Business Jet Market to Record CAGR of 4.99% Over 2025-2032; Rising Refurbishment of Pre-Owned Aircraft to Propel Market Growth

The business jet market size was valued at USD 46.51 billion in 2024 and is predicted to reach USD 48.13 billion in 2025. The market is anticipated to touch USD 67.68 billion by 2032, recording a CAGR of 4.99% over 2025-2032.

Fortune Business Insights™ presents this information in its latest report titled “Business Jet Market Size, Share & Industry Analysis, By Business Jet Type (Light Business Jet, Mid-sized Business Jet, and Large Business Jet), By System (Propulsion System, Aero structure, Cabin Interiors, Avionics, and Others), By End-User (Operators and Private), By Ownership (Pre-owned and New Deliveries), and Regional Forecast, 2025-2032”.

A business jet is an aircraft designed to carry and transport small groups of people. These jets, as the term suggests, are used for business travels by both organizations and High-Net-Worth Individuals (HNWIs). The strong growth in the number of HNWIs has boosted the demand for private aviation. Moreover, both developed and developing countries are introducing a wide range of fleet modernization initiatives and programs, which will also boost the demand for business jets.

COVID-19 Pandemic Slowed Market Progress Due to Decline in Air Travel

The COVID-19 outbreak had a negative impact on the market’s growth as governments across the world imposed travel restrictions to prevent the spread of the virus. This caused a notable decrease in the volume of air travel, which reduced the demand for business jets.

Rising Refurbishment of Pre-Owned Aircraft to Propel Market Growth

An increasing number of pre-owned aircraft are being sent for refurbishment to convert them into business jets. Moreover, there has been a notable rise in the number of Original Equipment Manufacturers (OEMs) in the business aircraft industry. New models of aircraft are being introduced in the existing fleet. According to data published by the General Aviation Manufacturers Association (GAMA), the delivery of new corporate jets increased by over 12% during the first half of 2019. These factors collectively will boost the adoption of business jets, thereby fueling the market’s growth.

However, purchasing new business jets requires high financial investment, which can hamper their adoption by budget-conscious customers.

Airbus Corporate Jets Partnered With AMAC Aerospace to Enter Former’s Services Center Network

In December 2024, Airbus Corporate Jets (ACJ) revealed that it had inked a partnership deal with AMAC Aerospace in Basel, Switzerland, to enter the ACJ Services Centre Network. AMAC is expected to offer ACJ’s customers a vast variety of personalized capabilities, such as engineering, maintenance, VIP cabin refurbishment, and upgrade services. The deal was signed at the MEBAA 2024, the Middle East and North Africa's key business aviation event held in Dubai.

Key Market Players to Enter Partnerships and Collaborations to Launch Novel Business Jets

Some of the top companies driving the business jet market growth are focusing on entering partnerships, collaborations, and acquisitions with other market players to develop technologically advanced business aircraft. These strategies will help them expand their current range of products and increase their business presence in various regions.

Notable Industry Development:

• June 2024 - Pilatus formed a partnership with Synhelion to promote the use of solar fuel technology and increase the adoption of solar-generated fuels in the aviation sector. Pilatus revealed that it aimed to integrate Synhelion’s advanced solar fuels into its processes and provide them to its customers.

List of the Companies 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.)
• Eviation Aircraft (Israel)
• XTI. Aircraft (U.S.)

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

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

Further Report Findings

• North America held the largest global business jet market share in 2024 as the region has a strong aviation infrastructure, which is critical to support the production and operation of these jets. Moreover, countries, such as the U.S. have a vast presence of leading aircraft manufacturers, which will further fuel the regional market’s growth.
• Europe is also anticipated to record commendable growth during the forecast period due to a rise in aircraft leasing options and an increase in the presence of reputed charter service companies.
• Based on business jet type, the large business aircraft segment held the biggest market share due to a robust growth in the volume of business travel.

Table of Segmentation