IMARC Group, a leading market research company, has recently releases report titled “Business Jet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global business jet market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the business jet market?
The global business jet market size reached US$ 18.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.
What is business jet?
Business jets, also known as bizjets or private jets, are specialized aircraft designed to transport a small group of individuals. Some commonly available business jets include propeller-driven jets, single-pilot airplanes, turbine aircraft, and piston jets. They are available in various classes, including light, mid-size, large, and long-range jets. As a result, business jets are employed by sports figures, government officials, corporate executives, and individuals for VVIP transportation, leisure travel, business tours, and short-haul flights. Nowadays, business jets are gaining immense traction to transport goods for armed forces, express parcel deliveries, and casualty evacuation across the globe.
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What are the growth prospects and trends in the business jet industry?
The market is primarily driven by significant growth in the aviation industry and the escalating demand for long-range jets. In line with this, business jets offer numerous benefits, such as reduced travel time, on-demand flight scheduling, and ensuring privacy for passengers to conduct business while in flight, which is contributing to market growth. Moreover, the introduction of Electric Vertical Take-off and Landing (eVTOL) aircraft with superior urban air mobility and innovative connectivity solutions, such as interiors, avionics, and more efficient engines in the jets, represents another major growth-inducing factor. Besides this, key players are investing in hydrogen fuel-cell power jets due to their high efficiency and zero emissions qualities, accelerating the product adoption rate. Furthermore, the introduction of consumer-centric business models and membership programs, rising disposable incomes, growing regional air travel, and extensive research and development (R&D) activities among leading players are propelling the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Light
- Medium
- Large
Breakup by Business Model:
- On-Demand Service
- Air Taxis
- Branded Charters
- Jet-Card Programs
- Ownership
- Fractional Ownership
- Full Ownership
Breakup by Range:
- < 3,000 NM
- 3,000 – 5,000 NM
- > 5000 NM
Breakup by Point of Sale:
- OEM
- Aftermarket
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Airbus
- Bombardier Inc.
- Dassault Aviation
- Embraer S.A.
- Gulfstream Aerospace
- Honda Aircraft Company
- Pilatus Aircraft
- Piper Aircraft
- Saab AB
- Textron Inc.
- The Boeing Company
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