NORTH AMERICA BUSINESS JET MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2023 - 2028)

 During the forecast period, the North American business jet market is anticipated to grow at a CAGR of 2.11%.

The COVID-19 pandemic had an impact on business jet deliveries overall, and the sector's growth between 2019 and 2021 fell by 14% as a result. The region's use and acquisition of business jets was impacted by the decline in economic activity and travel restrictions. However, the business jets market in North America started to become more flexible as the pandemic limitations lifted and aircraft manufacture resumed in 2021.

Approximately 66% of all business jet deliveries worldwide occurred in the North American region in 2021, making it the world's largest general aviation market. With more than 52% of all jet deliveries in the North American region in 2021, the light jet category had the biggest proportion of all jets. Following the epidemic, there was a spike in business travel flight hours, which led to a strong demand for business jets in the area.
The light jet category of business jets in this region was the least affected by the COVID-19 pandemic, with a reduction of 17.8% compared to the mid-size 35.3% and big jets 21.5%, respectively. This is because customers consistently prioritise light jets over other mid-size and large jets, resulting in a steady demand for light jets.

The majority of private jets in the world are located in the North American region, and the United States represents over 89% of the region's whole jet fleet, making it the most dominant market in terms of both volume and value. As of July 2022, Mexico and Canada made up 6% and 3%, respectively, of the region's active fleet. The region's market for business jets was impacted by the decline in US economic activity and travel-related restrictions. The ultra-wealthy population has shifted towards private aviation because it is regarded as a safer mode of transportation; this helped the area acquire business jets.

Major Players:  Bombardier Inc., Dassault Aviation, Embraer, Boeing Company, and Textron Inc


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