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The global business jet market size was valued at USD 46.51 billion in 2024. The market is anticipated to grow from USD 48.13 billion in 2025 to USD 67.68 billion by 2032, exhibiting a CAGR of 4.99% during the forecast period.
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Request SampleA business jet is designed to transport small groups of people. Recently, there has been exceptional growth in the number of high-net-worth travelers, thereby generating a high demand for private aviation and procurement of enhanced business aircraft. 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 crucial trend seen in the market is the adoption of improved interiors and technological equipment in aircraft. This entails the incorporation of cutting-edge safety features, combat technology, and a modern flight deck in business aircraft. Additionally, major market participants are concentrating on introducing state-of-the-art private jets to offer clients an unparalleled experience equipped with various safety measures. For instance,
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 COVID-19-positive cases declined, airport operations were resumed and a huge growth in the number of passengers was observed after two years of the pandemic. This growth is expected to drive the market’s development during the forecast period.
Increasing Use of eVTOL Jets to Bolster Market Growth
The rise of electronic transportation methods has created a necessity to modify eco-friendly air travel techniques. A similar trend can be seen with the rising adoption of jets equipped with eVTOL technology. eVTOL stands for Electronic Vertical Takeoff and Landing, representing an advanced type of aircraft that is sustainable, quiet, and safe for travel. The demand for eVTOL is expected to rise during the forecast period due to greater awareness and adoption of environmentally friendly travel options. Furthermore, the increasing purchasing capabilities of individuals and a consequent rise in regular travel are anticipated to enhance the demand for eVTOL jets during the forecast period. For instance, in December 2022, the creator of eVTOL, AIR, completed its first full flight of eVTOL airplane, AIR ONE. This flight marked the switch from cruise to hover. The AIR ONE prototype is loaded to a full capacity of about 1,100 kgs.
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Increase in Purchasing Power and Net Worth of Individuals and Growth in Air Travel to Accelerate Market Growth
A steady rise in air travel in both developing and developed nations is expected to boost the need for new airports in key countries. This is a result of an increase in people's total wealth and buying power in a post-pandemic environment. The global economy is slowly thriving and reverting to its pre-pandemic state, increasing individuals' net worth, which, in turn, drives the business jet market growth.
Moreover, the rising urban development in Asia and increasing demand from nations, such as India and China will drive the market's expansion. The increasing demand for sophisticated business jets from wealthy individuals and the flourishing aviation industry is expected to propel the market's growth. Furthermore, with the global economy reopening post-pandemic, travel for business purposes has restarted, resulting in a general increase in the sales of these jets. The rising demand for suitable jet interiors and related services will also enhance the market’s growth during the forecast period.
Increase in Refurbishment of Pre-Owned Aircraft and Emergence of OEM Players to Drive Market Growth
A rise in the number of pre-owned planes being converted into corporate jets, along with a growth in the number of original equipment manufacturers in the business aircraft sector, is expected to fuel the market’s development during the forecast timeframe. The introduction of new models within the current fleet will stimulate the expansion of the global business aircraft market. As per data from the General Aviation Manufacturers Association (GAMA), corporate jet deliveries rose by more than 12% statistically in the first half of 2019. Owing to their benefits, the need for new designs, such as the Pilatus PC-24, Cirrus SF50 Vision, and Gulfstream G500, is at its peak. As purchasing power increases, numerous buyers of business jets have begun seeking customized interiors.
The emergence of new market players is expected to impact the market positively. Furthermore, advancements and customized aircraft refurbishment are significant drivers for the market. Key players are involved in creating customized corporate aircraft for customers, which will help them strengthen their positions in the market.
Cost of Procurement to Limit Market Growth
Acquiring private jets is expensive and requires a lot of time, making it unaffordable for most people. Only individuals with significant wealth and purchasing power, such as prominent business owners and celebrities, can afford these jets. The modification of used aircraft increases the total cost as it includes routine maintenance and repairs along with extra costs for new interiors. Moreover, various government approvals are required for purchasing a private jet, which consumes a lot of time. Therefore, although there is an increasing demand and technological progress, the expenses and time involved in buying a business aircraft can restrict the market to a certain extent.
Large Business Aircraft Segment Captured Largest Market Share Owing to Increased Business Travel
Based on business jet type, the market is segmented into light, mid-size, and large business aircraft.
The large business aircraft segment accounted for the highest market share, owing to a strong rise in business travel after the pandemic. In a post-pandemic scenario, after the resumption of air travel, companies and the global economy have started to show pre-pandemic growth patterns, leading to a subsequent rise in air travel for business.
