Very Light Jet Market is Likely to Increase at a Significantly High CAGR of 11.0% by 2030

The global very light jet market was estimated at $4.45 billion in 2020 and is expected to hit $10.44 billion by 2030, registering a CAGR of 11.0% from 2021 to 2030.

Increase in inclination toward private aviation solution and growing concern toward health among individuals drive the growth of the very light jet market. On the other hand, volatile raw material prices, rising environmental concerns, and substitute aviation solutions restrain the growth to some extent. However, untapped potential in developing economies has been beneficial for the market growth.

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Factors, such as growing inclination toward compact and private aviation solutions and cost-effectiveness over other aircraft, are anticipated to create lucrative growth opportunities for the very light jet market. The light aircraft segment is estimated to have leading market share, owing to its wide range of applications in civil, commercial, and military operations.

The major impact is experienced by public mobility as people are suggested to stay at home and prefer to work from home wherever possible. From March 2020, public transport in majority of the big cities has been completely or partially shut down. Restriction on public mobility has been lifted partially since the past two or three months; however, the world's major cities are experiencing a 70% to 90% reduction in public transportation ridership. According to International Civil Aviation Organization (ICAO) published data, international air passenger traffic has decreased around 60% as compared to 2019, and it is estimated to continue the negative rally by the end of 2021. This massive downfall impacted the public transportation provider's revenue generations while some transport applications need support from the federal government to regularize their services. In February 2021, the second wave of COVID-19 hit majority of the countries across the globe. This second wave has a savior impact on the overall economic activities as this strain spreads rapidly than the first wave of COVID-19, thereby creating a health crisis. This second wave limits the demand from consumers due to lower consumer confidence. The global impact of COVID-19 has significantly affected the very light jet market in 2020.

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The global very light jet market is analyzed across aircraft type, end use, material, propulsion, and region. Based on aircraft type, the light aircraft segment contributed to more than three-fifths of the total market share in 2020, and is projected to lead the trail by the end of 2030. The ultra-light aircraft segment, on the other hand, would cite the fastest CAGR of 12.0% during the forecast period.

The key players profiled in the report are Bombardier Inc., Cirrus Industries, Inc., Diamond Aircraft Industries GmbH, Embraer S.A., Honda Motor Co., Ltd., MSC Aerospace LLC, Nextant Aerospace Holdings, LLC, Pilatus Aircraft Ltd, Stratos Aircraft, Inc., and Textron Inc.

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