The global business jet market size is estimated to reach USD 29.32 billion by 2025 and is projected to grow at a CAGR of 3.8% from 2019 to 2025, according to a new report by Million Insights. Business jets deliveries are anticipated to be 919 units by the end of 2025. The growing number of high net worth individuals is expected to increase the demand for business jets in the next few years. Moreover, charter services are growing in popularity owing to rising access to private aviation.
In the aviation business industry, consumer safety is of key importance. Aircraft operators look for security and safety with the help of auditing systems. In addition, the players in the industry engage in developing product safety through advanced technologies. These technologies include video conferencing, Wi-Fi and charter based booking systems. Technological innovations are projected to propel the demand for business jets in the coming few years.
OEMs across the globe are focusing on replacing mechanically control systems with digital lightweight systems. Reduced weight of aircraft help to upsurge the payload capacity and improves long-distance flying performance. Furthermore, the OEMs focus on reducing noise levels& emissions and enhancing propulsion efficiency. These key developments by the OEMs are projected to create huge opportunities for market growth.
Key manufacturers in the business jet market include Dassault Aviation; Bombardier Inc.; Textron Inc.; Airbus SE; Gulfstream; Pilatus Aircraft Ltd.; and The Boeing Company.
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Further key findings from the report suggest:
• Increasing popularity of long type aircrafts with high performance efficiency is boosting the market growth.
• Companies offer various membership plans, programs and additional fleet benefits at reduced rate to gain traction among consumers.
• Middle East & Africa is projected to exceed at the fastest CAGR during the forecasted period.
• Large size business jets are anticipated to propel at the CAGR of around 5.0% over the forecasted period due to its better comfort, speed &performance.
Million Insights has segmented the global business jet market based on type, business model and region:
Business Jet Type Outlook (Volume, Units; Revenue, USD Million, 2015 - 2025)
Business Jet Business Model Outlook (Volume, Units; Revenue, USD Million, 2015 - 2025)
• On-demand Service
• Air Taxis
• Branded Charters
• Jet-card Programs
• Fractional Ownership
• Full Ownership
Business Jet Regional Outlook (Volume, Units; Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
• South Africa
• Saudi Arabia