The light and mid-sized corporate jet segments held significant market shares and are projected to record a steady CAGR owing to their high availability and comparatively lower procurement cost than that of large private jets.
Increased Investments in Aerospace Technology to Boost Propulsion System Segment Growth
Based on 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 highlights the segment's importance and priority for investments in aerospace technology. The propulsion system segment is expected to dominate the North America business jet market during the forecast period. The push for environmentally friendly air travel through fuel efficiency and emission reduction efforts, including hybrid-electric propulsion systems, is a key driver.
The cabin interiors segment is expected to grow significantly during the forecast period due to the demand for MRO services and aircraft modernization programs.
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Fleet Modernization and an Increasing Demand for Jets Boost Operators Segment Growth
Based on end-user, the market is classified into operators and private.
The operators segment dominated the market in 2024, driven primarily by fleet modernization and an increasing demand for jet operators, especially in North America and Europe. This trend is expected to continue, with the operator segment projected to be the fastest-growing in the market. Operators and charter providers are investing heavily in modernizing their aging fleets. Operators have cost advantages due to economies of scale, enabling them to service their fleets more efficiently than private owners.
The private segment is anticipated to grow during the forecast period. This is due to the increasing demand for private jets from high-net-worth individuals and corporate companies.
Pre-Owned Segment Held Market Dominance Owing to Increased Demand for Refurbished Aircraft
The market is divided into pre-owned and new deliveries based on ownership.The pre-owned segment accounted for a higher market share owing to the historical availability of pre-owned aircraft. Additionally, a rise in the refurbishment of old aircraft as new private jets is anticipated to boost the segment’s growth during the forecast period.
Growth in net worth, purchasing power, and increased business-related travel are expected to boost the new deliveries segment’s growth during the forecast period of 2025-2032.
The market is segmented into North America, Europe, Asia Pacific, Middle East, and the rest of the world.
North America Business Jet Market Size, 2024 (USD Billion)
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North America dominated the global business jet market share in 2024 and was valued at USD 20.81 billion. The market’s growth in this region is due to the presence of major players & the largest fleet size, rising demand for electric aircraft, and availability of required infrastructure. The growing demand for business aircraft in the U.S. and Canada will drive the market’s growth in North America.
Asia Pacific is expected to demonstrate significant growth between 2025 and 2032. The regional market’s expansion is attributed to the rising advancements and funding of infrastructures by nations, such as Japan, India, and China. Furthermore, the utilization of business aircraft in these countries is expected to propel the regional market’s growth as operators and service providers are increasingly employing aircraft in these nations. Clients normally use corporate jets for challenging long-distance routes and due to additional travel limitations. In the global market, Asia Pacific has seen the greatest demand for large jets.
Europe is expected to exhibit substantial growth between 2025 and 2032. This is attributed to an increase in leasing options, technology-enhanced aircraft, and charter service companies and operators. Air Partner, Jetfly, NetJets Europe, and VistaJet are among the leading charter companies in this region. Moreover, due to changes in passengers' flying habits, the expansion of the market increased significantly in 2024.
During the forecast period, the Middle East is projected to witness constructive growth owing to high product demand in large economies, such as UAE, Saudi Arabia, and Israel. The growing implementation of aviation emission rules has 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 in promoting the market’s growth.
The market in the rest of the world will grow moderately from 2025-2032. The growth in these regions is due to increased spending on procuring next-generation jets from Latin America and Africa. Rising budgets and the growing introduction of programs for modernizing fleets will propel the market’s growth.
Key Players to Focus on Providing Variety of Cost-Effective Services to Survive Market Competition
The market's competitive landscape is highly fragmented due to the presence of several major players, such as Airbus SAS and The Boeing Company. These companies are focusing on providing best-in-class corporate jets. Moreover, jet manufacturers are producing technologically advanced hybrid engines and establishing solid partnerships with emerging economies.
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, it provides insights into the market trends, competitive environment, market competition, product prices, and market conditions, focusing on key industry developments. In addition to the above-mentioned factors, the report contains several factors that have contributed to the growth of the global market in recent years.
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ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2032 |
Historical Period | 2019-2023 |
Unit | Value (USD Billion) |
Growth Rate | CAGR of 4.99% from 2025-2032 |
Segmentation
| By Business Jet Type
|
By System
| |
By End-user
| |
By Ownership
| |
By Region
|
Fortune Business Insights stated that the global market size was valued at USD 46.51 billion in 2024 and is anticipated to grow to USD 67.68 billion by 2032.
Registering a CAGR of 4.99%, the market will exhibit rapid growth during the forecast period of 2025-2032.
By ownership, 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 2024.
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