Business Aircraft Market Research Report - Global Forecast till 2027

Business Aircraft Market Research Report: Information by Aircraft Type (Fixed-Wing (Light Jets, Mid-Size Jets, and Heavy Jets) and Rotary Wing), by Service (Fractional Ownership, Charter, and Jet Card Programs), by Application (Tourism, VIP Transportation, and Others) and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, Latin America) - Forecast till 2027

ID: MRFR/A&D/2650-HCR | February 2021 | Region: Global | 110 pages

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Market Overview:

The Global Business Aircraft Market has estimated to achieve 23.01 billion USD by the end of the year 2025. In the business aviation industry, business aircraft are a very significant part. The business aircraft are designed with an aim to provide transportation to small groups of people across various regions. This business aircraft is also popularly known as a jet aircraft. Moreover, these jet aircraft are extensively used by government officials, the armed forces, public bodies, and the express parcel deliveries or evacuation of casualties.

After the 1960s, the concept of private jet ownership has started in the business of aircraft. Here, the accommodation was only for two individuals as the size of the aircraft was small. At this time, the demand for charter and private jet industry has grown up. The Learjet 23 was the first light purpose-built jet build by Learjet. The Learjet 23 is a large, massive, and fuel-swallowing four-engine beast, and it has 561 miles per hour speed. In the past five decades, the business aircraft has improved from gas-guzzling go-getters to tiny personal jets, highly efficient jets, and long-legged luxury liners jets.

The Business Jet Market Analysis Report has highlighted the recent growth of the Global Business Aircraft Market. Recently, 12 new products had been launched by Bombardier business aircraft to boost up the business fleet. Additionally, the Gulfstream G450 has been launched by the Gulfstream Aerospace Corporation to thrive the next generation of business aviation in the upcoming years. Moreover, these products are convenient to grow the smooth handling, technological advances, unsurpassed passenger comfort, and impressive range.

COVID-19 Impact Analysis:

The global coronavirus has affected not only the people's lifestyle but also the marketing sector. Among these, the Global Business Aircraft Market was one. The global market has been affected due to the restrictions in air travel on international and domestic flights. As a result, the sudden drop in the demands for aircraft orders and deliveries was seen in 2020.

The Private Aviation Market Analysis Report explains that the global players have adopted advanced technologies and promotional strategies to improve the affected situation.

Market Overview:

  • Major Drivers of the Market:

The Global Business Aircraft Market is driving its growth due to the aviation industry's simultaneous improvement and significant growth in the global economies. Moreover, the staggering profits of organizations and multinational firms, the increasing long-range flights demands, and rapidly increasing people's purchasing power are other major growth driving factors for the Global Business Aircraft Market.

Along with that, the Global Business Aircraft Market has a higher growth rate during the research period due to the international expansion, new aircraft programs introduction, and new order generation.

  • Opportunity for the Global Market:

The Global Business Aircraft Market has higher net order expectations, new orders, and deliveries, which is propelling the growth of the global market. It has been found that across the world, more than 30,000 business aircraft are present. Even many key players are involved in the airline industry, which is increasing the global competition and bringing more opportunities to the Global Business Aircraft Market.

Moreover, the long-range aircraft demands are increasing among the aviation industry, which is boosting up the global market growth for the Business Aircraft Market Forecasts Period and generating more opportunities.

  • Market Restraints:

The economic slowdown and economic uncertainty in the operational business plan might bring restraints to the Global Business Aircraft Market.

Business aircraft are having different adoption of technology and prices. Here, it has been found that light jets, mid-size jets, and heavy jets behave differently from each other's because of their complexity as well as the manufacturers also behave differently regarding the products and technology. This can bring restraints to the global market.

  • Market Growth Challenges:

There are many factors that are affecting the price of business aircraft. Hence, the fluctuation of prices might bring more challenges for the Global Business Aircraft Market. Moreover, the unavailability of infrastructure in various regions might bring major challenges for the global market. It has been found that the developing economies of countries like Nigeria, India, China, and Malaysia not suitable for the growth of the business jets market due to lack of infrastructure.

Hence, the Global Manufacturers and Key Players are getting engaged in fighting the emerging challenges and generating a higher Business Aircraft Market Share for the assessment period.

