Motor Company), Nextant Aerospace, Pilatus Aircraft Ltd, Stratos Aircraft Inc., and Textron Aviation Inc.
     

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