According to IMARC Group’s latest report, titled “Business Jet Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global business jet market size reached US$ 18.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.
A business jet, also known as a private jet, is an aircraft designed to transport small groups of people or goods. It comprises various systems, such as propulsion, aerostructure, and avionics, and is widely available in different sizes, such as light, medium, and large jets. It is cost-effective, safe, flexible, convenient, and secure while providing comfortable long flight hours. It also enhances productivity, offers fewer luggage restrictions, and saves time as there are no long intermediate stops. As a result, the business jet is utilized by various organizations, businesses, entrepreneurs, and non-profit companies across the globe.
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At present, the rising utilization of business jets among celebrities, along with the increasing demand for luxurious facilities, represents one of the key factors strengthening the growth of the market. Besides this, technological advancements in business jets are offering lucrative growth opportunities to industry investors. Apart from this, the increasing demand for new charter services with improved cabin interiors and advanced avionics is bolstering the growth of the market. Moreover, the rising popularity of hybrid electric aircraft propulsion technology is contributing to the growth of the market. Furthermore, key players are introducing a long-range and heavy business jet that has a better Wi-Fi system, light-emitting diode (LED) lighting, and electro-chromatic windows.
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List of Key Companies Covered in this Market Report:
- Bombardier Inc.
- Dassault Aviation
- Embraer S.A.
- Gulfstream Aerospace
- Honda Aircraft Company
- Pilatus Aircraft
- Piper Aircraft
- Saab AB
- Textron Inc.
- The Boeing Company
The report has segmented the market on the basis of type, business model, range, point of sale and geography.
Breakup by Type:
Breakup by Business Model:
- On-Demand Service
- Air Taxis
- Branded Charters
- Jet-Card Programs
- Fractional Ownership
- Full Ownership
Breakup by Range:
- < 3,000 NM
- 3,000 – 5,000 NM
- > 5000 NM
Breakup by Point of Sale:
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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