Business Jet Market will Grow at 11.2% CAGR During 2018 – 2023 | Top Worldwide Key Players (Netjets, B/E Aerospace, Flexjet, Bombardier, Dassault Falcon, Textron Aviation, Vistajet, Grafair, Executive Jet Charter)

Market Dynamics Driving the Growth

Since the economic downturn caused by the u201808-’09 crisis, the market recovered adequately, and in 2016, the annual sales of business jet accelerated. The shipment of business jet increased by 11.2% to 129 units in the first quarter of 2017, compared to 122 in 2016. For the most part, several manufacturers reported flat or declining delivery statistics during the first quarter of 2017.

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Due to the increasing incomes at a global level, business jet, especially in the light and very light category, have ceased to be the domain of only the ultra-rich. Timeshare and fractional ownership programs have also enabled people to own private jets. Most popular light business jet can be purchased in around USD 4-8 million, thus, expanding the customer base. The biggest restraint that affects the business jet sales, especially in the regions of South America, Africa, and Asia-Pacific, is the lack of infrastructure. Should the infrastructure be available, the expenses are so high that it makes operations, based on business jets service, unfeasible.

Key Developments:

February 2018 : Sales of business jet liner Falcon have stopped dwindling as orders rose to 41 from 33 in 2017 and it expects sales revenue to be higher than 2016’s USD 4 billion.

Key Industry Players:

Some of the key players in the market are NETJETS, B/E AEROSPACE, FLEXJET, BOMBARDIER, DASSAULT FALCON, TEXTRON AVIATION, VISTAJET, GRAFAIR, EXECUTIVE JET CHARTER, XOJET, GULFSTREAM AEROSPACE CORP, HONEYWELL INTERNATIONAL, HONDA AIRCRAFT COMPANY, EMBRAER.

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Approximately 3/4 ths of the sale of business jets is centered in the developed regions, mainly North America and Europe. The rest of the regions are highly underpenetrated and could witness massive growth rates under feasible conditions, thus, driving the global business jet market. The strict regulatory framework set by the DGCA (Directorate General of Civil Aviation) governs policy regulations for private jet ownerships and charter companies. Asia is witnessing a great transformation, moreover, India and China are expected to be the market leaders by 2020.

Market Segmentation:

The global business jet market has been segmented on the basis of jet size, operators and geography.
• On the basis of jet size, the market has been segmented into very light jets, light jets, mid-size jets, super mid-size jets, large cabin jets and heavy jets.
• On the basis of operators, the market has been segmented into charter companies, fractional ownerships, corporate usage and private ownership.
• On the basis of geography, the marker has been segmented into North America (United States, Canada, others), Europe (United Kingdom, France, Germany, Russia, others), Asia-Pacific (China, Japan, India, South Korea, others), South America (Brazil, Argentina, others) and Middle East & Africa (South Africa, Saudi Arabia, others).

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This release was published on openPR.