Business Jet Market Anticipated to Reach $66.97 Billion by 2032, With at 5.4% CAGR

The global business jet market size was worth about $43.97 billion in 2023 and is expected to grow steadily. In 2024, it's estimated to reach $45.9 billion and could rise to $66.97 billion by 2032, growing at an average rate of 5.4% per year. North America led the market in 2023, holding the largest share at 44.83%.

A business jet is made to carry a modest number of passengers. Recently, there has been a remarkable increase in high-net-worth tourists, increasing demand for private aviation and boosting business aircraft sales globally. The core and conventional pivots of business aviation are also still strong thanks to demand from corporate clients and high-net-worth people. Furthermore, it is projected that fleet modernization initiatives undertaken by major and developing countries would boost fleet capabilities and spur demand for new charter services with improved cabin interiors and cutting-edge avionics. Fortune Business Insights presents this information in their report titled "Global Business Jet Market, 2024-2032."

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List of Key Players Profiled in the Market Report:
• Airbus SAS (Netherlands)
• The Boeing Company (U.S.)
• Bombardier (Canada)
• Dassault Aviation (France)
• Embraer SA (Brazil)
• Gulfstream Aerospace Corporation (U.S.)
• HondaJet (U.S.)
• Textron, Inc. (U.S.)
• Aviation Aircraft (Israel)
• XTI. Aircraft (U.S.)
• Zunum Aero (U.S.)
• Joby Aviation (U.S.)

Segments:
Increased Business Travel resulted in Large Business Aircraft Dominating the Segment

The business jet type is segmented into light, mid-size, and large business aircraft. The large business aircraft held the largest market share due to the strong demand for business travel post-pandemic.

Demand from Leading Countries to Dominate Propulsion System
Based on the system, the market is divided into propulsion system, aero structure, cabin interiors, avionics, and others. Propulsion system will lead the market due to increasing demand from countries such as the U.S., UAE, and China.

Rising Net Worth of Individuals to Grow Private Segment's Demand

The end-user segment is classified into operators and private end users. The demand for private jets from big corporations and high-net-worth individuals to drive segment's growth.

Increased Demand of Renewed Aircraft to Dominate Preowned Segment during Projected Period

The market is divided into preowned and new deliveries based on ownership. Due to the availability of pre-owned aircraft, the pre-owned segment is expected to grow.

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Report Coverage:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into the regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints:
Individuals' Rising Purchasing Power, Net Worth, and Increased Air Travel will Highlight Market Expansion

The demand for new airports in important countries is projected to rise as air travel increases in developed and developing nations. In a post-pandemic scenario where the economy is gradually thriving and returning to the pre-pandemic position, this is due to increased people's general net worth and spending power, expanding the market for corporate jets. These factors are expected to increase the global business jet market share.

The general public cannot buy private jets as they are time confusing and non-affordable which may limit the global business jet market growth.

Regional Insights

North America Dominates the Market due to Rising Demand for Electric Aircraft
In 2022, North America dominated the market, worth USD 9.23 billion. Due to the existence of significant key players, the greatest fleet size, the rising demand for electric aircraft, and the accessibility of necessary infrastructure, the corporate aircraft market has been expanding throughout the region. The adoption of business aircraft in North America is initially driven by the rising demand for business jets in the U.S. and Canada.

Competitive Landscape
To Remain Competitive, Key Players are Committed to Offering a Range of Cost-Effective Services

Due to several significant participants, including Airbus SAS and The Boeing Company, the market's competitive landscape is highly fragmented. These businesses concentrate on offering the best corporate aircraft available. Additionally, hybrid engines with cutting-edge technology and strong partnerships with developing economies are anticipated by jet makers.

Key Industry Development:
May 2022 - Bombardier Inc., an aircraft manufacturer headquartered in Canada, launched a long-range business jet named Global 8000. The new private jet is said to be the world's fastest business jet, with a long range of 9,206 miles and a top speed of 721 miles per hour.

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Key Companies Covered in Business Jet Market are Airbus SAS, The Boeing Company, Bombardier, Dassault Aviation, Embraer SA, HondaJet, Textron, Inc, Aviation Aircraft, XTI. Aircraft, Zunum Aero, Joby Aviation & Others.

This release was published on openPR.