Business Jet Market - Growth, Trends, and Forecasts (2020 - 2025)

The Business Jet Market is segmented by Range (<3000 Nm, 3000 - 5000 Nm, and >5000 Nm), Aircraft Type (Light Jet, Mid-Size Jet, and Large Jet), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa).

Market Snapshot

Study Period:

2020-2025

Base Year:

2019

Fastest Growing Market:

Middle-East and Africa

Largest Market:

North America

CAGR:

1 %

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Market Overview

The market for business jets is anticipated to reach a CAGR of over 1%, during the forecast period (2020 - 2025).

Growth in tourism is generating demand for new business jets, as charter service providers are introducing new routes and are expanding their presence, globally. Technological advancements in avionic systems and interior cabin products are likely to support the growth of the business jet market.

Growth in high net worth individuals is expected to generate demand for newer generation business jets. New product launches, expansion in emerging economies, and long-term agreements are some of the major strategies adopted by major business jet OEMs.

Scope of the Report

Business jet or a private jet is an aircraft that is designed to transport small groups of people. Business jets are procured by individuals, corporates, VIPs, athletes, government officials, and charter service providers. The report excludes helicopters used for business travels.

By Range
< 3,000 NM
3,000 - 5,000 NM
> 5000 NM
By Aircraft Type
Light Jet
Mid-size Jet
Large Jet
Geography
North America
United States
Canada
Europe
United Kingdom
France
Germany
Rest of Europe
Asia-Pacific
China
India
Japan
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Turkey
Rest of Middle-East and Africa

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Key Market Trends

Growing Preference for Long-range Business Jets

  • Procurement of ultra-long-range jets (> 5000 Nm) is on a rise and currently holds a major share in the business jet market, globally. Some of the prominent aircraft models in this range are Gulfstream G650/650ER, Dassault’s Falcon 7X, and Boeing’s BBJ 777/787.
  • Moreover, Bombardier Business Aircraft, Gulfstream Aerospace Corporation, and Textron Inc. are expected to have higher deliveries, followed by Dassault Aviation SA and Embraer Executive Jets. Bombardier, Gulfstream, and other major players offer seats with varying capacities, based on the types of business jets.
  • As business jets are being utilized by sportspersons, government officials, tourists, businessmen, etc., seating capacity differs according to the requirements of the people hiring the jet. Business jets opted by tourists and business class passengers are anticipated to have higher seating capacity, as compared to others.
  • Apart from domestic and commercial applications, country-specific military bases and civilian operators deploy business jets for long and short hauls. The lockdown, due to COVID-19 pandemic, has reduced all flight activity, globally, which is expected to impact both the charter services market, as well as business jet procurement.
  • As the crude oil prices fall and fuel costs dip, the demand for large jets may rise in the used aircraft market. Similarly, fractional ownership of jets may also rise as owners try to avoid overhead costs and choose shared aircraft in view of the economic downturn and uncertainties of the market. Charter service operators are expected to see a sluggish market demand, post the lifting of travel bans. Whereas the demand may be higher for emergency medical transport and for bringing stranded citizens home from domestic and international locations, where lockdown is expected to be lifted much later.

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Middle-East and African Region is Anticipated to Register the Highest CAGR during the Forecast Period

  • Presently, North America dominates the market studied and is one of the premium markets for business jet operations. However, the market is beginning to saturate, which has shifted the focus of OEMs toward the Middle-East and African region. The Middle-East and African business jet market is evolving with rising investments, in general aviation airport infrastructures.
  • Additionally, the growth in the number of high net worth individuals, particularly in the Middle-East, is turning the market into a lucrative one, for both the business jet service providers and the OEMs. Hence, the Middle-East and African business jet market is anticipated to register the highest CAGR, during the forecast period.

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Competitive Landscape

  • The business jet market is highly competitive and consists several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
  • For instance, in 2018, Pilatus delivered the first of six PC-24s to its then-new customer, PlaneSense. The PC-24, also known as Super Versatile Jet, has a range of about 1,188 NM. Likewise, Honda Aircraft Company introduced its HondaJet HA-420 with first delivery, in 2016. By the end of October 2018, the company built over 90 aircraft.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter’s Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Range

      1. 5.1.1 < 3,000 NM

      2. 5.1.2 3,000 - 5,000 NM

      3. 5.1.3 > 5000 NM

    2. 5.2 By Aircraft Type

      1. 5.2.1 Light Jet

      2. 5.2.2 Mid-size Jet

      3. 5.2.3 Large Jet

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 France

        3. 5.3.2.3 Germany

        4. 5.3.2.4 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 India

        3. 5.3.3.3 Japan

        4. 5.3.3.4 Rest of Asia-Pacific

      4. 5.3.4 Latin America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Mexico

        3. 5.3.4.3 Rest of Latin America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Turkey

        4. 5.3.5.4 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Airbus SE

      2. 6.2.2 The Boeing Company

      3. 6.2.3 Bombardier Inc.

      4. 6.2.4 Dassault Aviation SA

      5. 6.2.5 Embraer SA

      6. 6.2.6 Gulfstream Aerospace Corporation

      7. 6.2.7 Textron Inc.

      8. 6.2.8 Emirates

      9. 6.2.9 ExecuJet Aviation Group

      10. 6.2.10 Executive Jet Charter Ltd

      11. 6.2.11 Flexjet LLC

      12. 6.2.12 Gama Aviation PLC

      13. 6.2.13 Grafair Flight Management AB

      14. 6.2.14 NetJets IP LLC

      15. 6.2.15 Qatar Airways Group

      16. 6.2.16 Royal Jet

      17. 6.2.17 TAG Aviation SA

      18. 6.2.18 VistaJet

      19. 6.2.19 AirCharter International

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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