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(Transportation-News.com, May 29, 2020 ) The Business Jet Market is projected to grow from an estimated USD 24.7 billion in 2019 to USD 36.4 billion by 2030, at a CAGR of 3.6% during the forecast period. Factors such as increasing number of high net worth individuals, aging fleet size and upcoming new aircraft programs are expected to drive the growth of the market.
Key Market Players
Bombardier (Canada), Embraer (Brazil), Textron, Inc. (US), Gulfstream (US), Airbus (Netherlands), and Boeing (US), among others.
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Based on aircraft type, large segment projected to lead business jets market during the forecast period
Based on aircraft type, the large segment is projected to lead business jets market during the forecast period. This growth can be attributed to the comfort that large business jets provide. Large jets comprise standard heavy jets and ultra-long-range heavy jets, which are priced much higher than light and mid-sized jets. The delivered volume of large jets is 1/3rd that of total business jets, and its price is more than double of average business jet price, leading to a larger market share.
Based on systems, the avionics sub-segment of OEM systems is projected to grow at the highest CAGR from 2019 to 2030
The growth of this segment can be attributed to the periodic upgrades in avionics systems. Manufacturers are currently focusing on avionics components to develop products that are more reliable, accurate, and efficient. Continuous improvements in software technology have modified the human-machine interface of avionics systems. It has become more user-friendly and can automate a wide variety of in-flight tasks, thereby reducing the workload of the flight crew to a large extent.
The OEM segment is expected to grow at the highest CAGR in the business jets market during the forecast period
Based on the point of sale, the OEM segment is projected to grow at the highest CAGR from 2019 to 2030. The growth of this segment can be attributed to increasing aircraft deliveries during the forecast period. New aircraft programs such as Bombardier’s Global 5500, 6500, and 8000; Embraer’s Praetor 500 and 600; and Textron’s Citation Longitude, among others contribute to increasing OEM deliveries.
North America is estimated to account for the largest share of the business jet market in 2019
North America region is expected to account for the largest share of the global market in 2019. This can be attributed to the maximum number of high-net-worth individuals in this region, and presence of major business jet manufacturers in this region such as Textron (US), Bombardier (Canada), and Gulfstream (US), among others. Additionally, the availability of airports across North America enables ease in business travel across the region. Geographically, North America is the biggest region, by area, hence it is important for business travelers to opt for the fastest mode of transport to save time, resulting in increasing demand for business jets.
Asia Pacific is expected to be the fastest-growing region for business jet market during the forecast period
Asia Pacific’s GDP forecast is estimated to rise in the coming years, with developing countries such as China and India expected to have considerable growth potential for the market. China, in recent times, has become a market for huge foreign investments due to the stable growth and robust developments in its economy. With improvements in technology, business jets are acting as the emerging frontiers in the aircraft industry. Investments in more efficient power electronics, lightweight components, and competent batteries together drive the business jets market.
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