The global business jet market was valued at approximately USD 42.14 billion in 2022 and is projected to grow from USD 43.97 billion in 2023 to USD 62.66 billion by 2030, with a compound annual growth rate (CAGR) of 5.19% during this period.

Business jets are designed for a limited number of passengers, and there has been a significant increase in high-net-worth travelers, driving up demand for private aviation and boosting sales of business aircraft worldwide. The traditional drivers of business aviation remain strong, especially among corporate clients and affluent individuals. Additionally, fleet modernization efforts in both developed and emerging economies are expected to enhance fleet capabilities and increase demand for new charter services featuring upgraded interiors and advanced avionics. This information comes from a report by Fortune Business Insights titled "Global Business Jet Market, 2023–2030."

Information Source:

https://www.fortunebusinessinsights.com/industry-reports/business-jet-market-101585

The pandemic caused severe disruptions in airport operations, leading to a decline in the market as travel restrictions impacted wealthy individuals. However, post-pandemic, there has been a notable surge in passenger numbers, which is expected to contribute to market growth in the coming years.

Key Players in the Market

Some of the major companies in the business jet industry include:

• Airbus SAS (Netherlands)

• The Boeing Company (U.S.)

• Bombardier (Canada)

• Dassault Aviation (France)

• Embraer SA (Brazil)

• Gulfstream Aerospace Corporation (U.S.)

• HondaJet (U.S.)

• Textron, Inc. (U.S.)

• Aviation Aircraft (Israel)

• Zunum Aero (U.S.)

• Joby Aviation (U.S.)

Market Segmentation

1. Business Jet Type: The market is categorized into light, mid-size, and large business aircraft. Large business aircraft currently hold the largest market share, driven by increased demand for business travel after the pandemic.

2. Propulsion System: The market is divided into propulsion systems, aero structures, cabin interiors, avionics, and other components. The propulsion system is expected to lead due to rising demand from countries like the U.S., UAE, and China.

3. End User: The end-user segment includes operators and private users. Demand from corporations and high-net-worth individuals is driving growth in the private jet segment.

4. Ownership: The market is split between pre-owned and new aircraft. The availability of pre-owned aircraft is expected to boost this segment.

Report Highlights

The report provides insights into:

• Major growth drivers, challenges, and opportunities.

• Regional developments.

• Key industry players and their strategies.

• Recent industry updates including product launches, partnerships, and acquisitions.

Drivers and Challenges

Increasing purchasing power and net worth, along with a rise in air travel, are expected to fuel market growth. As economies recover post-pandemic, the demand for new airports is projected to increase, enhancing the corporate jet market. However, the high cost and complexity of private jet ownership may hinder overall market expansion.

Regional Insights

North America leads the market, valued at USD 9.23 billion in 2022, due to the presence of major players, a large fleet size, increasing demand for electric aircraft, and adequate infrastructure. The demand for business jets is particularly strong in the U.S. and Canada.

Competitive Landscape

The market is highly competitive with key players like Airbus SAS and The Boeing Company striving to offer cost-effective services. Companies are focusing on advanced technology, including hybrid engines, and forming partnerships with developing nations.

Recent Developments

In May 2022, Bombardier launched the Global 8000, a long-range business jet claimed to be the fastest in the world, with a range of 9,206 miles and a top speed of 721 miles per hour.