Dublin, Nov. 28, 2024 (GLOBE NEWSWIRE) -- The "Business Jet Market Report Global Forecast By Type, Business Model, System Analysis, Countries and Company Analysis" report has been added to ResearchAndMarkets.com's offering.
The global market for business jets is anticipated to grow from US$ 24.24 billion in 2024 to reach US$ 34.09 billion by 2033, at a CAGR of 3.86% from 2025 to 2033
Growing Demand for Specialized Medical Transportation
The increasing need for urgent and specialized medical transport is a very strong driver of the business jet market. Business jets can be availed in provision of air ambulance services. They are suitable for transporting victims of serious illnesses or injuries with haste over long distances. Business jets come equipped with medical facilities; therefore, they include medical practitioners and medical equipment to ensure that patients are evacuated promptly and treated accordingly.
Business jets are turning out to be a boom especially considering the surging number of medical emergencies and urgent need to airlift such patients to healthcare centers across both domestics and international boundaries. Nov 2022, Wheels Up Experience Inc., US on-demand private aviation service provider, and AirMed, the world's leader in medical transport, announced a partnership which would expand a package of various medical travel services to its members and their families.
Expansion of Fractional Ownership and Jet-Share Models
The most favored models are clearly the fractional ownership and jet-sharing models, as both offer entry into the world of business jets at a relatively affordable price. In fractional ownership, the client purchases a share in an aircraft, and they pay for the time used-a much less expensive alternative to buying a jet outright.
These models offer access to private jets and ease of their accessibility without the financial burden of owning a whole aircraft for clients who need that kind of access. Shared ownership is on the trend and expands the global market for business jets. For instance, the Indian multinational conglomerate, Adani Group announced in January 2024 it had received six business jets. The deal worth approximately USD 36.29 million, the planes are Pilatus PC-24s.
Demand for Business Jets Among Corporate Flyers Grows
With the flexibility, comfort, and ability to save valuable time, increasingly corporate flyers prefer to fly with business jets rather than scheduled air carrier flights. Business aircraft tend to reduce travel time and increase productivity, offering privacy on a flight. Moreover, flying directly without lengthy layovers and avoiding airport security contribute to saving valuable time for executives.
The modern-day new age technological travelling has become one of the most attractive benefitting factors for traveling corporate. With the ability to attend numerous meetings in diversified locations in a single day, business jet demand is up, and thus driving growth in this market space.
USA Business Jet Market
The USA business jet market is expected to see high growth rates based on the ever-increasing private air travel demands by corporate executives and other high net individuals. As the demand for flexible and time-saving travel is increasing in the U.S. market, along with a growing trend of fractional ownership, which makes a business jet more accessible to travel, the business jet market is expected to increase the potential. Also, special medical transport in the country is on a rise; therefore, the demand will increase. The personal privacy, comfort, and convenience provided onboard a business jet are making it increasingly high-appealing for corporate and personal transport, thereby propelling the growth of the business jet market.
France Business Jet Industry
The business jet industry in France remains in high growth trajectory, with increased demand for private air travel among corporate executives and wealthy individuals. Strategically located at the heart of Europe, with its developed economy and key business centers in Paris, France emerges as a very appealing market for business jets. There is thus an added push to demand efficient time-saving travel, with the advent of fractional ownership and even shared private jet models rendering private aviation ever more available.
Finally, with a desire to indulge in luxury experiences during one's travels on the rise, the French market benefits from a business jet adoption dynamic for corporate purposes and for personal reasons. June 2023 - Gulfstream Aerospace Corp. announced that the super-midsize Gulfstream G280 has been certified to operate from France's Airport of the Gulf of Saint-Tropez at La Mole. The aircraft recently made several trips to the short-field airport for takeoff and landing performance trials.
Japanese Business Jet Market
The market for business jets in Japan is growing as corporate executives as well as affluent customers push for more convenience while traveling in short intervals. Japan is an important market for business jets with a strong economy and key business centers. A developed fractional ownership and private jet-sharing model has been popular in recent times, making the use of jets accessible. A more luxurious and personalized approach by Japan encourages private jets in business travel and leisure purposes as well. Increasing needs for convenience, privacy, and exclusivity are propelling the growth of this market.
Saudi Business Jet Market
The Saudi business jet market is booming rapidly due to the increased demand for private aviation among high-net-worth individuals and business executives. As the economy in this country, in particular, grows economically with generally initiated programs such as Vision 2030, increasing numbers of businesses are turning towards private jets for faster and more convenient travel. Besides, booming luxury market in Saudi Arabia and high demand for exclusivity and privacy when traveling boost business jet demand.
Furthermore, growing interests in fractional ownership and jet-sharing models have broadened the cost-effectiveness of private air travel while supporting the strengthening growth in the region. June 2023- Gulfstream Aerospace Corp. continues to expand its outfitting and completions capabilities at St. Louis Downtown Airport. The company expects to grow the completion operations at the place and upgrade its current facilities using new, cutting-edge equipment and tools, valued at USD 28.5 mln with this latest expansion.
Analysis of Global Business Jet Companies: Business Overview, Key Personnel, Recent Development & Strategies, Financial Insights
- Airbus Se
- Bombardier Inc.
- Dassault Aviation SA
- Embraer SA
- General Dynamics Corp
- Honda Motor Co Ltd
- Pilatus Aircraft Ltd
- Textron Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 105 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value (USD) in 2024 | $24.24 Billion |
| Forecasted Market Value (USD) by 2033 | $34.09 Billion |
| Compound Annual Growth Rate | 3.8% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Global Business Jet Market
6. Market Share Analysis
6.1 By Type
6.2 By Business Model
6.3 By System Analysis
6.4 By Countries
7. Type
7.1 Light
7.2 Medium
7.3 Large
8. Business Model
8.1 On-demand Service
8.2 Ownership
9. System Analysis
9.1 Propulsion System
9.2 Aero Structure
9.3 Cabin Interiors
9.4 Avionics
9.5 Others
10. Countries
10.1 North America
10.1.1 United States
10.1.2 Canada
10.2 Europe
10.2.1 France
10.2.2 Germany
10.2.3 Italy
10.2.4 Spain
10.2.5 United Kingdom
10.2.6 Belgium
10.2.7 Netherlands
10.2.8 Turkey
10.3 Asia Pacific
10.3.1 China
10.3.2 Japan
10.3.3 India
10.3.4 South Korea
10.3.5 Thailand
10.3.6 Malaysia
10.3.7 Indonesia
10.3.8 Australia
10.3.9 New Zealand
10.4 Latin America
10.4.1 Brazil
10.4.2 Mexico
10.4.3 Argentina
10.5 Middle East & Africa
10.5.1 Saudi Arabia
10.5.2 UAE
10.5.3 South Africa
11. Porter's Five Forces Analysis
11.1 Bargaining Power of Buyers
11.2 Bargaining Power of Suppliers
11.3 Degree of Rivalry
11.4 Threat of New Entrants
11.5 Threat of Substitutes
12. SWOT Analysis
12.1 Strength
12.2 Weakness
12.3 Opportunity
12.4 Threat
For more information about this report visit https://www.researchandmarkets.com/r/h0mzkd
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