"Smart Market Solutions to Help Your Business Gain Edge over Competitors"

Business Jet Market Size, Share & Industry Analysis, By Business Jet Type (Light Business Jet, Medium Business Jet, and Large Business Jet), By System (Propulsion System, Aero structure, Cabin Interiors, Avionics, and Others), By End-User (Operators and Private), By Owner (Pre-owned and New Deliveries), and Regional Forecast, 2024-2032

Last Updated: May 13, 2024 | Format: PDF | Report ID: FBI101585



Play Audio Listen to Audio Version

The global business jet market size was valued at USD 43.97 billion in 2023 and is anticipated to grow from USD 45.9 billion in 2024 to USD 66.97 billion by 2032, exhibiting a CAGR of 5.4% during the forecast period.


Request Sample

A business jet is designed to transport small groups of people. Recently, there has been exceptional growth in high-net-worth travelers generating a high demand for private aviation and procurement of enhanced business aircraft sales worldwide. Additionally, fleet modernization programs by developed and emerging economies are anticipated to improve fleet capabilities and generate demand for new charter services with enhanced cabin interiors and advanced avionics.

A key trend to sustain in the market is the implementation of better interiors and technology equipment in aircraft. This includes using advanced safety features, fighter technology, and innovative flight deck in corporate jets. Furthermore, key market players are focusing on launching advanced private jets to provide customers with an unmatched experience with all safety features. For instance,

  • In May 2021, Dassault Aviation, a military and business aircraft manufacturer headquartered in France, introduced Falcon 10X, featuring industry's largest cabin and latest technology equipped on a corporate jet. The Falcon 10X is expected to provide unrivaled passenger comfort on long and short-haul flights, and ground-breaking safety measures derived from Dassault's frontline fighter technology.

During the COVID-19 pandemic airport operations were completely stopped subsequently leading to a strong decline in the demand for business jets. However, as the number of cases declined, airport operations were resumed and a huge growth in the number of passengers has been observed after two years of pandemic. This growth is expected to drive the market demand in the forecast period.

Business Jet Market Trends

Increasing Use of eVTOL jets Bolster Market Growth

The emergence of electronic transport mediums has led to a need to adapt sustainable air travel methods. The same can be observed with the increased use of eVTOL technology-equipped jets. eVTOL refers to Electronic Vertical Takeoff and Landing aircraft, a next-generation aircraft that is sustainable, quiet, and safe to travel. The demand for eVTOL is anticipated to grow in the forecast period with an increase in the awareness and use of eco-friendly ways of travel. Additionally, the rising purchasing power of personnel and a subsequent rise in frequent travel is expected to boost the eVTOL market in the forecast period. For instance, in December 2022, the creator of eVTOL, AIR, completed their first complete flight succeeding in proper transition in cruise and hover. The AIR ONE prototype is loaded to a full capacity of about 1100Kgs.

Request a Free sample to learn more about this report.

Business Jet Market Growth Factors

Increase in Purchasing Power and Net Worth of Individuals and Increased Air Travel to Accentuate Market Growth

A continuous increase in air travel in developing and developed countries is anticipated to increase demand for new airports in major countries. This is due to a rise in individuals' overall net with and purchasing power in a post-pandemic scenario. The economy is gradually flourishing and returning to the pre-pandemic situation, leading to a rise in people's net worth, hence growing market for corporate jets.

Furthermore, growing urbanization in Asia and increasing demand from countries like India and China propel the market's growth. The rising demand for advanced business aircraft from millionaires and the thriving aviation sector drive the market's growth. Additionally, as the economy reopens after the pandemic, business-related travel has resumed, leading to an overall accentuation in market growth. Increased demand for appropriate jet interiors and associated services will boost the market in the forecast period.

For instance, in January 2024, Adani Group, an Indian multinational company, announced that it had purchased six business jets. The jets were Pilatus PC-24 and the contract was worth USD 36.29 million.

Increase in Refurbishment of Pre-Owned Aircraft and Emergence of OEM Market Players Drive Market Growth

An increased number of pre-owned aircraft renewed as corporate jets and an increase in the number of original equipment manufacturers in the business aircraft market are anticipated to grow in the forecast period. Introducing new models in the existing fleet drives the growth of the global business aircraft market. According to the data from GAMA, the General Aviation Manufacturers Association, the deliveries of corporate jets increased statistically by over 12% in the first half of 2019. Due to their advantages, the demand for new models such as Pilatus PC-24, Cirrus SF50 Vision, and Gulfstream G500 is maximum. With a growth in purchasing power, many business jet buyers have started demanding customized interiors.

  • For instance, in October 2023, Boeing Business Jets, a business jets segment of The Boeing Company, unveiled a premium cabin selection for its range of Boeing VIP Jets. The premium cabin selection is available for BBJ 737-7 at a fixed price.

