The global business jet market is anticipated to grow at a CAGR of 3.2% during the forecast period (2022- 2028). A business jet is a private jet that is designed for transporting small groups of people. Business jets may be adapted for other roles, such as the evacuation of casualties or express parcel deliveries, and some are used by public bodies, government officials, or the armed forces. With the significant growth in the aviation industry, growing preferences for long-range jets for travel and tourism activities are some driving factors for the growth of the global business jet market. Business jets minimize the time of the travel, offer the facility of on-demand flight scheduling, also provide privacy to the passengers to their business while flying, and new advancements including the integration of innovative connectivity solutions, more efficient engines in the jets are some other driving factors for the growth of the market. However, there is a lack of process efficiency in the certification processes, aviation authorities delay certification, and also manufacturers need to do multiple tests for getting certifications, which in turn, results in lengthy periods to get approvals. This, in turn, is restraining the growth of the market.
Some major players in the market include Bombardier Inc., Textron Inc., and Gulfstream Aerospace Corp., Embraer, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. Recent Developments
- In February 2022, Textron Inc. announced that it delivered a Cessna Citation Longitude to Scotts Miracle-Gro. The delivery represents the 8,000th Cessna Citation jet delivered worldwide. It is the fifth Cessna Citation in Scotts Miracle-Gro’s fleet.
- In September 2021, Gulfstream Aerospace Corp. announced that it handed over its 50th G600 business jet to an undisclosed customer in North America. The aircraft is powered by two Pratt & Whitney PW815GA engines and comes equipped with Gulfstream’s Symmetry Flight Deck. The aircraft received its type and production certificates from the FAA in July 2019.
- In July 2021, Bombardier received an order for 10 aircraft from an existing customer. The aircraft order was worth $451.8 million. The order mix of aircraft was not disclosed.
- In May 2020, Piper Aircraft, Inc. expanded its aircraft services to Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, and Vermont through Skytech Inc.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Aircraft Type
- By Sales Channel
- By End-User
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- Bombardier Inc., Textron Inc., and Gulfstream Aerospace Corp., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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Global Business Jet Market Report by Segment
By Aircraft Type
- Light Jet
- Mid-size Jet
- Large Jet
By Sales Channel
- OEM
- Aftermarket
By End-User
- Private
- Operator
Global Business Jet Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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