Business Jet Market Share, Size, Trends, Industry Analysis Report, By Type; By Platform; By System (Propulsion System, Aerostructure, Avionics, Others); By Region; Segment Forecast, 2022 - 2030
- Published Date:Nov-2022
- Pages: 118
- Format: PDF
- Report ID: PM2782
- Base Year: 2021
- Historical Data: 2018-2020
Report Summary
The global business jets market was valued at USD 29.18 billion in 2021 and is expected to grow at a CAGR of 4.17% during the forecast period.
The expansion is expected to be fueled by elements including ongoing wealth development in developed regions and expanding business aviation in emerging economies. It is anticipated that the introduction of new, technologically superior aircraft models would further stimulate the rise.
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Due to convergence in adoption towards levels seen in mature markets, it is anticipated that bizjet demand would rise in emerging economies all over the world. For instance, the market for private aircraft services in Europe increased by 26% in 2021, mostly due to tourists looking for opulent excursions while visiting various locations. Globally, the business aviation industry recorded a 21% increase in demand from travelers for private flights, which is less than what was observed in Europe. These patterns show how closely related the private jet sector and international travel are.
Due to technological advancements in this industry, the business jet market will have more growth potential in the future. In order to enhance the functionality and dependability of bizjet, several electrical and electronic systems will be updated and modernized with new software and hardware. OEMs will have a greater chance of capturing market share by using hybrid-electric propulsion technologies. In hybrid-electric propulsion technology, a gas turbine and an electric generator are coupled to generate a turbogenerator.
A series of electric motors that drive the aircraft forward using rotors and propellers are powered by batteries that are connected to this turbogenerator. According to Pratt & Whitney Canada, a division of Raytheon Technologies Corp., the flight demonstrator programmer and hybrid-electric propulsion technology will progress in July 2021. Hybrid technology is being developed with backing from the Canadian and Quebecian governments, with flight tests beginning, in 2024.
Air travel demand has decreased since the coronavirus epidemic as a result of the pandemic's altered market dynamics brought on by travel limitations and rigorous aviation regulations. In November 2021 compared to the same month in 2019, the volume of international air cargo carried by Asia-Pacific carriers increased by 5.2%, according to an IATA report. Just slightly less growth than the previous month's 5.9% was seen. In November compared to the prior year, the area's international capacity fell by 9.5%. Governments and regional groupings from all over the world have developed supply chain management solutions by taking local issues into account during COVID-19.
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Industry Dynamics
Growth Drivers
Technology advancements are having a big impact on the market for business jets. Most users of these jets utilize them for either personal or professional reasons. The jet provides convenient, affordable access to locations across the country and around the globe, efficient lengthy flight times, safety, and security. Bizjet with the best safety features, the largest cabins, the most advanced flight decks, and other luxuries use the most cutting-edge technologies, such as fighter technology. Key businesses are focusing on making technologically advanced business jets in order to give customers an unmatched experience with all the safety features.
For instance, according to a published by the European Commission, "first, passenger comfort should be consistently improved," says Michael Loupis, project coordinator for the TAVAC project, which is sponsored by the EU. Second, as more lightweight airframes and more potent and efficient aircraft engines are adopted, the intensity of engine and airframe vibrations increases while the damping capacity of the fuselage decreases, posing a challenge to increasing airframe and engine efficiency.
Report Segmentation
The market is primarily segmented based on type, platform system, and region.
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By Type |
By Platform |
By System |
By Region |
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Light Business Jet are the industry's largest market segment in 2021
The Light Business Jet segment is projected to continue to dominate in 2021. The market for light aircraft of the type used for private jets is expanding as intercity travel demand rises. But the fact that bizjets are inexpensive and pleasant for short flights is also helping to increase demand for these vehicles.
Any aircraft with a maximum gross takeoff weight under 12,500 lb. is considered a light aircraft. The aviation authorities of different countries define slow-flying lightweight aircraft differently, and as a result, these aircraft are subject to diverse legal regimes.
In addition, particulates and nitrogen oxides produced by aircraft at cruising altitudes warm the atmosphere, worsening the severity of climate change. This problem is manageable due to the fact that electrically powered aircraft, like electric vehicles, are shown significant potential for providing long-term, emission-free aviation operation.
These state-of-the-art aircraft developments will soon lead to an abundance of brand-new aircraft designs and business models for the aviation industry. The market is also growing as a result of a growth in private operators in the Asia Pacific region and elsewhere.
On-demand service segment will account for a higher share of the market.
The on-demand service category is expected to dominate this market during the forecast period. This is a result of the rising demand for new business aircraft in the United States, China and United Arab Emirates.
Additionally, both developed and emerging economies have a large number of private jet service providers, which contributes to the rise. For instance, the International Civil Aviation Organization estimates that by 2036, the air transport sector will directly support 15.5 million jobs and contribute $1.5 trillion to global GDP. These figures might increase to 97.8 million employment and $5.7 trillion in GDP once the effects of international tourism are taken into account.
During the projected period, it is anticipated that the aircraft management service will experience significant expansion. The need for MRO services and aircraft modernization programmers, which is predicted to increase during the projection period, is the cause of this rise.
Propulsion system segment is expected to hold the significant revenue share
The propulsion system sector is expected to increase rapidly during the worldwide market forecast period. A growing demand for environmentally friendly air travel, decreased operating costs, and faster speeds are driving the growth of the propulsion system industry. In addition, investments in alternative electric power sources, breakthroughs in next-generation electronic components, and advancements in high-density battery solutions are other significant aspects that may catalyze the market's expansion in the years to come.
The demand in North America is expected to witness significant growth
North America led the market in 2021 and is expected to grow dominantly. The market is expanding throughout the region as a result of the existence of key players, the rising demand for electric powered jets, and the presence of robust infrastructure. Rise in the demand of the product in the U.S. and Canada is currently driving the adoption of the bizjets in the region.
For instance, as per the statistics released by the Stratus Jet Charters, the around the globe there are around 21,979 active private jets, in 2019. In 2019, North America accounted for approximately 71% of all private aircraft, with Europe accounting for approximately 13%. It is estimated that there will be 6,362 new jets sales worth USD 217.5 billion between 2020 and 2029. Moreover, it is also predicted that there would be 7,300 new private aircraft sales, costing around USD 235 Bn, in between 2021 and 2030. Therefore, the rising usage of jets will favor the market's growth.
Competitive Insight
Some of the major players operating in the global market include Airbus SAS, The Boeing Company, Bombardier, Dassault Aviation, Embraer SA, Gulfstream Aerospace Corporation, HondaJet, Textron, Aircraft, Zunum Aero, Joby Aviation, Honeywell International, Collins Aerospace, and Ametek.
Recent Developments
- In March 2022, Textron Inc., the company behind the aviation brands Cessna, Beechcraft, and Bell, declared it had reached an agreement to buy Pipistrel, a world-renowned innovator and leader in electrically powered aircraft with headquarters in Slovenia and Italy.
Business Jets Market Report Scope
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Report Attributes |
Details |
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Market size value in 2022 |
USD 30.16 billion |
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Revenue forecast in 2030 |
USD 41.82 billion |
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CAGR |
4.17% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments covered |
By Type, By Platform, By System, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Airbus SAS, The Boeing Company, Bombardier, Dassault Aviation, Embraer SA, Gulfstream Aerospace Corporation, HondaJet, Textron, Aircraft, Zunum Aero, Joby Aviation, Honeywell International, Collins Aerospace, and Ametek. |
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