Business Jets Market
The Business Jets Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Business Jets Global Market Report 2024, The business jets market size has grown strongly in recent years. It will grow from $22.98 billion in 2023 to $24.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to economic growth, corporate expansion, globalization, increased business travel, tax incentives, productivity benefits.
The business jets market size is expected to see strong growth in the next few years. It will grow to $32.36 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to emerging markets demand, environmental regulations, global business expansion, urbanization, health and safety concerns. Major trends in the forecast period include hybrid and electric propulsion systems, luxury interior customization, autonomous flight technologies, connectivity and in-flight technology, fractional ownership and jet cards, entry-level and light jets.
The increase in demand for business jets for various application is driving the growth of the business jets market. A business jet is a plane designed to transport small groups of people. The key reason fueling the rising demand for business jets is the growing need for business travel and short-haul flights. Business jets production will automatically rise in response to the increasing demand for business jets to fulfil market demand. For instance, according to the statistics by a US-based air charter service provider, Stratos Jet Charters. It is estimated that there will be 6,362 new jets sales worth $217.5 billion by 2029. In addition, it is also optimistically estimated that there will be 7,300 new private aircraft sales worth $235 billion between 2021 to 2030. Therefore, the increasing demand for business jets will propel the market growth.
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The business jets market covered in this report is segmented –
1) By Aircraft Type: Light, Mid-Sized, Large Business Jets, Airliner Business Jets
2) By Point Of Sale: OEM, Aftermarket
3) By End Use: Private, Operator
Major companies operating in the business jets market are focused on introducing next-generation jets, such as ultra-long-range business jets. Ultra-long-range business jets are a category of private jets optimized for both long-haul trips and short-field hops known for their spacious and comfortable cabins, offering amenities required for ultra-long flights. For instance, in May 2022, Bombardier Inc., a Canada-based jet manufacturer, launched the Global 8000. The Global 8000 is an ultra-long-range business jet designed to offer the fastest speed, the longest range, and the smoothest ride, making it the ultimate all-in-one business aircraft. The Global 8000 contains a spacious cabin with three individual suites that provides exceptional comfort and luxury for passengers. It is equipped with innovative cabin technologies, such as the nice Touch cabin management system and Ka-band internet, to ensure a seamless and connected travel experience.
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