The Very Light Jet 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 Very Light Jet Global Market Report 2024, The very light jet market size has grown rapidly in recent years. It will grow from $5.05 billion in 2023 to $5.61 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to shifts in aviation regulations, global economic trends, fluctuations in fuel prices, infrastructure development, growing emphasis on eco-friendly aviation.
The very light jet market size is expected to see rapid growth in the next few years. It will grow to $8.42 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to increasing inclination toward private aviation, global tourism trends, growing concern toward health, increasing aviation passenger traffic, growing aviation infrastructural projects. Major trends in the forecast period include rise of electric or hybrid-electric propulsion systems, emergence of subscription-based ownership, adoption of alternative and sustainable aviation fuels, human-machine interface (HMI), advanced materials.
The growing adoption of private aviation solutions is expected to propel the growth of the very light jet market going forward. Private aviation refers to all the non-civil aviation operations that are used by particular individuals for their personal needs using private aircraft that do not carry passengers or cargo for commercial purposes. In private aviation, very light jets are commonly used for business travel, short-haul distances up to a maximum of three hours of flight time, or to fly into areas that are often inaccessible to commercial airlines with cost-effective operations. For instance, in October 2021, according to Aircraft Comparison, a UK-based company operating light aircraft, the average number of global daily business jet flights will be around 11,500 per day. Additionally, around 70% of all private jet flights will at some point operate within the US. Therefore, the growing adoption of private aviation solutions is expected to propel the growth of the very light jet market.
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The very light jets market covered in this report is segmented –
1) By Aircraft Type: Ultra-Light Aircraft, Light Aircraft
2) By Material: Aluminum, Composites, Other Materials
3) By Propulsion: Electric or Hybrid, Conventional Fuel
4) By End-User: Civil and Commercial, Military
Major companies operating in the very light jet market are developing new solutions such as on-demand regional charter service to gain a competitive edge in the market. An on-demand regional charter service refers to a personalized and flexible air travel offering provided by an airline or charter operator. For instance, in July 2023, Emirates Group, a UAE-based aviation and airline company, launched an on-demand regional charter service using the Phenom 100 twin-engine very light jet, offering a flexible and comfortable travel option for short trips within the Gulf Cooperation Council (GCC) region from Dubai’s Al Maktoum International Airport. Catering to discerning travelers with privacy and convenience, the service includes amenities such as Emirates Chauffeur Drive, VIP treatment, and access to private lounges, providing a seamless and exclusive experience for customers flying to various GCC destinations.
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