Pune, India, May 10, 2021 (GLOBE NEWSWIRE) -- The global business jet market share is projected to reach USD 35.56 billion by 2027, exhibiting a CAGR of 5.37% during the forecast period owing to increased demands for all-electric business aircraft observes, Fortune Business Insights™ in a published report, titled, “Business Jet Market, 2020-2027.” According to Data posted by the Civil Aviation Organization all-electric aircraft noted a steady growth rate in past years, as it grew from 2% to 5%. However, in a decade, the growth rate is expected to rise and reach up to 24%.
COVID-19 Pandemic: Market to Gain Prominence owing to Rising Personal Jets
The outbreak of the COVID-19 pandemic has severely affected the aviation market as air travel has plummeted since the virus outrage due to lockdowns by governments to manage and contain the spread of coronavirus. Besides, the business jet market did not witness a dramatic decline as only a few orders and deliveries were affected during COVID. Moreover, the market is expected to gain momentum owing to demand for personal business jets by the client
The market is divided into a very light jet, super light, mid-size, super mid-size, large, super large and ultra-long-range based on the business jet type. Based on the platform the market is bifurcated into on-demand service and aircraft management service. By system, the market is divided into the propulsion system, aerostructures, aviation and others. By end-user, it is divided into operators and private. Based on point sale, OEM and aftermarket. In terms of geography, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
However, based on the business type analysis, the ultra-high range shows the fastest growth rate due to the surging demand for long-range jets in the US. On the other hand, small jet segment held a prominent share in the market in the year 2019 due to its low cost and high demand.
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List of Key Players Covered in the Business Jet Market Report:
- Airbus SE
- The Boeing Company
- Bombardier Inc. to
- Embraer SA
- Textron Inc.
- Gulfstream Aerospace
- Dassault Aviation
- Cennas Aircraft Company
- Eviation Aircraft
- Joby Aviation
- Zunum Aero
Highlights of the Report
The report gives a thorough analysis of the latest market trends, top market segments, and majorly driving factors. The different market segments and their regional analysis are also comprehensively discussed in the report. Additionally, the report talks about the dominant strategies adopted by key market players and the impact of COVID-19 on the market.
Drivers & Restraints
Rising Demand for Technologically Advanced Aircraft to Fuel the Market
Replacements of old business jets by next-generation all-electric aircraft are driving the market growth. The average age of jets is 17.6 years, and their maintenance cost is an expensive affair; thus, replacing them with new ones is more feasible for manufacturers. Besides, the innovative technologies used in these aircrafts are reducing their cost. For instance, a U.S-based startup Ampaire Inc is designing aircraft with no fuel emission during takeoff and landing, thus reducing its maintenance cost up to 50%. Such cost-effective and eco-friendly aircraft will fuel the market growth.
On the other hand, due to pandemics, there is uncertainty in the aviation sector. Many companies laid off more than 2500 jobs, and the low availability of jobs is disrupting the supply chain and production activities. These factors are major restraints of the market.
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North America to Dictate owing to Increased Demand for Personal Business Aircrafts
North America is anticipated to hold the major share in the market as it accounted for USD 9.75 billion in the year 2019. The rising demand for aircraft in this region is due to the service demand of aircraft for personal business use favoring the growth. Moreover, the policies of government and high-tech infrastructure facilities available in the U.S and Canada will promote regional growth.
On the other hand, Europe is also expected to make substantial contributions due to increased awareness about advanced technology and several private jet providers in the region.
Leading Players are Adopting Innovative Technologies to Energize the Market
To deepen their foothold in the market, several aircrafts manufacturers are coming up with innovative technologies. For instance, jet operator Vistajet introduced Global 7500 business jet aircraft with optimized routes to reduce fuel burn and invested in AI technology to have optimized fleet management. They are also planning to launch net-zero carbon emission aircraft by 2025 as the company is spearheading the campaign of sustainability and conservation among its clients and the whole aviation industry.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights - Impact of COVID-19 Pandemic on Global Business Jets Market
- Impact of COVID-19 on Global Business Jets Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Potential Opportunities Due to COVID-19 Outbreak
- Key Development Post CVOVID-19 Pandemic
- Global Business Jet Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Business Jet Type
- Very Light Jet
- Light Jet
- Super-Light Jet
- Mid-Size Jet
- Super-Mid-size Jet
- Large Jet
- Super Large Jet
- Ultra Long Range Jet
- Converted Airliners
June 2020: Canadian Armed Forces signed a contract with Bombardier. Inc worth USD 105 million. This agreement will help Canadian armed forces with two challenger jets.
October 2019: Embraer SA signed an agreement with Flexjet worth USD 1.4 billion to provide them with Phenom 300 and Praetor business jets.
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