According to the latest market study released by Technavio, the global light business jet market is expected to grow at a CAGR of close to 6% during the forecast period.
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Technavio has published a new report on the global light business jet market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Light Business Jet Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global light business jet market into the following types of aircraft:
- Light business jet
- Super light business jet
- Very light business jet
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Global light business jet market for light jets
The global light business jet market for light jets accounted for more than 53% of the total market share in 2016. The light business jets are witnessing a growing demand from corporate travelers and businessmen due to the increase in international trade activities. In addition, the use of light jets with improved range and better comfort is propelling the light business jet market in terms of revenue generated from their sales. The vendors are adding modern features that include Garmin GWX-70 Doppler radar system with turbulence alert capability and are increasing the legroom space adds to its overall enhanced level of comfort. The incorporation of facilities, such as high definition Blu-Ray DVD player, XM radio, and other features will boost the sales in this segment.
According to Ramyabrata Chakraborty, a lead analyst at Technavio for aviation research, "LEARJET 70, which is a light business jet manufactured by Bombardier Aerospace, has new avionics, powerful and efficient engines, and winglets. These aircrafts are designed to accommodate six passengers and two crew members. Some of the other features include larger baggage compartment, LED lighting, and more galley space."
Global light business jet market for super light jets
In 2016, the global light business jet market for super light jets occupied close to 27% of the total market share. Super light jets are preferred over light jets because of their extended range, and they are larger compared to light jets. This type of aircraft can usually carry 8-9 passengers comfortably, depending upon the seating layout. They have spacious cabins and large baggage compartments.
"Learjet 75 is a super light jet manufactured by the Learjet division of Bombardier Aerospace, and it received its type certificate in November 2013 from FAA. It has a capacity for 8-9 passengers with two crew members. Learjet 75 is powered by twin-engine from Honeywell and has a maximum cruise speed of about 465 knots," says Ramyabrata.
Global light business jet market for very light jets
The global light business jet market for very light jets accounted for around 20% of the total market share in 2016. VLJs are developed as cost-effective entry-level jets and are ideal for short flights of up to two hours. They are also suitable for transporting a small group of people that usually ranges from 4 to 6 passengers. These jets can fly for a maximum duration of three hours or an average of fewer than 1,800 miles. They can take-off from short runways and can make use of smaller private airports.
The top vendors highlighted by Technavio's market research analysts in this report are:
- Bombardier
- Embraer
- Textron Aviation
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