Business Jet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Description
Business Jet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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.
A business jet refers to an aircraft that is specifically designed for private air travel for a small group of passengers. Some of the common types of business jets include single-pilot airplanes, propeller-driven jets, turbine aircraft and piston jets. These jets are primarily used by individuals as well as private and government organizations for leisure travel, business tours, short-haul flights and VVIP transport. They can also be customized for other applications, such as evacuation during emergencies, express parcel deliveries and transporting goods for the armed forces.
Significant growth in the aviation industry is one of the key factors driving the growth of the market. Furthermore, the growing preference for long-range jets for travel and tourism activities is also providing a boost to the market growth. Business jets minimize travel time, offer the facility of on-demand flight scheduling and provide ample privacy to the passengers to conduct their business while flying. Various advancements, including the integration of innovative connectivity solutions, avionics, interiors and more efficient engines in the jets, are acting as another growth-inducing factor. Original equipment manufacturers (OEMs) are replacing mechanical flight systems with lightweight virtual windows, video calling systems and inflight entertainment systems that aid in enhancing the comfort and overall travel experience for the passengers. In line with this, the introduction of Electric Vertical Take-off and Landing (eVTOL) aircraft that has superior urban air mobility is creating a positive impact on the market growth. Other factors, including the development of vertiports and the introduction of consumer-centric business models and membership programs, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global business jet market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, business model, range and point of sale.
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
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Airbus, Bombardier Inc., Dassault Aviation, Embraer S.A., Gulfstream Aerospace, Honda Aircraft Company, Pilatus Aircraft, Piper Aircraft, Saab AB, Textron Inc., The Boeing Company, etc.
Key Questions Answered in This Report
1. What was the size of the global business jet market in 2022?
2. What is the expected growth rate of the global business jet market during 2023-2028?
3. What are the key factors driving the global business jet market?
4. What has been the impact of COVID-19 on the global business jet market?
5. What is the breakup of the global business jet market based on the type?
6. What is the breakup of the global business jet market based on the business model?
7. What is the breakup of the global business jet market based on the range?
8. What is the breakup of the global business jet market based on the point of sale?
9. What are the key regions in the global business jet market?
10. Who are the key players/companies in the global 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.
A business jet refers to an aircraft that is specifically designed for private air travel for a small group of passengers. Some of the common types of business jets include single-pilot airplanes, propeller-driven jets, turbine aircraft and piston jets. These jets are primarily used by individuals as well as private and government organizations for leisure travel, business tours, short-haul flights and VVIP transport. They can also be customized for other applications, such as evacuation during emergencies, express parcel deliveries and transporting goods for the armed forces.
Significant growth in the aviation industry is one of the key factors driving the growth of the market. Furthermore, the growing preference for long-range jets for travel and tourism activities is also providing a boost to the market growth. Business jets minimize travel time, offer the facility of on-demand flight scheduling and provide ample privacy to the passengers to conduct their business while flying. Various advancements, including the integration of innovative connectivity solutions, avionics, interiors and more efficient engines in the jets, are acting as another growth-inducing factor. Original equipment manufacturers (OEMs) are replacing mechanical flight systems with lightweight virtual windows, video calling systems and inflight entertainment systems that aid in enhancing the comfort and overall travel experience for the passengers. In line with this, the introduction of Electric Vertical Take-off and Landing (eVTOL) aircraft that has superior urban air mobility is creating a positive impact on the market growth. Other factors, including the development of vertiports and the introduction of consumer-centric business models and membership programs, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global business jet market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, business model, range and point of sale.
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
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Airbus, Bombardier Inc., Dassault Aviation, Embraer S.A., Gulfstream Aerospace, Honda Aircraft Company, Pilatus Aircraft, Piper Aircraft, Saab AB, Textron Inc., The Boeing Company, etc.
