The Private Aircraft 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 Private Aircraft Global Market Report 2024, The private aircraft market size has grown strongly in recent years. It will grow from $26.15 billion in 2023 to $28.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to rising demand for business travel increasing need for private aircraft, growing wealth among high-net-worth individuals boosted private jet purchases, increasing global economic growth, rising frequency of international travel expanded the market for long-range private jets and increasing adoption of fractional ownership programs made private flying more accessible.
The private aircraft market size is expected to see strong growth in the next few years. It will grow to $37.02 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to the expansion of on-demand private jet services is anticipated to drive market growth, technological advancements in aircraft efficiency and safety, and growing emphasis on personalized travel experiences is likely to increase private jet usage, increasing number of high-net-worth individuals in emerging economies. Major trends in the forecast period include technological advancements by major companies that will introduce more efficient and eco-friendly private aircraft models, increased adoption of sustainable aviation fuel (SAF), the rise of hybrid and electric private aircraft is expected to transform the industry, growing demand for customized and luxury interiors.
Increasing air travel is expected to propel the growth of the private aircraft market going forward. Air travel refers to the act of transporting people or goods via aircraft, such as airplanes or helicopters, between various locations. There is an increase in air travel due to several reasons, such as rising disposable incomes, expanding global connectivity, advancements in aircraft technology, and growing demand for both business and leisure travel. The use of private aircraft in air travel is increasing due to the demand for personalized, flexible, and time-efficient travel experiences. For instance, in March 2024, according to Airlines for America, a US-based Air Transport Association, during the 2024 spring travel period (March 1–April 30), airlines are expected to carry a record-setting 167.1 million travelers, averaging approximately 2.7 million each day. This represents a 6% increase compared to the 2023 spring travel season, which saw 157.4 million travelers, averaging around 2.6 million daily. Therefore, increasing air travel is driving the growth of the private aircraft market.
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The private aircraft market covered in this report is segmented –
1) By Type: Helicopter, Fixed Wing Aircraft, Business Airplane, Jet Aircraft
2) By Material: Metal, Composite
3) By Size: Light, Mid-size, Large
4) By Range: Short, Medium, Long
5) By Ownership: Individual, Corporate, Charter, Fractional
Major companies operating in the private aircraft market are focusing on technological advancements such as noise reduction technology in helicopters to gain a competitive advantage. Noise reduction technology for helicopters involves engineering solutions such as advanced rotor designs, active noise control systems, and soundproofing materials to minimize the acoustic footprint during flight. For instance, in March 2023, Flexjet, a US-based provider of fractional ownership aircraft, leasing, and jet card services, launched its European private helicopter division, debuting its first Sikorsky S-76 helicopter in the European fleet. With plans to grow its fleet of Sikorsky S-76 helicopters and extend operations across Europe, the company aims to enhance its helicopter division’s capabilities. This move is part of a broader global expansion strategy and aligns with the company’s commitment to delivering a luxurious, efficient, and sustainable travel experience for its customers.
The private aircraft market report table of contents includes:
1. Executive Summary
2. Private Aircraft Market Characteristics
3. Private Aircraft Market Trends And Strategies
4. Private Aircraft Market – Macro Economic Scenario
5. Global Private Aircraft Market Size and Growth
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32. Global Private Aircraft Market Competitive Benchmarking
33. Global Private Aircraft Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Private Aircraft Market
35. Private Aircraft Market Future Outlook and Potential Analysis
36. Appendix
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