Global Light Business Jet Market 2017-2021
About Light Business Jet
A business jet is an aircraft that is designed for transporting a small number of passengers. Business jet fares and services are comparatively higher than commercial airliners. These jets are owned and operated by individuals, corporations, government agencies, and commercial business jet operators that offer business jet charter services. Such services extended through jet card programs or fractional ownership schemes allow customers to have various benefits of business jet travel without the need for full ownership of the business jet.
Technavio’s analysts forecast the global light business jet market to grow at a CAGR of 5.68% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global light business jet market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Light Business Jet Market 2017-2021
Technavio recognizes the following companies as the key players in the global light business jet market: Bombardier, Embraer, and Textron Aviation.
Other Prominent Vendors in the market are: Honda Aircraft Company, Cirrus Aircraft, and PILATUS AIRCRAFT.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is adoption of 3D printing. The aerospace industry is rapidly growing, and aircraft OEMs are looking for ways to meet the increasing demand of the market. They are pioneering innovations and are adopting new and innovative methods to increase their production rate. One such innovation is 3D printing.”
According to the report, one driver in the market is preference toward leasing an aircraft over conventional procurement. As most chartered airlines operate in low-profit-margins (merged profits), it becomes challenging for them to pay substantial amounts of cash for the purchase of fleets or new-generation business jets. Also, maintaining a robust fleet structure is imperative for airline operators to maximize their offerings and customer reach. With the evolving dynamics of aircraft leasing businesses, chartered airlines can now access a comfortable option for adding new aircraft to their fleets through leasing arrangements from aircraft financing entities.
Further, the report states that one challenge in the market is planetary financial support for R&D. The success of the business aviation industry depends on R&D investments, along with technological and business innovations. Although the financial support for aeronautics R&D is mainly provided by governments to achieve important national goals, some funds are provided by business jet suppliers and OEMs. However, compared with other sectors of the global aviation industry, the focus on the R&D for the global business jet sector has decreased.
Bombardier, Embraer, Textron Aviation, Honda Aircraft Company, Cirrus Aircraft, and PILATUS AIRCRAFT.
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