The emergence of new market players is expected to grow the market positively. Furthermore, advancements and customized aircraft refurbishment are significant drivers for the market. Key market players are involved in customized corporate aircraft-making for customers, leading to the personalization of the aircraft according to the customer.


Cost of Procurement to Limit Market Growth

Procuring private jets is costly and time-consuming and isn’t affordable for the general public. Only people with high purchasing power and net worth, such as big business owners and celebrities, can afford private jets. Customization of pre-owned aircraft adds to the overall cost since it involves general maintenance and repair and additional costs of new interiors. Additionally, numerous government procedures are involved in procuring a private jet, which takes processing time. Hence, despite growing demand and technological advancements, the cost and time for procuring a business aircraft limit the business jet market growth to a certain limit.

Business Jet Market Segmentation Analysis

By Business Jet Type Analysis

Large Business Jet Share Accounted for the Largest Market Share, Owing to Increased Business Travel

The type is segmented into light, mid-size, and large business aircraft.

The large business aircraft segment accounted for the highest market share, owing to the strong demand for business travel after the pandemic. In a post-pandemic scenario, when all air travel has been resumed, companies and the global economy have started to return to growth patterns leading to a subsequent rise in air travel for business.

The light and medium corporate jet segments held significant market shares and are projected to grow at a steady CAGR owing to high availability and comparatively lower procurement cost than large private jets. 

By System Analysis

The Presence of Major Market Players to Boost the On-Demand Segment Growth  

Based on the system, the market is divided into propulsion system, aero structure, cabin interiors, avionics, and others.

The propulsion system segment will dominate the market during the forecast period. This growth can be attributed to the rising demand for new business aircraft in countries such as China, UAE, and the U.S. Additionally, the growth is also owing to the rise in many private jet service providers in developed and emerging economies.

The cabin interiors segment is expected to grow significantly during the forecast period due to the demand for MRO services and aircraft modernization programs.

  • For instance, in November 2023, Soisa Aircraft Interiors, a Mexico-based aircraft interiors company, announced the expansion of its Dubai facility in United Arab Emirates (U.A.E.). The new facility has quadrupled in size, featuring specialized production lines with dedicated units for dress cover lamination, curtains, and cutting areas.

To know how our report can help streamline your business, Speak to Analyst

By End-user Analysis

Increasing Net Worth of Individuals to Increased Demand for Private Segment

The end-user segment is classified into operators and private end users.

The operator segment dominated the market in 2023. The increase in fleet modernization and demand for private jet operators across North America and Europe drive the segment's market growth.

The private segment is anticipated to increase during the forecast period. This is due to the increasing demand for private jets from high-net-worth individuals and corporate companies.

By Ownership Analysis

Preowned segment to Hold Dominance in Forecast Years Owing to Increased Demand for Renewed Aircraft

The market is divided into preowned and new deliveries based on ownership. The pre-owned segment accounted for a higher market share owing to the historical availability of preowned aircraft. Additionally, a rise in the refurbishment of old aircraft as new private jets is anticipated to boost market growth in the forecast period.

Growth in net worth, purchasing power, and increased global business-related travel is expected to boost the market for the new deliveries segment from 2024-2032.


The market is segmented into North America, Europe, Asia Pacific, the Middle East, and the Rest of the World.

North America Business Jet Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample

North America dominated the business jet market share in 2023 and was valued at USD 19.71 billion. The growth in this region is due to the presence of major key players, the largest fleet size, rising demand for electric aircraft, and availability of required infrastructure propelling the corporate aircraft market growth across the region. The growing demand in the U.S. and Canada preliminarily drives the adoption of business aircraft in North America.

The Asia Pacific is projected to show remarkable growth during 2024-2032. The growth is due to the increasing development and investment of infrastructures by countries like Japan, India, and China. Additionally, the adoption of business aircraft in countries of the region is likely to drive the Asia Pacific region due to operators and service providers' increasing usage of aircrafts in these countries. Customers’ preference for corporate jets for the demanding long-range routes and due to other travel restrictions. Even in the global market, there has been the highest demand for large jets from the Asia Pacific market.

Europe will showcase significant growth from 2024 to 2032. This is due to a rise in leasing facilities, advanced technology-based aircraft and charter service providers and operators. Air Partner, Jetfly, NetJets Europe, and VistaJet are some of the prominent charter providers in Europe. Furthermore, due to changing flying behavior of passengers, the growth of private jets in the market has surged during 2023.

During the forecast period, the Middle East region is projected to witness constructive growth owing to high demand in large economies such as the UAE, Saudi Arabia, and Israel. Growing aviation emission rules have fueled the demand for private and newer aircraft. Furthermore, prominent high-net-worth individuals (HNWI) in the Middle East have positively impacted the market's demand-side dynamics. In contrast, the associated ownership benefits, such as evolving fractional ownership or private jet card programs, have been critical factors in promoting market growth.

