The global business jet market is anticipated to grow at a considerable CAGR of 5.3% during the forecast period (2023–2030). The addition of new models to existing fleets moves the worldwide market ahead. According to the General Aviation Manufacturers Association (GAMA), jet deliveries climbed by 12.5% in the first half of 2019. New models such as the Gulfstream G500, Cirrus SF50 Vision, and Pilatus PC-24 are in great demand due to their benefits. Additionally, in October 2019, Gulfstream introduced a new G700 plane with a seating capacity of 19 people.
Besides that, market players such as General Dynamics, Embraer, Airbus S.A.S., Boeing, Bombardier, and others are investing significantly in R&D activities and creating aircraft with improved performance. Expenditures in the launch of new aircraft types are a crucial element driving market revenue growth. In July 2021, Pratt & Whitney Canada, a company of Raytheon Technologies Inc., announced plans to enhance its hybrid-electric propulsion technology and flying demonstration programme. This initiative is part of a $129.5 million commitment by the governments of Canada and Quebec.
Another key reason driving revenue growth is the increased use of high-tech components such as sophisticated hybrid-electric and water-enhanced turbofan technology. For instance, the European Union Clean Aviation Joint Undertaking established a collaborative coalition of aerospace technology companies on November 29, 2022, to develop hybrid-electric and water-enhanced turbofan systems for future aircraft propulsion systems. As compared to current short- and medium-range aircraft propulsion systems, these technologies are expected to enhance fuel economy and cut aircraft carbon emissions by up to 25%.
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Market Coverage
- The Market Number Available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
Segment Covered-
- By Type
- By Platform
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Honda Aircraft Company, Pilatus Aircraft, Syberjet Aircraft, Textron Inc., Pilatus Aircraft Ltd., and others.
Business Jet Market Report Segment
By Type
- Light Business Jet
- Mid-Size Business Jet
- Large Business Jet
By Platform
- On-Demand Service
- Aircraft Management Service
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Business Jet Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Airbus SE
- Boeing
- Bombardier Inc.
- Cirrus Design Corp.
- Dassault Aviation SA
- Embraer SA
- General Dynamics Corp.
- Gulfstream Aerospace Corp.
- Honda Aircraft Company
- Pilatus Aircraft
- Syberjet Aircraft
- Textron Inc.
- Pilatus Aircraft Ltd.
- Joby Aviation
- Zunum Aero
- Honeywell International
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- We cover more than 15 major industries, further segmented into more than 90 sectors.
- More than 120 countries are for analysis.
- Over 100+ paid data sources mined for investigation.
- Our expert research analysts answer all your questions before and after purchasing your report.
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