Press release
Very Light Jet Market Report 2022-27: Size Trends, Share, Growth, Opportunity and Forecast
The latest research study "Very Light Jet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" by IMARC Group, finds that the Global Very Light Jet Market size reached US$ 4.88 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 7.66 Billion by 2027 exhibiting a CAGR of 7.60% during 2022-2027.Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Industry Definition and Application:
A very light jet represents a compact, entry-level aircraft that can sustain up to 13,000 lbs. or 5,900 kilograms of take-off weight, with a seating capacity of fewer than ten passengers. Generally approved for single-pilot operation, it is operated via a conventional fuel propulsion system. A very light jet offers various benefits, such as cost-effectiveness and fuel efficiency. Consequently, it is extensively utilized in compact aviation solutions for training activities, business travels, passenger transportation systems, military operations, survey and R&D activities across the commercial, civil, and military sectors, etc.
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Very Light Jet Market Trends and Drivers:
The escalating demand for private aviation solutions, owing to the inflating disposable income levels of the consumers and the growing number of high net worth (HNW) individuals, is primarily driving the very light jet market.
Additionally, the expanding travel and tourism industry is propelling the need for non-scheduled charter flights, which is further catalyzing the market growth. Besides this, the widespread adoption of very light jets in reconnaissance procedures on the front lines of the military is acting as another significant growth-inducing factor.
Moreover, the rising utilization of frequent, short-term, and nearby distance flights and numerous advancements in aircraft technologies are also positively influencing the global market. Apart from this, the increasing popularity of air sports, including aerial acrobatics, is anticipated to fuel the very light jet market over the forecasted period.
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The report has been segmented the market into following categories:
Breakup by Aircraft Type:
Ultra-Light Aircraft
Light Aircraft
Breakup by Material:
Aluminum
Composites
Others
Breakup by Propulsion:
Electric and Hybrid
Conventional Fuel
Breakup by End Use:
Civil and Commercial
Military
By Geography:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
List of Major Key Players:
The major players in the market are Bombardier Inc., Cirrus Design Corporation (Aviation Industry Corporation of China), Diamond Aircraft Industries (Wanfeng Aviation Industry Co. Ltd.), Embraer S.A., Honda Aircraft Company (Honda Motor Company), Nextant Aerospace, Pilatus Aircraft Ltd, Stratos Aircraft Inc. and Textron Aviation Inc.
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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