Dublin, May 16, 2024 (GLOBE NEWSWIRE) -- The "Global Business Jet Rental Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
Global Business Jet Rental market is projected to grow at a CAGR of 17.50% during the forecast period to reach US$21660.04 million by 2029, from US$7005.679 million in 2022.
Technological advances in the aviation sector and interior cabin products are anticipated to make this growth probable and successful. As business jet rentals are being used for more than one activity now to meet the different needs of individuals, people are gradually apprehending their advantages. These jets provide comfort, optimum performance, convenience, ease of travel, and shorter fleet time, and hence are hugely adding to their enhanced demand.
As airline travel becomes remarkably stressful, tiresome, and time-consuming due to an escalation in the number of customers every day, a huge quantity of customers are starting to favour business jets for travel because of its benefits. Such enhanced demand is expected to favourably impact the business jet rental market as well.
Moreover, the advantages offered by business jet rentals, such as fewer people, lack of crowds and queues, high hygiene levels, direct flights, and flying as per one's schedule, contribute to the growth of the market. The introduction of new aircraft programs, coupled with a growing number of high-net-worth personnel, is anticipated to propel the growth of the market.
North American market is expected to account for a notable share in terms of revenue and is anticipated to continue its dominance over the market throughout the forecast period. The presence of leading players and the widespread adoption of private jet rentals among end-users, particularly in the US, are factors driving the growth of the market in this region.
Moreover, huge domestic investment and customer spending are also among the factors boosting the expansion of this market in North America. The regional business aviation network, including producers, suppliers, dedicated airports, and Fixed Base Operators (FBOs), has observed rapid expansion, making it one of the most attractive regions for business aviation across the globe. In addition, the availability of airports across the region facilitates business travel with ease. As North America is the largest region by area, business travelers must opt for the speediest mode of transport to save time. This further results in the growing demand for business jets.
Increasing aviation demand in developing economies:
The rise in disposable income coupled with advancements in aviation infrastructure is driving the growth of the global business jet rental market. Government data from India indicates significant developments in the aviation sector in 2023, with the inauguration of 60 new regional routes and the awarding of 54 new RCS Routes under UDAN.
Additionally, more than 91 lakh passengers benefited from the Digi Yatra facility. These statistics underscore the rapid expansion of the aviation industry, thereby contributing to the overall surge in demand for the business jet rental market.
Market Restraint:
Lack of adequate infrastructure:
A considerable challenge for the business jet rental market is the lack of infrastructure in several nations. Developing economies such as Nigeria, India, China, and Malaysia have the potential market for business jet rentals, but the infrastructure of these countries makes it unsuitable for the business jet rental market to grow.
There are several cities which are not well connected in terms of ease of travel. Certain areas lack airports and aerodromes; others lack convenient landing space; and still others are inaccessible from city limits.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 124 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $7005.68 Million |
| Forecasted Market Value (USD) by 2029 | $21660.04 Million |
| Compound Annual Growth Rate | 17.5% |
| Regions Covered | Global |
Companies Featured
- NetJets
- Wheels Up
- VistaJet
- XO global LLC
- Magellan Jets
- Jettly
- JetSuite
- Victor
- GlobeAir
- Oxygen Aviation
Market Segmentation:
By Type
- Light
- Medium
- Large
By End-use
- Private
- Operators
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- UK
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- South Africa
- Israel
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Taiwan
- Thailand
- Others
For more information about this report visit https://www.researchandmarkets.com/r/ge9ai6
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