Global Business Jet Market to Experience 5.19% CAGR during 2023-2030; Key Payers Providing Variety of Cost-Effective Services will result in Market Expansion: Fortune Business Insights™

The global business jet market growth was valued at USD 42.14 billion in 2022. The market is anticipated to grow from USD 43.97 Billion in 2023 to USD 62.66 Billion by 2030, exhibiting a CAGR of 5.19% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Business Jet Market Size, Share & COVID-19 Impact 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, 2023-2030”.

Small groups of passengers can be transported on a business jet. High-net-worth passengers have increased significantly in recent years, which has increased demand for private aviation services and boosted business aircraft sales globally. Additionally, business aviation's core and traditional pivots remain strong due to demand from corporate clients and high-net-worth individuals. Furthermore, it is projected that fleet modernization initiatives by developed and developing countries would strengthen fleet capabilities and spur demand for new charter services with improved cabin interiors and cutting-edge avionics.

Supply Chain Disruption Plunged Business Jets Market During Pandemic

Global lockdown and strict travel regulations impacted the market severely. Stringent travel laws nationwide poorly affected the market. Aviation operations were halted during the pandemic resulting in low demand for business jets. However, the market observed an increase in the number of passengers after the pandemic and is expected to grow during the forecast period.

To Increase Production and Developmental Capabilities, Companies Focus on Acquisitions

Pipistrel was purchased by Textron Inc., a US-based corporation in the aerospace industry, in April 2022 for USD 235 million. By making this acquisition, Textron hopes to increase the scope of its production and product development capabilities and establish itself as a leader in environmentally friendly aircraft. The operation of Pipistrel will fall under Textron's new business division, Textron eAviation. A Slovenian company called Pipistrel makes light electric private aircraft.

Market Expansion is Driven by an Increase in the Refurbishment of Used Aircraft and the Emergence of OEM Players

In the forecast period, it's expected that the number of previously owned aircraft converted to corporate jets and the number of original equipment manufacturers will rise. Adding new models to the current fleet fuels the expansion of the world business aviation market. GAMA, the General Aviation Manufacturers Association, reported that in the first half of 2019, there was an increase in corporate jet deliveries of over 12%. Due to their benefits, the desire for new models like the Pilatus PC-24, Cirrus SF50 Vision, and Gulfstream G500 is at its peak.

One of the main obstacles preventing the global business jet market growth is the high price and time required to buy private jets.

Competitive Landscape

To Survive in the Market, Key Players are Concentrating on Offering a Variety of Cost-Effective Services

Many significant companies are in the market, including Airbus SAS and the Boeing Company, which has resulted in a highly fragmented competitive landscape. These businesses concentrate on offering top-tier business aircraft. Additionally, hybrid engines with cutting-edge technology are being produced by jet makers, and strong alliances with developing countries are being formed.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/business-jet-market-101585

Notable Industry Development:

November 2022 -   KlassJet, a European charter, corporate ad ACMI service provider, have added Boeing Business Jet 2 to expand their executive aircraft fleet. The business jet is in an interior renewal process and is expected to meet sophisticated needs of VIP travelers. The 23-seater jet will have a lounge and on-board bedroom and shower.

List of Key Players Profiled in the Report:

• Airbus SAS (Netherlands)


• The Boeing Company (U.S.)


• Bombardier (Canada)


• Dassault Aviation (France)


• Embraer SA (Brazil)


• Gulfstream Aerospace Corporation (U.S.)


• HondaJet (U.S.)


• Textron, Inc. (U.S.)


• Aviation Aircraft (Israel)


• XTI. Aircraft (U.S.)


• Zunum Aero (U.S.)


• Joby Aviation (U.S.)

Further Report Findings:

• In 2022, North America dominated the market and had a USD 19.88 billion market value. The corporate aircraft market is expanding throughout the region as a result of the existence of significant key players, the greatest fleet size, the rising demand for electric aircraft, and the accessibility of necessary infrastructure. Initially driving the uptake of business aircraft in North America is the rising demand for business jets in the US and Canada.


• Between 2022 and 2030, the Asia Pacific is expected to experience spectacular growth. The expansion is the result of increased infrastructure investment and development by nations like China, India, and Japan.


• By 2030, Europe will have experienced significant expansion. This is brought on by an increase in lease facilities and airplanes with advanced technologies.

Table of Segmentation