Light and Very Light Jets Market - Growth, Trends, and Forecast (2019 - 2024)
The light and very light jets market is projected to register a CAGR of more than 1.5% during the forecast period.
The growing number of HNW individuals and rising disposable incomes are expected to increase the number of people opting for private jet travel.
An increase in travel and tourism has been increasing the requirement for non-scheduled charter flights and thus driving the market for light business jets.
Key Market Trends
Light Jet Segment Recorded the Highest Share in 2018
As of 2018, the market share for light jet aircraft is more compared to the very light jet segment. The deliveries for the light jet aircraft are higher compared to the very light jets in 2018. The deliveries of some prominent aircraft models in this segment, like Cessna CitationJet 3+/4, Learjet 70, Embraer Phenom 300, Pilatus PC-24, TBM 910/930 are collectively around 200 and has generated revenues of more than USD 1.6 billion in 2018. In addition, the mean price for light jets is more than USD 9 million, which is also about 2.5 times the mean price of the very light jets. All these factors are responsible for the high share of the segment in the year studied.
North America is the Largest Market for the Light and Very Light Jets in 2018
North America accounted for a major market share in 2018. North America is one of the premium markets for light jet operations. The region has one of the largest numbers of light and very light jet shipments by geography, due to the high demand for corporate travel from the US and Canada. The number of people performing intercontinental business travel is high in the US, who mostly prefer these light and very light jets. However, the market is beginning to saturate slowly in North America, and slowly the demand from regions like Middle East and Africa, which had the least market share, has been increasing. The main reason for the growth of the region is the demand from the Middle East, where the number of HNWI (High Net Worth Individuals) has grown over the years. Countries in this region are also focusing on the travel and tourism sector, which is expected to increase the private jet charter in the region in the upcoming years. Thus the region is expected to show a high rate of growth in the coming years.
Embraer S.A., Honda Aircraft Company, Cirrus Aircraft, Textron Inc., Pilatus Aircraft Ltd are some of the major players in the market. The market comprises of only few players developing the light and very light jets in the industry. New players like Stratos Aircraft are about to enter the market with new aircraft models like the Strats 714 and 716X. In this market, efficiency, comfort, and reliability are the main aspects that the customers would seek, before purchasing the jets. Hence, the players are working in this regard to develop new aircraft with upgraded features. For instance, Daher presented the TBM 940, the next iteration of high-speed single-engine turboprop aircraft of the popular light business jet line TBM 900. The new aircraft is worth USD 4.13 million and is equipped with an automatic thrust system and improved automatic anti-icing system. The design of the cabin is also changed in the new model. New aircraft models like these are expected to change the landscape of the market in the years to come.
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