Business Jet Market: Exciting Advancements to Boost Sales Opportunities

Business travel is one of the most lavish privileges enjoyed by business executives. In a world of flagrant capitalism, it is nothing but a display of opulence. The business travel industry is one of the most prosperous industries, even in today’s times when the global economy is in doldrums. There are statistics to support this view. For example, Deloitte’s Travel and Hospitality Industry Outlook 2018 projects a 6% increase by 2019 in the business travel market share. Since 2016, according to the Global Business Travel Association, the worldwide business travel market rose by 5.8%. In the US alone, more than 405 million long-distance trips are undertaken by US business travelers annually, as per the statistics released by the Bureau of Transportation of the US. These numbers are indicative of the fact that, essentially, business is booming and many markets within this industry are making hay while the sun is shining in its full glory. One of these is the business jet market and according to Fortune Business Insights, a reputed market research firm, the market is slated to reach USD 36.21 billion by 2026 in terms of value and size.

To better understand the dynamics of this market, it would be instructive to take a brief glance at some of the most important and prominent developments that have taken place in the last few years.

• October 2018: Boeing Business Jets delivered its first BBJ MAX aircraft to a customer. Based on the company’s 737 MAX airplane, the BBJ MAX offers space and comfort in equal measure. The aircraft is capable of flying long distances (up to 12,964 km) and has a massive cabin area coupled with lower cabin altitude. More importantly, the jet is lower in cost compared to its competitors as it has its own optimized maintenance schedule and also retains a relatively higher residual, making it an attractive long-term investment for businesses.


• October 2019: Gulfstream Aerospace Corp. unveiled its latest business jet, the Gulfstream G700, at the National Business Aviation Association Convention & Exhibition in Las Vegas. The cabin space in the aircraft is one of the best and the most advanced in the industry. For example, it boasts of an innovative lighting system which artificially creates sunrise and sunset within the aircraft using white and amber LEDs. This is meant to facilitate a smooth transition between time zones for customers, minimizing the impact of jet-lag in long-distance flights. In terms of space as well the aircraft is miles ahead of its competitors. For instance, it contains an ultra-large passenger lounge room and a humungous conference room along with a master bedroom with a shower. Lastly, the cabin hosts 20 windows, the largest in any business jet.


• October 2019: Bombardier’s small business jet, the Liberty Learjet 75, was recently revamped and remodelled by the company, offering more leg room and coming with a lower price tag. The move is aimed at gaining ground that Bombardier had lost to its rival, the Brazilian aircraft company Embraer. Costing USD 13 million in 2018, the price of the Learjet has been brought down to USD 9.9 million by the Canadian company. This has been achieved by removing some of the standard equipment usually found in jets such as the auxiliary power unit (APU). Thus, Bombardier hopes to increase its market share through competitive pricing.


• November 2019: Airbus Corporate Jets and Sabena Technics entered into an agreement under which Sabena will install self-protection systems in Airbus’s VIP jets in the form of directional infrared countermeasure (DIRCM). As the threat from portable air missile systems becomes graver, the DIRCM system uses lasers to protect the aircraft from such dangers. Airbus plans to install this solution to its other jetliners as well, with Sabena working as the system integrator.

These innovations, fueled by advanced technologies such as hybrid-electric propulsion systems, present a landmark progression in the field of aviation and the mighty role it plays in business activities. Furthermore, rising consciousness about global warming has spurred many companies into developing next-gen solutions that can lower carbon emissions. For example, in November 2019, Airbus SE announced that it is already working on building a 100-seater regional jet that will have zero carbon emissions and will be launched in the early 2030s.

Conclusion

Traveling using jets for conducting business transactions and other activities is vital for the survival of any enterprise, as, for most top-positioned executives, time is money. Business jets, though a seemingly unnecessary extravagance prima facie, save time and money in the long-run. With airliners becoming more responsible towards pollution, development of green aviation technology is set to become the new buzzword in the aviation industry, paving the way for greater innovations in the future and enhancing the potential of the global business jet market.