Press release
Business Jet Market Analysis 2023-2028, Industry Size, Share, Trends and Forecast
Report Highlights
How big is the business jet market?
The global business jet market size reached US$ 18.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.
What is business jet?
Business jets, also known as bizjets or private jets, are specialized aircraft designed to transport a small group of individuals. Some commonly available business jets include propeller-driven jets, single-pilot airplanes, turbine aircraft, and piston jets. They are available in various classes, including light, mid-size, large, and long-range jets. As a result, business jets are employed by sports figures, government officials, corporate executives, and individuals for VVIP transportation, leisure travel, business tours, and short-haul flights. Nowadays, business jets are gaining immense traction to transport goods for armed forces, express parcel deliveries, and casualty evacuation across the globe.
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What are the growth prospects and trends in the business jet industry?
The market is primarily driven by significant growth in the aviation industry and the escalating demand for long-range jets. In line with this, business jets offer numerous benefits, such as reduced travel time, on-demand flight scheduling, and ensuring privacy for passengers to conduct business while in flight, which is contributing to market growth. Moreover, the introduction of Electric Vertical Take-off and Landing (eVTOL) aircraft with superior urban air mobility and innovative connectivity solutions, such as interiors, avionics, and more efficient engines in the jets, represents another major growth-inducing factor. Besides this, key players are investing in hydrogen fuel-cell power jets due to their high efficiency and zero emissions qualities, accelerating the product adoption rate. Furthermore, the introduction of consumer-centric business models and membership programs, rising disposable incomes, growing regional air travel, and extensive research and development (R&D) activities among leading players are propelling the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
Light
Medium
Large
Breakup by Business Model:
On-Demand Service
Air Taxis
Branded Charters
Jet-Card Programs
Ownership
Fractional Ownership
Full Ownership
Breakup by Range:
< 3,000 NM
3,000 - 5,000 NM
> 5000 NM
Breakup by Point of Sale:
OEM
Aftermarket
Breakup by Region:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Airbus
Bombardier Inc.
Dassault Aviation
Embraer S.A.
Gulfstream Aerospace
Honda Aircraft Company
Pilatus Aircraft
Piper Aircraft
Saab AB
Textron Inc.
The Boeing Company
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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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