Business Jets Market

Business Jets Market Overview

A business jet is designed for transporting small groups of people or maybe adapted for other roles, such as express parcel deliveries or evacuation of casualties. These aircraft are used by government officials, public bodies, individuals, VIPs, athletes, corporates, and armed forces.

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Major Business Jets Market Drivers

The key factors propelling the growth of the global business jets market share, in terms of revenue, include the constant wealth creation in mature markets and the increasing penetration of business aviation in developing economies. Business jets are used by public authorities, armed forces, and government officials for various tasks, such as express parcel deliveries, travel, and casualty evacuation. There is an increasing popularity of long-range aircraft in the aviation sector as they offer optimum comfort, performance, and economy. Nowadays, airline travel is becoming stressful and tedious for higher personalities due to the increase in the number of travelers, which has surged the number of individuals preferring business aircraft for convenience, comfort, and privacy. As per the business jets market analysis, there has been a rise in the adoption of business jets by high-net-worth individuals, which has subsequently boosted the demand. Moreover, the availability of superior private jets, such as Bombardier Challenger 350, Cessna Citation Latitude, Embraer Phenom 300, among others, are some other factors, which are significantly contributing to the growth of the global business jets market.

Impact of COVID-19 on the Business Jets Market

The business jets market has been adversely affected by the widespread COVID-19 pandemic due to temporary halts in production and disruption in the supply chain. Air travel restrictions both on domestic and international flights were imposed across the globe, which has negatively impacted the aviation industry.

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Type – Segment Analysis

Based on the type, the large segment is anticipated to grow at a faster CAGR over the forecast period. Large aircraft offer various benefits, which include speed, range, and cabin comfort. Moreover, in recent years, several manufacturers, such as Dassault Aviation, Bombardier, and Gulfstream, have added large business aircraft to their portfolio due to its numerous benefits. Manufacturers are now coming up with newer models of large business aircraft that are suitable for longer flights and can deliver unprecedented performance and flexibility. For instance, in 2020, Dassault Systems came out with Falcon 6X, which has a range of 5500 nm and top speed of Mach 0.90. These innovations are likely to boost the growth of the large segment in the global business jets market.

Business Model – Segment Analysis

On the basis of the business model, the on-demand service segment is expected to grow at a higher CAGR over the forecast period. These services are divided into air taxis, jet card programs, and branded charters. There has been an increase in the branded charter operators across the globe. These operators provide on-demand flight access as well as competitive trip-specific pricing. These factors play a crucial role in supplementing the growth of the on-demand service segment in the global business jets market.

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Region – Segment Analysis

Based on the region, the North America region is projected to grow at a higher CAGR during the forecast period. North America has been the hub of business aviation over the past few decades due to the constant growth, especially in the U.S. Furthermore, U.S. is one of the earliest adopters of business aircraft, which has increased the demand for new and replacement aircraft in this region. Moreover, the presence of a huge number of high-net-worth individuals supported by the presence of major business aircraft manufacturers, which includes Bombardier (Canada), Textron (US), Gulfstream (US), among others is another factor propelling the growth of the business jets market in North America. 

Top Market Players

Various notable players operating in the market include Dassault Aviation, Airbus S.A.S., Textron Aviation Inc., Boeing, Bombardier, Embraer SA, PILATUS AIRCRAFT LTD, Gulfstream Aerospace Corporation, MSC Aerospace LLC, Honda Aircraft Company, among others.

Key Developments

• • In 2019, Bombardier signed a long-term lease agreement with the Greater Toronto Airports Authority (GTAA) to develop a new state-of-the-art Global Manufacturing Center at Toronto Pearson International Airport. The facility is built to optimize final assembly operations for all business jets.
  • In 2019, Dassault Aviation received a contract from the French Defense Procurement Agency (DGA) for two Falcon 8X aircraft equipped with the Thales new-generation payload CUGE (universal electronic warfare capability) under an Archange airborne strategic program.

 Segments of the Business Jets market:

The global business jets market has been segmented on the basis of type, business model, and regions. Based on type, the market is segmented into light, medium, and large. Based on business model, the market is segmented into on-demand service and ownership. The on-demand service segment is further segmented into air taxis, branded charters, and jet-card programs. The ownership segment is further segmented into fractional ownership and full ownership. 

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Key questions answered in this research report:

• • At what pace is global business jets market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in business jets market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global business jets market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various business model areas of global business jets market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Business Model, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Dassault Aviation, Airbus S.A.S., Textron Aviation Inc., Boeing, Bombardier, Embraer SA, PILATUS AIRCRAFT LTD, Gulfstream Aerospace Corporation, MSC Aerospace LLC, Honda Aircraft Company, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Business Jets Market by Type

• • Light
  • Medium
  • Large

Global Business Jets Market by Business Model

• • On-Demand Service
    • Air taxis
    • Branded Charters
    • Jet-Card Programs
  • Ownership
    • Fractional Ownership
    • Full Ownership

Global Business Jets Market by Region

• • North America Business Jets Market (Option 1: As a part of the free 25% customization)

    • North America Market by Type
    • North America Market by Business Model
    • US Market All-Up
    • Canada Market All-Up

  • Europe Business Jets Market (Option 2: As a part of the free 25% customization)

    • Europe Market by Type
    • Europe Market by Business Model
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Business Jets Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Market by Type
    • Asia-Pacific Market by Business Model
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Business Jet Market (Option 4: As a part of the free 25% customization)

    • RoW Market by Type
    • RoW Market by Business Model
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Business Jets (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Dassault Aviation
  • Airbus S.A.S.
  • Textron Aviation Inc.
  • Boeing
  • Bombardier
  • Embraer SA
  • PILATUS AIRCRAFT LTD
  • Gulfstream Aerospace Corporation
  • MSC Aerospace LLC
  • Honda Aircraft Company