Chicago, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The business jets market size is projected to grow from an estimated USD 30.1 billion in 2022 to USD 41.8 billion by 2030, at a CAGR of 4.2% during the forecast period. Rise in demand of improved in-flight passenger comfort to drive the growth of the market. Luxury and leisure are the primary purposes of business jets, while they are also used in emergencies for rescue and supply operations. The business jets market has immense growth potential in the forecast years. Factors such as the increasing number of billionaires, the introduction of new programs to improve passenger experience, and aging fleets of business jets are contributing to the growth of this market.
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“Based on End Use, operators segment is expected to grow at the highest CAGR in the business jets market during the forecast period”
Based on end use, the operators segment is projected to grow at the highest CAGR from 2022 to 2030. The growth of this segment can be attributed to the introduction of a variety of business jet programs like charter flight services and jet card services that drives the operator segment.
“Based on aircraft type, light segment is expected to grow at the highest CAGR in the business jets market during the forecast period.”
Based on aircraft type, the light segment is projected to grow at the highest CAGR from 2022 to 2030. Rise in demand for intercity and short-haul travel is expected to drive the overall demand in the business jets market.
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“Based on point of sale, OEM is expected to grow at the highest CAGR in the business jets market during the forecast period.”
Based on point of sale, the OEM is projected to grow at the highest CAGR from 2022 to 2030. Business aircraft OEMs are strongly focused on boosting production rates through the next few years to meet the delivery schedules. They have increased their production capacities and deliveries as per the General Aviation Manufacturers Association (GAMA) 2021 Annual Report. In 2020, around 644 business jets were delivered compared to 710 in 2021, indicating a significant increase. The OEM market includes the study of propulsion systems as well.
“Middle East is expected to be the fastest-growing region for the business jets market during the forecast period.”
Middle East is among the fastest-growing regions for the business jets market. The growth of the market in the Middle East is driven by the increase in air travel in the region. An increase in aircraft orders for light aircraft across the globe is a major driver for the rise in business aircraft deliveries from Middle East. In addition, considerable growth in trade and tourism and VVIP travel are among the crucial factors anticipated to fuel the regional demand for business aircraft.
Major players operating in the business jets market include Textron Inc. (US), Embraer SA (Brazil), Gulfstream Aerospace (US), Bombardier Inc. (Canada) and Dassault Aviation (France), among others. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
