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.
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