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(Publishing-NewsWire.com, September 30, 2021 ) The report "Business Jets Market by Aircraft Type (Light, Mid-Sized, Large, Airliner), Systems (OEM Systems, Aftermarket Systems), End User (Private, Operator), Point of Sale (OEM, Aftermarket), Services, Range And Region - Global Forecast to 2030", size is projected to grow from an estimated USD 18.8 billion in 2020 to USD 38.0 billion by 2030, at a CAGR of 7.3% during the forecast period. The increasing number of high net worth individuals, upcoming new aircraft program, and aging fleet size to drive the growth of the market. Though the market has witnessed a slow growth in recent years, aircraft with Vertical Take-off and Landing (VTOL) capability and environment-friendly propulsion technologies, including electric and hybrid engines, are expected to reduce the operating costs drastically and serve as an opportunity for the market growth up to 2030.
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The COVID-19 outbreak has impacted the business aviation industry adversely due to air travel restrictions on domestic as well as international flights across countries, resulting in the grounding of aircraft fleets and a sudden dip in aircraft orders and deliveries in 2020. However, with certain relaxations across regions, business jet operators and service providers have witnessed a sluggish demand for charter services. For instance, Go Air airlines has operated 51 charter flights carrying 8,951 passengers to India until June 2020. Clients are choosing to charter to gain quicker access, skip long and crowded check-in, customs, and immigration queues of people with unknown travel histories.
“Based on Aircraft Type, Light aircraft segment is expected to grow at the highest CAGR in the business jets market during the forecast period”
Based on aircraft type, the light segment is projected to grow at the highest CAGR from 2020 to 2030. The growth of this segment can be attributed to new startups focusing on developing aircraft in the light category. Commercialization of urban air mobility will further drive the growth of light business jets market, which will be used for intra- and intercity travel.
“Based on systems, the avionics sub-segment of OEM systems is projected to grow at the highest CAGR from 2020 to 2030”
The growth of this segment can be attributed to the periodic upgrades in avionics systems. Manufacturers are currently focusing on avionics components to develop products that are more reliable, accurate, and efficient. Continuous improvements in software technology have modified the human-machine interface of avionics systems. It has become more user-friendly and can automate a wide variety of in-flight tasks, thereby reducing the workload of the flight crew to a large extent.
“Latin America and Africa are expected to be the fastest-growing region for business jets market during the forecast period”
Latin America and Africa are among the fastest-growing regions for business jets market. The growth of the market in Latin America is driven by the increase in air travel in the region. An increase in aircraft orders for business jets across the globe is a major driver for the rise in aircraft deliveries from Latin America. Embraer is one of the leading manufacturers of business jets based in Brazil. The rise in the deliveries of business jets from Brazil is driving the market growth of the entire Latin American business jets market. In addition, considerable growth in trade and tourism is among the crucial factors anticipated to fuel the regional demand for business jets. The growth of the market in Africa is driven by the increase in VVIP and business transport in the region, as well as the growth in the tourism sector. An increase in orders for business jets from the region is a major driver for the rise in business jets to Africa.
Major players operating in the business jet market include Bombardier (Canada), Embraer (Brazil), Textron, Inc. (US), Gulfstream (US), Airbus (Netherlands), and Boeing (US), among others. These players offer business jets of various aircraft type including super light, light, mid-sized, super mid-sized, large, and airliner. These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, Latin America.
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