Vancouver, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global business jets market size was USD 28.73 Billion in 2021 and is expected to register a revenue CAGR of 4.2% during the forecast period, according to latest analysis by Emergen Research. Increasing focus on business capabilities, increasing popularity of long-range aircraft in the aviation sector as they offer optimum comfort, performance, and economy, introduction of Electric Vertical Take-off and Landing (eVTOL) aircraft that has superior urban air mobility and rising focus on service business are major factors driving market revenue growth.
Business jets are used by companies and corporations for movement of people or goods as per the requirement of business. For instance, Textron is working towards diversifying its presence further by targeting market segments, scaling up its services business, and others. In addition, fleet utilization and activity levels for business and general aviation segments following rising demand for private travel is another major factor driving market revenue growth in various regions.
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Moreover, sustainable technologies such as gas turbine systems and electric solutions, play a major role in driving market revenue growth. Sustainability is a key consideration within the aviation industry, which makes use of lightweight materials and synthetic fuels and hydrogen fuel cells release substantially less greenhouse gas. Furthermore, additional engine and battery-powered short-haul flight possibilities are being studied. Leading research organizations, such as NASA and others, have formed strategic alliances to develop and produce sustainable components.
For instance, on 22 November 2022, NASA collaborated with Boeing Co. to investigate how employing torque from twisting might lower or elevate a section of an airplane's Vortex Generator (VG), which is a thin, flat piece of metal most typically seen protruding like fins from the surface of an airplane's wing. The expected outcome is minimized drag in flight, which could lower aviation's carbon footprint and save money.
Scope of Research
| Report Details | Outcome |
| Market Size in 2021 | USD 28.73 Billion |
| CAGR (2022–2030) | 4.2% |
| Revenue Forecast to 2030 | USD 41.89 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2019–2020 |
| Forecast Period | 2022–2030 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Aircraft type, point of sale, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Textron Inc., Embraer, Gulfstream Aerospace Corporation, Bombardier, Dassault Aviation, Boeing, Airbus, Pilatus Aircraft Ltd., Honda Aircraft Company, and MSC Aerospace Company |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global business jets market is fairly fragmented with a few large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more business jets. Some major players included in the global business jets market report are:
- Textron Inc.
- Embraer
- Gulfstream Aerospace Corporation
- Bombardier
- Dassault Aviation
- Boeing
- Airbus
- Pilatus Aircraft Ltd.
- Honda Aircraft Company
- MSC Aerospace Company
Strategic Development
- On 29 July 2021, Textron Aviation, which is a leading provider of airborne solutions for government, military, and commercial customers, announced a purchase deal with Fly Alliance for up to 20 Cessna Citation business jets, with options for an additional 16 aircraft. Fly Alliance plans to use the aircraft for premium private jet charter operations and anticipates receiving the first aircraft, an XLS Gen2, in 2023.
- On 12 October 2021, Embraer, which is a leading manufacturer of commercial and executive jets, announced a USD 1.2 billion agreement with private jet charter NetJets to provide 100 additional Embraer Phenom 300 aircraft. Embraer anticipates that new aircraft deliveries will commence in the second quarter of 2023. A comprehensive services agreement is also included in this agreement. NetJets' fleet now consists of six aircraft types including Embraer Phenom 300s, Cessna Citation Latitudes, Cessna Citation XLS, Bombardier Challenger 350s, Bombardier Global 600s, and Dassault Falcon 2000EX.
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Some Key Highlights From the Report
- The aftermarket segment accounted for a moderate revenue share in 2021. Significant investments in upgrading existing business jet fleets is a major factor driving revenue growth of this segment. In addition, long flight hours affect aircraft components is another key factor driving revenue growth in various regions. When compared to the same period last year, business jet travel climbed by 22% in the first six months of 2022, which is a 21% rise over the number of business jet trips during the same period in pre-pandemic 2019. This creates attractive prospects for market companies to promote their product portfolio across many countries.
- The operators segment accounted for a moderate revenue share in 2021. Increasing focus on ensuring that all business partners comply with security standards and regulations is a major factor driving revenue growth of this segment. In addition, private jet charter broker companies such as Charterscanner and others, have stringent policies to check procedures where their documents including Air Operator’s Certificate (AOCs) and insurance are checked. This builds end-user’s reliability, which in turn, is driving revenue growth of this segment.
- The North America market accounted for largest revenue share in 2021. Increasing presence of market companies, such as Bombardier, Gulfstream Aerospace, and Piper Aircraft, among others, is a major factor driving market revenue growth in this region. In addition, significant investments in reinforcement of airports and rapid adoption of advanced technologies in aircraft system are other key factors driving market revenue growth in this region. Countries in North America provide lucrative opportunities for businesses, due to which travelers worldwide opt for a faster mode of transport to save time, resulting in rising demand for business jets.
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Emergen Research has segmented the global business jets market based on aircraft type, point of scale, end-use, and region:
- Aircraft Type Outlook (Revenue, USD Billion; 2019-2030)
- Light
- Mid-Sized
- Large
- Point of Sale Outlook (Revenue, USD Billion; 2019-2030)
- OEM
- Aftermarket
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Private Users
- Operators
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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