The rest of the world will grow moderately from 2024 to 2032. The growth in this region is due to increased spending on procuring next-generation jets from Latin America and Africa. The rising budget and growing programs for modernizing fleets propel market growth.

List of Key Companies in Business Jet Market

Key Players Focus on Providing a Variety of Cost-Effective Services to Survive the Market

The market's competitive environment is highly fragmented due to several major players, such as Airbus SAS and the Boeing Company. These companies focus on providing best-in-class corporate jets. Moreover, jet manufacturers look forward to producing technologically advanced hybrid engines and establishing solid partnerships with emerging economies.

List of Key Companies Profiled:


  • December 2022 – The Indian government has unveiled the new operation of the luxury business jet terminal at Kochi, Kerala. The main attraction of the terminal is the shortest car-to-aircraft distance since the distance from the car porch to the airside is about 100 meters. After completing security check-in and immigration formalities, a passenger can reach the aircraft within two minutes.

  • December 2022 – Gulfstream Aerospace Corp., along with Rolls Royce, to conduct an OEM test flight of a business jet powered by sustainable aviation fuel. The aircraft is said to be of ultralong range and twin range, and the test flight took place in the headquarters of Gulfstream.

  • July 2022 – Dassault Aviation selected IAI (Israel Aerospace Industries) to produce and design all-composite wing movable surfaces for long range Falcon 10X business jet. The IAI is expected to progress the design phase of wing movable surfaces and support in the meeting high demand for the new aircraft.

  • April 2022 Textron Inc., a US-based aircraft industry company, acquired Pipistrel for USD 235 million. With this acquisition, Textron aims to expand its manufacturing and product development capabilities and make Textron a global leader in sustainable aircraft. Pipistrel will be operated under Textron’s new business segment called Textron eAviation. Pipistrel is a Slovenia-based light private electric aircraft manufacturer.

  • September 2021 – Gulfstream Aerospace Corp. launched a new ultra-long-range plane, which is also said to be the world’s largest purpose-built business jet and is called G700. The new private jet is said to be costed at 75 million USD. The aircraft can accommodate a full-size bed, shower, and five living spaces for up to 19 passengers.

An Infographic Representation of Business Jet Market

To get information on various segments, share your queries with us


The report provides detailed information on the market and focuses on aspects such as service types, airport types, infrastructure types, and key players. In addition, market research reports provide insights into corporate jet service trends, competitive environment, market competition, product prices, and market conditions, focusing on key industry developments. In addition to the above factors, it contains several factors that have contributed to the sizing of the global market in recent years.

To gain extensive insights into the market, Request for Customization

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion)

Growth Rate

CAGR of 5.4% from 2024-2032





By Business Jet Type

  • Light Business Jet

  • Mid-Sized Business Jet

  • Large Business Jet

By System

  • Propulsion System

  • Aero structure

  • Avionics

  • Others

  • Cabin Interiors

By End-user

  • Operator

  • Private

By Ownership

  • Preowned

  • New-deliveries

  •   North America (By Business Jet Type, By System, By End-User, By Point of Sale By Ownership, By Country)

    • The U.S. (By Business Jet Type)

    • Canada (By Business Jet Type)

  • Europe (By Business Jet Type, By Platform; System; By End-User; By Point of Sale; By Ownership and Country)

    • The U.K. (By Business Jet Type)

    • Germany (By Business Jet Type)

    • France (By Business Jet Type)

    • Russia (By Business Jet Type)

    • Rest of Europe (By Airport Type)

  • Asia-Pacific (By Business Jet Type, By Platform; System; By End-User; By Point of Sale; By Ownership and Country)

    • China (By Business Jet Type)

    • India (By Business Jet Type)

    • Japan (By Business Jet Type)

    • Australia (By Business Jet Type)

    • Rest of Asia-Pacific (By Business Jet Type)

  • Middle-East (By Business Jet Type; By Platform; System; By End-User; By Point of Sale; By Ownership, and Country)

    • The UAE (By Business Jet Type)

    • Saudi Arabia (By Business Jet Type)

    • Israel (By Business Jet Type)

    • Turkey (By Business Jet Type)

    • Rest of the Middle East (By Business Jet Type)

  • Rest of the World (By Business Jet Type; By Platform; System; By End-User; By Point of Sale; By Ownership, and Sub-region)

  • Latin America ( By Business Jet Type)

Frequently Asked Questions

Fortune Business Insights stated that the global market size was valued at USD 43.97 billion in 2023 and is anticipated to grow to USD 66.97 billion by 2032.

Registering a CAGR of 5.4%, the market will exhibit rapid growth during the forecast period of 2024-2032.

The pre-owned segment will dominate this market during the forecast period.

The Boeing Company and Airbus S.A.S are the leading players in the global market.

North America dominated the market in terms of share in 2023.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 250

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.