Private Jet Industry
The market for the private jets is anticipated to register a CAGR of 2.50%, to reach a market value of USD 17.86 billion by 2026.
- The Asia-Pacific region is expected to witness the fastest growth during the forecast period and register a CAGR of 5.39%.
- Bombardier Inc., Textron Inc., Gulfstream Aerospace Corporation, Airbus SE, Textron Inc, Embraer SA, and Dassault Aviation SA are the key players in the private jet market
Get latest developments in the GCC Business Jet Market
Private Jet Industry Touching Skies in Middle East
- Over the past few years, there has been a significant increase in high-net-worth individuals and ultra-high-net-worth individuals globally. This generates demand for private travel, subsequently driving the procurement of private jets with enhanced cabin interiors.
- The Middle Eastern UHNW (Ultra- high net worth) individuals prefer to buy more expensive planes than their counterparts, nearly 2.5 times higher than the global average, primarily due to their luxury requirements.
- The increase in number of HNWI and UHNWI in Saudi Arabia is anticipated to encourage the growth of the private jet indsutry during the forecast period.
- The United Arab Emirates is home to several private jet operators, including Royal Jet, Empire Aviation, Falcon Aviation, DC Aviation Al-Futtaim, and others. With the increase in the number of private jet passengers and the implementation of supportive government policies in favour of private aviation, private jet operators across the United Arab Emirates are expected to enlarge their private jet fleet to cater to the demand.
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Competitive Landscape of Private Jet Industry
- In Mar 2021, Dassault Aviation announced that it successfully completed the first flight of the widebody Falcon 6X. The completion of the first flight marked the beginning of the test campaign for certification of the aircraft.
- In Feb 2021, Textron Aviation unveiled CJ4 Gen2, its newest addition to the Cessna Citation business jet family, the Citation. The new aircraft has enhanced in-flight cabin features such as a new stair and handrail, premium seating options and enhanced ambience lighting.
- In Feb 2021, Pilatus delivered the first PC-24 with 10-seat commuter configuration to an undisclosed customer in the Western United States.
