Business Jet Market (2019 - 2024)
The market for business jets is anticipated to reach close to USD 20 billion in 2024, registering a CAGR of 1.49% during the forecast period, 2019 and 2024. Growth in tourism is generating demand for new business jets, as charter service providers are introducing new routes and are expanding their presence, globally.
Technological advancements in avionics systems and interior cabin products are likely to support the growth of the business jet market.
Growth in high net worth individuals is expected to generate demand for newer generation business jets.
New product launches, expansion in emerging economies, and long-term agreements are some of the major strategies adopted by major business jet OEMs.
Scope of the Report
Business jet or a private jet is a jet aircraft that is designed to transport small groups of people. Business jets are procured by individuals, corporates, VIPs, sportsperson, government officials, and charter service providers. The report excludes helicopters used as business jets.
Key Market Trends
Growing Preference for Long Range Business Jets
Procurement of ultra-long range jets (> 5000 Nm) is on a rise and currently holds a major share in the business jet market, globally. Some of the prominent aircraft models in this range are Gulfstream G650/650ER, Dassault's Falcon 7X, and Boeing's BBJ 777/787.
Bombardier Business Aircraft, Gulfstream, and Textron Aviation are expected to have higher deliveries, with Dassault Aviation and Embraer Executive Jets following close behind.
Bombardier, Gulfstream, and other major players offer seats with varying capacities, based on the types of business jets. As business jets are being utilized by sports persons, government officials, tourists, business people, etc., seating capacity differs according to the requirements of the people hiring the jet. Business jets opted for by tourists and business class passengers are anticipated to have higher seating capacity, compared to others.
Apart from domestic and commercial applications, country-specific military bases and civilian operators deploy business jets for long and short hauls.
North America Leading the Business Jet Market
Presently, North America dominates the business jet market and is one of the premium markets for business jet operations. However, the market is beginning to saturate, which has shifted the focus of OEMs toward the Middle East & African and Asia-Pacific markets. The Asia-Pacific business jet market is evolving with rising investments on general aviation airport infrastructures. Hence, the Asia-Pacific business jet market is anticipated to register the highest CAGR during the forecast period.
The business jet market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancementd and product innovationd, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets. For instance, starting in 2018, Pilatus delivered the first of six PC-24s to its launch customer PlaneSense. The PC-24, also known as Super Versatile Jet, has a range of about 1,188 Nm. Likewise, Honda Aircraft Company introduced its HondaJet HA-420 with first delivery in 2016. By the end of October 2018, the company built over 90 aircraft.
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