Global Business Jet Market - Growth, Trends and Forecast (2022 - 2030)

The market is expected to register a CAGR of 5.84% during 2018–2023. Business jet holds the largest share in the general aviation market, in terms of revenue.
Increasing Demand Driving Growth

Since the economic downturn caused by the 2008–2009 crisis, the market recovered adequately, which led to the acceleration of the annual sales of the business jet in 2016. The shipment of business jet increased by 11.2% to 129 units in the first quarter of 2017, compared to 122 in 2016. For the most part, several manufacturers reported flat or declining delivery statistics during the first quarter of 2017.

Due to the increasing income at a global level, business jet, especially in the light and very light catego-ry, have ceased to be the domain of only the ultra-rich. Timeshare and fractional ownership programs have also enabled people to own private jets. Most popular light business jet can be purchased for around USD 4 - 8 million, thus, expanding the customer base. The biggest restraint that affects the business jet sales, especially in the regions of South America, Africa, and Asia-Pacific, is the lack of in-frastructure. Should the infrastructure be available, the expenses are so high that it makes operations, based on business jets service, unfeasible.
Approximately three-fourths of the sale of business jets is centered in the developed regions, mainly North America and Europe. The rest of the regions are highly underpenetrated and could witness mas-sive growth rates under feasible conditions, thus, driving the global business jet market. The strict reg-ulatory framework set by the DGCA (Directorate General of Civil Aviation) governs policy regulations for private jet ownership and charter companies.

Market Segmentation:

The global business jet market has been segmented on the basis of jet size, operators, and geography.
• By jet size, the market has been segmented into very light jets, light jets, mid-size jets, super mid-size jets, large-cabin jets and heavy jets.
• By operators, the market has been segmented into charter companies, fractional ownerships, corporate usage and private ownership.
• By geography, the market has been segmented into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

Key Developments in the Market:

• February 2018: Sales of business jetliner Falcon have stopped dwindling as orders rose to 41 from 33 in 2017 and it expects sales revenue to be higher than USD 4 billion in 2016.
• February 2018: Bombardier announced that they witnessed a decline in the sales of their business jets owing to fall in the demand of business jets from the customer but are confident in terms of market re-covery.

Major Players: AIRBUS, BOEING, BOMBARDIER, TEXTRON AVIATION, GULFSTREAM, HONDA AIRCRAFT COMPANY, DASSAULT AVIATION amongst others.

Reasons to Purchase the Report:

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• Detailed analysis on the region expected to witness fastest growth in the market
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