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The Light and Very Light Jets Market is segmented by Aircraft Type (Very Light Jet, Light Jet), and Geography.
Fastest Growing Market:
Middle East and Africa
Greater Than 1.5 %
The light and very light jets market is projected to register a CAGR of more than 1.5% during the forecast period.
The report includes the following aspects:
|Very Light Jet|
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As of 2019, the market share for light jet aircraft is more compared to the very light jet segment. The deliveries for the light jet aircraft were higher compared to the very light jets in 2019. The deliveries of some prominent aircraft models in this segment, like Cessna CitationJet 3+/4, Learjet 70, Embraer Phenom 300, Pilatus PC-24, and TBM 910/930, are collectively around 200 and generated a revenue of more than USD 1.6 billion in 2018. In addition, the mean price for light jets is more than USD 9 million, which is also about 2.5 times the mean price of the very light jets. All these factors are responsible for the high share of the segment in the year studied.
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North America accounted for a major market share in 2019. North America is one of the premium markets for light jet operations. The region has one of the largest numbers of light and very light jet shipments by geography, due to the high demand for corporate travel from the United States and Canada. The number of people performing intercontinental business travel is high in the United States, who mostly prefer these light and very light jets. However, the market is beginning to saturate slowly in North America, and slowly the demand from regions, like Middle East & Africa, which had the least market share, has been increasing. The main reason for the growth of the region is the demand from the Middle East, where the number of HNWI (High Net Worth Individuals) has grown over the years. Countries in this region are also focusing on the travel and tourism sector, which is expected to increase the private jet charter in the region in the upcoming years. Thus, the region is expected to show a high rate of growth in the coming years.
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Embraer SA, Honda Aircraft Company, Cirrus Design Corporation, Textron Inc., and PILATUS AIRCRAFT LTD are some of the major players in the market. The market comprises of only few players developing the light and very light jets in the industry. New players, like Stratos Aircraft, are about to enter the market with new aircraft models, like Strats 714 and 716X. In this market, efficiency, comfort, and reliability are the main aspects that the customers would seek, before purchasing the jets. Hence, the players are working in this regard to develop new aircraft with upgraded features. For instance, Daher presented the TBM 940, the next iteration of high-speed single-engine turboprop aircraft of the popular light business jet line TBM 900. The new aircraft is worth USD 4.13 million and is equipped with an automatic thrust system and improved automatic anti-icing system. The design of the cabin is also changed in the new model. New aircraft models like these are expected to change the landscape of the market in the years to come.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Aircraft Type
5.1.1 Very Light Jet
5.1.2 Light Jet
5.2.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.2.4 Latin America
188.8.131.52 Rest of Latin America
5.2.5 Middle-East and Africa
184.108.40.206 United Arab Emirates
220.127.116.11 Saudi Arabia
18.104.22.168 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Textron Inc.
6.2.2 Embraer SA
6.2.3 Honda Aircraft Company
6.2.4 Cirrus Design Corporation
6.2.5 PILATUS AIRCRAFT LTD
7. MARKET OPPORTUNITIES AND FUTURE TRENDS