Market Size of business jet Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 24.39 Billion |
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Market Size (2030) | USD 30.91 Billion |
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Largest Share by Body Type | Large Jet |
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CAGR (2024 - 2030) | 4.03 % |
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Largest Share by Region | North America |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Business Jet Market Analysis
The Business Jet Market size is estimated at 24.39 billion USD in 2024, and is expected to reach 30.91 billion USD by 2030, growing at a CAGR of 4.03% during the forecast period (2024-2030).
24.4 B
Market Size in 2024 (USD)
30.9 B
Market Size in 2030 (USD)
4873
Total Deliveries in the Historic Period (2017-2023)
5771
Total Deliveries during the Forecast Period (2024-2030)
Largest Market by Body Type
82.01 %
value share, Large Jet, 2023
The increasing number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) is driving the demand for large business jets.
Fastest-growing Market by Body Type
4.19 %
Projected CAGR, Large Jet, 2024-2030
Consumers' preference for premium quality and convenient jets with large and personalized spaces is driving the adoption rate.
Largest Market by Region
67.30 %
value share, North America, 2023
The United States is the major contributor to the growth of the market in the region because of its strong economy and increased procurement of various types of business jets.
Leading Market Player
34.51 %
market share, General Dynamics Corporation, 2022
General Dynamics Corporation, through its subsidiary Gulfstream Aerospace, provides a wide range of business jets across all the regions, which makes it a leading player.
Second Leading Market Player
28.89 %
market share, Bombardier Inc., 2022
The company is the second leading player in the market with a wide range of technologically innovative and advanced products, along with a strong customer support network.
Large jets occupy the largest market share as HNWIs prefer large jets for long intercontinental travel
- Business jets are private jets designed to carry small groups of people. They can also be used for various other purposes. Out of the total fleet, the large jet segment accounted for 45%, followed by large jets and mid-size jets with 41% and 13%, respectively.
- Due to the high demand for corporate travel, tourism, and personal and leisure travel, large jets dominate the business jet segment globally. Large jets are most frequently preferred by those who travel interstate for business purposes. Some of the most delivered jets are Challenger 350, Gulfstream G280, G500, G600, G650ER, and Global 6000.
- As of December 2022, Cessna, Gulfstream Aerospace Corporation, Embraer, Bombardier, and Cirrus Aircraft dominated the business jet market, holding 76% of the total business jet active fleet globally. Out of the total operational business jets, 86% were wholly owned, 12% were fractional ownership, and the remaining were shared ownership.
- Approximately one-third of the business jet fleets currently in operation are over 10 years old, which is driving the business jet operators and charter providers to invest in fleet modernization programs and enhance their fleet's capabilities. This factor is expected to boost the market's growth, and during the forecast period, a total of 6,63 jets are expected to be delivered.
- North America currently has the largest share of the market and is expected to continue its dominance during the forecast period. The region holds the most extensive operating business jet fleet (about 16,000 aircraft) in the world, with the United States accounting for 69% of total business jets. Due to the presence of many high-net-worth individuals and corporate companies, the majority of the demand is for light jets and large jets.
Understand The Key Trends Shaping This Market
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The demand for business jets is being fueled by the growing number of HNWIs and their increasing inclination toward private travel
- The overall aircraft deliveries in the business jet sector were affected during the COVID-19 pandemic, and the growth between 2019 and 2021 decreased by 23%. The reduction in economic activities and travel restrictions affected the utilization and procurement of business jets in the region. However, after the pandemic, the market stabilized, and in 2022, a growth of 12% was recorded globally.
- During 2017-2022, North America procured most of the business jets, followed by Europe, Asia-Pacific, South America, and Middle East & Africa, accounting for 74%, 16%, 6%, 4%, and 3%, respectively.
- As of December 2022, Cessna operated most of the global active business jets, followed by Gulfstream Aerospace Corporation, Dassault Aviation, Bombardier, and Learjet, accounting for 32%, 13%, 9%, 8%, and 8%, respectively.
- Out of the total operational business jets, 86% are wholly owned, 12% are fractional ownership, and the remaining are shared ownership. The larger jet segment dominated the market with 45%, followed by light jets with 41% and mid-size jets with 13%.
- During 2023-2030, approximately 6,700 business jets are expected to be delivered globally. Out of this, North America is expected to procure most of the business jets, accounting for nearly 4,027 jets. The economic recovery in the developing economies in the region is expected to boost the growth of the general aviation sector in the region during the forecast period.