Key Questions Answered in This Report
1. What was the size of the global business jet market in 2022?
2. What is the expected growth rate of the global business jet market during 2023-2028?
3. What are the key factors driving the global business jet market?
4. What has been the impact of COVID-19 on the global business jet market?
5. What is the breakup of the global business jet market based on the type?
6. What is the breakup of the global business jet market based on the business model?
7. What is the breakup of the global business jet market based on the range?
8. What is the breakup of the global business jet market based on the point of sale?
9. What are the key regions in the global business jet market?
10. Who are the key players/companies in the global business jet market?
Table of Contents
142 Pages
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
- 5 Global Business Jet Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
- 6 Market Breakup by Type
- 6.1 Light
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Medium
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Large
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 7 Market Breakup by Business Model
- 7.1 On-Demand Service
- 7.1.1 Market Trends
- 7.1.2 Major Types
- 7.1.2.1 Air Taxis
- 7.1.2.2 Branded Charters
- 7.1.2.3 Jet-Card Programs
- 7.1.3 Market Forecast
- 7.2 Ownership
- 7.2.1 Market Trends
- 7.2.2 Major Types
- 7.2.2.1 Fractional Ownership
- 7.2.2.2 Full Ownership
- 7.2.3 Market Forecast
- 8 Market Breakup by Range
- 8.1 < 3,000 NM
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 3,000 - 5,000 NM
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 > 5000 NM
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 9 Market Breakup by Point of Sale
- 9.1 OEM
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Aftermarket
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 10 Market Breakup by Region
- 10.1 North America
- 10.1.1 United States
- 10.1.1.1 Market Trends
- 10.1.1.2 Market Forecast
- 10.1.2 Canada
- 10.1.2.1 Market Trends
- 10.1.2.2 Market Forecast
- 10.2 Asia Pacific
- 10.2.1 China
- 10.2.1.1 Market Trends
- 10.2.1.2 Market Forecast
- 10.2.2 Japan
- 10.2.2.1 Market Trends
- 10.2.2.2 Market Forecast
- 10.2.3 India
- 10.2.3.1 Market Trends
- 10.2.3.2 Market Forecast
- 10.2.4 South Korea
- 10.2.4.1 Market Trends
- 10.2.4.2 Market Forecast
- 10.2.5 Australia
- 10.2.5.1 Market Trends
- 10.2.5.2 Market Forecast
- 10.2.6 Indonesia
- 10.2.6.1 Market Trends
- 10.2.6.2 Market Forecast
- 10.2.7 Others
- 10.2.7.1 Market Trends
- 10.2.7.2 Market Forecast
- 10.3 Europe
- 10.3.1 Germany
- 10.3.1.1 Market Trends
- 10.3.1.2 Market Forecast
- 10.3.2 France
- 10.3.2.1 Market Trends
- 10.3.2.2 Market Forecast
- 10.3.3 United Kingdom
- 10.3.3.1 Market Trends
- 10.3.3.2 Market Forecast
- 10.3.4 Italy
- 10.3.4.1 Market Trends
- 10.3.4.2 Market Forecast
- 10.3.5 Spain
- 10.3.5.1 Market Trends
- 10.3.5.2 Market Forecast
- 10.3.6 Russia
- 10.3.6.1 Market Trends
- 10.3.6.2 Market Forecast
- 10.3.7 Others
- 10.3.7.1 Market Trends
- 10.3.7.2 Market Forecast
- 10.4 Latin America
- 10.4.1 Brazil
- 10.4.1.1 Market Trends
- 10.4.1.2 Market Forecast
- 10.4.2 Mexico
- 10.4.2.1 Market Trends
- 10.4.2.2 Market Forecast
- 10.4.3 Others
- 10.4.3.1 Market Trends
- 10.4.3.2 Market Forecast
- 10.5 Middle East and Africa
- 10.5.1 Market Trends
- 10.5.2 Market Breakup by Country
- 10.5.3 Market Forecast
- 11 SWOT Analysis
- 11.1 Overview
- 11.2 Strengths
- 11.3 Weaknesses
- 11.4 Opportunities
- 11.5 Threats
- 12 Value Chain Analysis
- 13 Porters Five Forces Analysis
- 13.1 Overview
- 13.2 Bargaining Power of Buyers
- 13.3 Bargaining Power of Suppliers
- 13.4 Degree of Competition
- 13.5 Threat of New Entrants
- 13.6 Threat of Substitutes
- 14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Airbus
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 Bombardier Inc.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.2.4 SWOT Analysis
- 14.3.3 Dassault Aviation
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.3.4 SWOT Analysis
- 14.3.4 Embraer S.A.
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 Financials
- 14.3.5 Gulfstream Aerospace
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.6 Honda Aircraft Company
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.7 Pilatus Aircraft
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.8 Piper Aircraft
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.9 Saab AB
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.10 Textron Inc.
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.10.4 SWOT Analysis
- 14.3.11 The Boeing Company
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.11.3 Financials
- 14.3.11.4 SWOT Analysis
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