The study by Fortune Business Insights™ on global business jets market is titled, “Business Jets Market Size, Share & Industry Analysis, By Aircraft Type (Light, Mid-sized, Large, and Airliner), Point of Sale (OEMs, and Aftermarket), Systems (Aerostructures, Avionics, Propulsion Systems, Aircraft Systems, Cabin Interiors, Landing Gears and others), By End User (Private and Operator), and Regional Forecast, 2015-2026.” As per the report, the global business jet market, valued at USD 27.54 Billion in 2018 is anticipated to exhibit a CAGR of 3.41% and reach USD 36.21 Billion by 2026.
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List of the companies operating in the global business jet market include:
- Eviation Aircraft (Start-ups)
- Bombardier, Inc.
- Zunum Aero (Start-ups)
- Cessna Aircraft Company
- Textron, Inc.
- Airbus SE
- Embraer SA
- XTI Aircraft (Start-ups)
- Dassault Aviation
The report offers a comprehensive overview of the market, majorly emphasizing on growth drivers, restraints, trends and opportunities. The information presented in the report is extracted from primary and secondary research methods. Key players operating in the global business jets market are listed in the report along and are available for sale on the company website.
According to the report, the OEM systems segment is anticipated to dominate the global business jets market. This is owing to the commercialization of hybrid and electric business air vehicles and the advent of new aircraft programs.
A contract was signed by Eviation with U.S regional cape Air in July 2019. This contract stated the purchase of their electric aircraft called Alice. Such innovations are likely to bode well for the global business jets market, says Fortune Business Insights in their new study.
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Presence of Large Vendors to Help North America Remain Dominant
Geographically, the market for business jets is dominated by North America. This is because of the presence of a large number of players such as Bombardier, Gulfstream, Textron, and others. In addition, the rise in investments in research and development is also presumed to help this region generate high revenue in the forecast period as well.
On the other side, the surge in demand for private jets in the Middle East and Africa is anticipated to attract high revenue to the region. The increasing investments in the aviation industry will help this region witness progressive growth rate in the forecast duration.
Furthermore, the rising investments in the aviation sector and geographical expansion of the aviation industry in the developing nations of Asia Pacific such as China and India are prognosticated to help this region grow at rapid pace in the forecast duration.
Introduction of New Programs in Aviation Industry to Promote Business Jets Market Growth
Various factors are responsible for the growth of the global business jets market. These include the aging fleet size, and the rise in number of high-net-worth individuals such as VVIPs and celebrities and the fact that their work over international and national borders are a high priority. This increases the need to provide transport facility within the minimum time span. Besides this, the introduction of new programs in the aviation industry is also promoting the growth of private jets in the market
However, the market may face rough waters due to factors such as uncertainty of orders to fly depending on the schedule of the VVIPs and their schedule. This, coupled with the lengthy time taken to obtain product certification from aviation authorities may also hamper the market in future.
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