Wilmington, Delaware, Sept. 08, 2023 (GLOBE NEWSWIRE) -- Global Business Jets Market was valued at US$ 28 billion in 2022 and is expected to grow at a significant CAGR of over 3.8% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
Business jets, also known as corporate jets or private jets, are aircraft that are primarily meant to transport small groups of passengers, often business leaders, for purposes such as business travel, leisure travel, and other private aviation needs. These aircraft provide various benefits, such as speed, simplicity, and flexibility, making them popular choices for individuals and organizations with the financial resources to purchase them.
Business jets differ in size and capacity from small light planes that can carry a few passengers to larger, long-haul jets that can carry up to 19 passengers or more. Business aircraft provide an exceptional level of comfort and luxury. They usually have large cabins, comfortable couches, and facilities like good food, entertainment systems, and onboard Wi-Fi.
- According to a deep-dive market assessment by RationalStat, the global Business Jets market has been analyzed on the basis of market segments, including on type, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global Business Jets market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global Business Jets market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Business Jets Market: Segmental and Market Share Analysis
- On the basis of type, midsize jets are expected to dominate the global market, as they are often chosen by companies for executive travels.
- On the basis of application, private segment is expected to dominate the global business jets market. This is owing to an increase in demand for private planes from high-net-worth individuals and corporate entities.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 28.0 billion |
| Market Size Forecast | US$ 37.6 billion |
| Growth Rate | 3.8% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global business jets market include,
- In July 2021, Raytheon Technologies Corp.'s Pratt & Whitney Canada branch intends to advance its hybrid-electric propulsion technology and flight demonstration programme. This programme is part of a US$ 129.5 million initiative financed by the Canadian and Quebec governments.
Some of the prominent players and suppliers operating and contributing significantly to the global business jets market growth include Airbus SE, Bombardier Inc., Cirrus Design Corporation, Dassault Aviation, Embraer, General Dynamics Corporation, Honda Motor Co., Ltd., Pilatus Aircraft Ltd, Textron Inc., The Boeing Company among others.
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RationalStat has segmented the global business jets market based on type, application and region
- Global Business Jets Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
- Large Jet
- Light Jet
- Mid-Size Jet
- Global Business Jets Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Private User
- Operator
- Global Business Jets Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Business Jets Market
- US
- Canada
- Latin America Business Jets Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Business Jets Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Business Jets Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Business Jets Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Business Jets Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Business Jets Market
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Key Questions Answered in the Business Jets Report:
- What will be the market value of the global business jets market by 2030?
- What is the market size of the global business jets market?
- What are the market drivers of the global business jets market?
- What are the key trends in the global business jets market?
- Which is the leading region in the global business jets market?
- What are the major companies operating in the global business jets market?
- What are the market shares by key segments in the global business jets market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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