DELRAY BEACH, Fla., Sept. 13, 2024 /PRNewswire/ -- The business jet market size is projected to grow from an estimated USD 95.80 billion in 2024 to USD 156.99 billion by 2032, at a CAGR of 6.4% during the forecast period according to a new report by MarketsandMarkets. The volume of new business jet is expected to be 793 in 2032 from 662 in 2024. The volume of used private jet retail transactions is expected to increase from 2,578 in 2024 to 3,289 in 2032. The increasing need for enhanced productivity and efficiency by business jet users, increased advancements in hybrid & electric technologies, and increasing number of high-net-worth individuals are driving the growth of the market.
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Browse in-depth TOC on "Business Jet Market"
286 - Tables
80 - Figures
271 - Pages
Business Jet Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 95.80 billion |
Estimated Value by 2032 | $ 156.99 billion |
Growth Rate | Poised to grow at a CAGR of 6.4% |
Market Size Available for | 2020-2032 |
Forecast Period | 2024-2032 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Aircraft Type, End Use, Point of Sale, System, Range, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Shortage of pilots and aircraft maintenance engineers |
Key Market Opportunities | Emphasis on use of sustainable aviation fuel |
Key Market Drivers | Advancements in hybrid and electric technologies |
By Aircraft Type, the light aircraft segment is projected to have the second highest CAGR during the forecast period.
Light aircraft is expected to have the second highest CAGR in the business jet market which is largely attributed to the lower acquisition and operating cost. The light private jets are ideally used for short regional flights due to their balance between cost and convenience. Few examples of light aircrafts are Cirrus Aircraft SF50, Embraer Phenom 300, Bombardier Learjet 70/75 liberty among others. The growing interest in hybrid & electric aircraft will further increase the demand for light business jets most of the aircraft have a seating capacity less than 4 passengers.
By point of sale, the OEM segment is projected to have the second highest CAGR during the forecast period.
OEM segment is expected to have the second highest CAGR during the forecast period which is largely attributed to the high demand for customization, need for latest technology and comprehensive warranties. Business jet manufacturers have been new models with latest avionics, design and state-of-art technology to attract the HNWIs, corporations and governments. Launch of newer models by the manufacturers such as Falcon 10X by Dassault aviation expected to be in service by 2025, Bombardier Global 8000 is expected to be service in 2025 and Gulfstream G800 expected to be in service in 2024 are also boosting the growth of OEM market segment.
By range, the less than 3000 Nm segment is projected to grow at the highest CAGR during the forecast period.
The less than 3000Nm segment is expected to have at the highest CAGR during the forecast period which is largely attributed to high fuel efficiency and ideal for short regional flights. Growth of Less than 3000 Nm segment is driven by both new and used private jets due to its low purchase cost and flexible short-range capability. Few examples of models with range less than 3000 Nm are Embraer Phenom 300E, Embraer Legacy 450, Gulfstream G280, HA-420 HondaJet among others.
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Latin America holds the second highest growth rate in the region segment for the business jet market.
Latin America holds the second highest growth rate for the business jet industry. The growth in this region is attributed due to increased adoption of private aviation solutions. Increasing corporate activities in countries like Brazil, Argentina, Colombia and Mexico is driving the Latin American market. Improvements in aviation infrastructure including airport expansions and development of new MRO facilities are also boosting the market growth.
Major players operating in the business jet companies include Airbus (Netherlands), Textron, Inc. (US), Bombardier (Canada), Embraer (Brazil), General Dynamics (US), and The Boeing Company (US), among others. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, and Latin America.
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