Newark, Oct. 27, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global business jets market is expected to grow from USD 28.33 billion in 2021 to USD 40.67 billion by 2030, at a CAGR of 4.10% during the forecast period 2022-2030.
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Increasing disposable income, rising urbanization, growing high net worth individuals, rise in air travellers, and other elements push the development of the global market. Multimillionaire celebrities mainly use business jets for business travel and private use. It gives a more pleasant and relaxing journey that is suitable, safe, and requires a shorter time. Rising urbanization in the Asia Pacific and growing need from India & China drive the market's growth. The fast-expanding aviation Industry and increasing demand for cutting-edge business jets from millionaires drive the market's growth. Prominent players in the market, like Airbus S.A.S., Boeing, Bombardier, and others, increase their prices on research & development and manufacture advanced jets.
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Competitive Strategy
To enhance their market position in the global business jets market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In 2022 April, Textron Aviation declared an investment deal with Exclusive Jets, LLC, which, serving as FlyExclusive, is a top provider of premium private jet charter experiences for up to 30 Cessna Citation CJ3+ jets. FlyExclusive anticipates delivery of five aircraft by 2023, with the acquisition of additional aircraft for delivery by 2025.
Market Growth & Trends
Business jets are an essential part of the business aviation sector. A business jet is created for transporting small groups of people. A business jet is an aircraft commonly used for parcel deliveries, transport of a small group of people by government officials, private purposes, public bodies, and armed forces. Business jets can be used for other roles, like the evacuation of casualties or express parcel deliveries. Business jets correlate with new orders, deliveries, and high net expectations. It delivers the customer with the facilities of on-demand flight scheduling to operate the business in the flight, decreases travel time, and makes a secure and low-cost mode of travel. Each type of aircraft is distinct in terms of expense and technology. Light jets act in one manner, mid-size jets in another, and heavy jets behave differently for complexity. Similar types of different manufacturers also act differently, as well as various models of the exact OEM belonging to business jets. Around 1/3rd of the business jet fleets presently in operation are more than ten years old. They are pushing business jet operators and charter providers to fund fleet modernization programs and improve their fleet's abilities which are anticipated to grow the market during the projection period. Similarly, with the tourism sector's growth in Southeast Asia & Latin America, numerous charter operators are preparing to present new charter routes in the regions. Further, developing their existence generates the need for lightweight and fuel-efficient business jets.
Key Findings
• In 2021, the large segment dominated the market with the largest market share of 27% and market revenue of 7.64 billion.
The aircraft type segment is divided into light, large, mid-sized, & airliners. In 2021, the large segment dominated the market with the largest market share of 27% and market revenue of 7.64 billion. The COVID-19 pandemic has affected the aviation industry and showed severe airport rules, leading to a global transformation in nature and choice for business trips which also pushes the development of large private jets.
• In 2021, the OEM segment dominated the market with the largest market share of 55% and market revenue of 15.58 billion.
The point of sale segment is divided into Aftermarket & OEM. In 2021, the OEM segment dominated the market with the largest market share of 55% and market revenue of 15.58 billion.
• In 2021, the operator segment dominated the market with the largest market share of 56% and market revenue of 15.86 billion.
The end user segment is divided into private user and operator. In 2021, the operator segment dominated the market with the largest market share of 56% and market revenue of 15.86 billion. Operators in the fractional ownership and branded charters arena are substituting their current jets with new ones, accelerating market development.
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Regional Segment Analysis of the Business Jets Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region emerged as the largest market for the global business jets market, with a market share of around 34.5% and 9.77 billion of the market revenue in 2021. The North American region maintains the most expansive operating business jet fleet, approximately 15,000 aircraft worldwide, with the United States accounting for most of its share. Due to the presence of many high-net-worth individuals and corporate companies, most demand is light jets and large jets. Similarly, there has been an upsurge in need for charter services in the region.
Key players operating in the global business jets market are:
• Textron Inc.
• Syberjet Aircraft
• Pilatus Aircraft
• Honda Aircraft Company
• Gulfstream Aerospace Corporation
• Embraer SA
• Dassault Aviation SA
• Bombardier Inc.
• Boeing
• Airbus SE
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global business jets market based on the below-mentioned segments:
Global Business Jets Market by Aircraft Type:
• Light
• Large
• Mid-Sized
• Airliners
Global Business Jets Market by Point of Sale:
• Aftermarket
• OEM
Global Business Jets Market by End User:
• Private User
• Operator
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About the report:
The global business jets market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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