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Business jet is a personal jet aircraft designed for business travels. It is used for transporting a group of people to states, countries, and other areas for business-related purposes. Such jets are designed for business organizations to ensure the safety and comfort of passengers on board. According to Fortune Business Insights™, the global market is expected to touch USD 35.56 billion by 2027. The demand for 70-130 seater jets is expected to flourish in the upcoming years due to the increase in travel. The business jets OEMs have signed an agreement to provide armed forces of several countries with personal jets. For example, In June 2020, Bombardier Inc. entered into an agreement of USD 105 million with the Canadian Armed Forces to provide 2 challenger jets to its forces.
COVID-19 Pandemic: Import and Export of Vaccines to Generate Remunerative Business Opportunities
COVID-19 pandemic has negatively affected several businesses globally. The business jet industry is suffering from loss due to the halt in business travels. Video conferencing has been the biggest restraining factor as it eliminates the need to travel long distances. However, despite the pandemic, the industry can still be revived. The business jets are extensively used in the import and export of vaccines and medical gear. It is an initiative by the government to make the market afloat. The requirement for oxygen in countries such as India has opened up new avenues for these jets in recent years.
Airbus SE is a European aerospace company that was founded on 18th December 1970. The company's headquarters are located in Leiden, Netherlands. In April 2021, the company combined and reformed its aerostructure activities for this type of jets in France and Germany to simplify its organizational structure. The company has entered into several contracts to enhance its business activities. For example, in October 2020, Airbus S.E. received a contract of approximately 6 brand new A.C.J. TwoTwenty large jets based on its A220-100 business class that can travel for more than 10,000 kilometers.
The Boeing Corporation is an American company that sells telecommunication, rockets, and airplanes. It was founded on 15th July 1916 and headquartered in Chicago, Illinois, United States. The company undertook special measures to eliminate flaws in its aircraft. The company detected a major flaw in the electric systems of its 737 max jets in April 2021. The company reworked approximately 450 of its Max planes to deliver the best-in-class product. The company received a second consecutive series of positive orders in March 2021, comprising 40 business jets.
Bombardier Inc. is a Canadian business jet manufacturer formerly known for its public transport vehicles and commercial jets. It was founded on 10th July 1942 and is headquartered in Montreal, Canada. In December 2020, the company received a contract worth USD 267 million to deliver 10 brand new Bombardier Challenger 350 business jets to an undisclosed buyer. It was the largest contract that the company had ever received in 2020. The Canadian Armed Forces have undertaken a contract with the company to replace some of its aircraft carriers. For example, in June 2020, Bombardier Inc. entered into a contract with the Canadian Armed Forces to provide two challenger jets to the forces. This contract was worth USD 105 million and was undertaken to replace the executive aircraft fleet of the forces with better quality challenger aircraft.
Embraer S.A. is a Brazilian aerospace company that was founded in August 1969. It was headquartered in São José dos Campos, State of São Paulo, Brazil. In October 2020, Embraer S.A. delivered approximately 22 jets in the first half of 2021. The delivery consisted of 13 executive jets and 10 commercial aircraft.
Textron Inc. is an American industrial company that was founded in 1923. The company is headquartered in Providence, Rhode Island, United States. In April 2021, Textron Aviation received a contract worth USD 95.1 million from Air Force Life Cycle Management Center to provide program management and engineering for T-6 aircraft. Furthermore, in March 2021, Gulfstream Aerospace LLC proclaimed contractor logistics support (CLS) and engineering services (ESC) contracts worth USD 696 million. These contracts were issued to aid C-20G (G-IV), C-37A (G-V), and C-37B (G550) US Air force fleets. These fleets are used by the air force, army, coast guard, and marine forces. As per this contract, the renewed CLS and ESC contracts shall be rewarded with USD 84 million for four years and USD 612 million for ten years.
Gulfstream Aerospace is an American aircraft manufacturer founded in 1958. It is headquartered in Savannah, Georgia, United States. The company improved its Farnborough service center. This initiative shall enable the company to undertake expansion activities in the future. Furthermore, in April 2021, the company delivered the G550 aircraft to the Israeli Air Forces for surveillance. It is named "Oron" and is expected to be fully operational by 2023.
Dassault Aviation is a French aircraft manufacturer founded in 1929. Its headquarters is situated in Paris, France. In April 2021, the company launched its largest Falcon corporate jet. It is the most technologically advanced business jet in the global market. In addition, the companies are testing their jets to maintain quality standards. For example, in April 2021, the company tested the first flight of their Falcon 6x. The aircraft flew at 40,000 ft and exhibited a speed of Mach 0.8 before landing at its base.
Cessna Aircraft Company is an American aviation aircraft manufacturer. It was founded in 1927 and headquartered in Wichita, Kansas, United States. In April 2021, Charter and Ventura Air Services added the Cessna Citation Excels to its aircraft fleet to enhance their part 135 business. The company plans to launch two more aircraft for the second half of 2021.
HondaJet is a US-based company headquartered in Greensboro, North Carolina, United States, founded in August 2006. In April 2021, the company launched the original proof-of-concept (POC) prototype jet to facilitate its presence in Asia Pacific. In addition, the company also produces high-performance business jet for high performance.
This company is an aircraft manufacturer that was founded in 1998 and headquartered in Israel. Eviation Aircraft entered into a contract with GKN Aerospace in May 2020. As per this agreement, the company will overlook UK aerostructures specialist designs, wing manufacturing, electric wiring interconnection systems (EWIS), and empennage for the development of Alice all-electric commuter aircraft.