BUSINESS JET MARKET

 The Business Jet Market is expected to increase at a CAGR of 4.53% over the forecast period to reach USD 20.69 billion by 2027 from its current value of USD 18.14 billion. A third of the business jet fleets that are now in use are over ten years old, which is motivating business jet operators and charter companies to invest in fleet modernization initiatives and improve the capabilities of their fleets. During the anticipated period, this aspect is anticipated to accelerate the market's growth.

Due to their considerably higher pricing than light jets, despite the former's lesser deliveries than the latter, large jets currently hold the majority of the market share. Due to their huge cabins, which can hold up to 19 passengers, big jets were in high demand in 2021. However, global limits on long-distance travel had an impact on the segment's growth. The segment is anticipated to increase favorably over the next few years as travel limitations are loosened. To draw clients, aircraft manufacturers are introducing bigger, larger jets with enhanced functionality. For instance, the 2020-launched ACJ TwoTwenty conducted its first flight in Canada in December 2021.

North America presently holds the greatest market share, and it is anticipated that it will maintain this dominance during the projection period. The region is home to the world's largest operating business jet fleet (approximately 15,000 aircraft), the majority of which are owned by the United States. The desire for large and light jets predominates since there are so many high-net-worth individuals and corporate businesses. Additionally, over the past few years, the demand for charter services in the area has increased. In 2020, there was a rise in demand for business aviation as a result of COVID-19's effects on commercial aviation.

In order to take advantage of the business jet chances, the charter companies have also lowered their pricing. The expansion of charter operations in the area has sparked charter operators' fleet modernization initiatives to increase fleet productivity. In the upcoming years, about 15% of the business jet fleet in North America is anticipated to be replaced, according to Honeywell. For their fleets, a number of end customers are wanting to buy brand-new and upcoming business jets. The largest business jet operator in the world, NetJets, revealed in March 2021 that it has placed an order for 20 of the future Aerion AS2 business aircraft.

The presence of multiple significant players makes the market for business jets extremely competitive. But a select group of companies, including Bombardier Inc., Textron Inc., Gulfstream Aerospace Corporation, Embraer SA, and Dassault Aviation SA, currently dominate the market in terms of market share.

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