  • Cumulative Growth Analysis:

The North American region and European region is leading the Global Business Aircraft Market and further has aimed to meet at USD 55 billion with almost 1,530 Business Aircraft for the Business Aircraft Market Forecasts Period.

Hence, the global market has generated the largest Business Aircraft Market Size in the previous years, and further, it has a prediction to grow more market size for the upcoming years.

Market Segmentation Overview:

  • By Aircraft Type:

On the basis of aircraft type segment, the Business Aircraft Market has been classified into light, medium, and fixed wing.

Among these, the light and medium-sized are considered to be constrained with the insufficiency of a clean-sheet design. On the other hand, the fixed-wing is generating the largest market share for the forecast period. And, the fixed-wing is extensively used in various regions.

  • By Services:

The Business Jet Market Segmentation has been classified into chartered, Fractional Ownership, and Jet Card Programs based on the service segment.

In Europe and North America, the demand for chartered service has increased, which is predicted to increase at the highest CAGR for the research period. Many markets are renewing their fleets, especially the operators in the fractional and charter market, which are enhancing the market value for the Business Jet Market Segmentation.

  • By Range:

Based on the Range Segment, the Global Business Aviation Market has been classified into less than 3,000 NM, 3,000–5,000 NM range, and more than 5,000 NM.

The Business Jet Market Analysis Report has mentioned that these ranges are preferred by various intended audiences based on their requirements. Among these ranges, the 3,000 – 5,000 NM range segment is predicted to generate at the highest CAGR for the assessment period.

Regional Analysis:

Based on the Regional Classifications, the Business Aviation Market is divided into various regions like Europe, North America, Asia-Pacific, Latin America, and Middle East & Africa.

Among these Regions, the North American region is estimated to lead the Global Business Aircraft Market in the forecast period because of the high economic levels of the region. After that, the European regions are taking up the second dominating position in the Business Jet Market because this region has more demands for long-range business aircraft as well as it has improved aviation infrastructure. Along with that, the Middle East region is considered the most promising Business Jet Market.

Competitive Analysis of the Global Market:

Many Key Players are working hard in the Business Aircraft Market to offer better outcomes to their audiences. Among them, some of the Major Key Players are:

  • Cessna Aircraft Company (US),

  • Dassault Aviation SA (France),

  • Bombardier Inc. (Canada),

  • Gulfstream Aerospace Corporation (US),

  • Saab AB (Sweden),

  • Piper Aircraft (US),

  • Textron Aviation (US),

  • Embraer SA (Brazil),

  • Pilatus Aircraft Inc. (Switzerland),

  • Honda Aircraft Company (US).

Thus, the above-discussed key players are providing suitable services to their intended audiences to grow the demands of the Business Aircraft Market.

Recent Developments:

  • In May 2020, Piper Aircraft, Inc. enlarged its services of aircraft through Skytech Inc. to Massachusetts, Connecticut, Maine, New York, Rhode Island, New Hampshire, New Jersey, and Vermont.

  • In December 2019, the Greater Toronto Airports Authority (GTAA) had signed a lease agreement with Bombardier for a longer period to construct Global Manufacturing Centre at Toronto Pearson International Airport.

  • In December 2019, the French Defense Procurement Agency (DGA) had sent an order contract to Dassault Aviation under an Archange airborne strategic intelligence program for two Falcon 8X aircraft.

Report Overview:

The Business Jet Market Analysis Report has involved both primary and secondary research methods to analyze the global market. The industry stakeholders such as directors, marketing executives, CEOs, and VPs and the demand- and supply-side parties are interviewed in the primary research. However, secondary sources like journals, government associations, annual reports, SEC filings, white papers, aerospace & defense magazines, paid databases, corporate presentations, and company websites have been engaged to get an appropriate outcome. And the qualitative and quantitative analysis has been performed to analyze the detailed insight of the Business Aircraft Market Research.

Thus, the Business Jet Market Analysis Report has covered the details of technology trends, patent analysis outlook, regulatory landscape, market segment, and competitive intelligence to better understand the Global Business Aircraft Market.

Segmental Table:

By Aircraft Types:

  • Light,

  • Medium,

  • Fixed-wing

By Services:

  • Chartered,

  • Fractional Ownership,

  • Jet Card Programs

By Range:

  • Less than 3,000 NM,

  • 3,000–5,000 NM,

  • More than 5,000 NM

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Frequently Asked Questions (FAQ) :

The Key Players of the Global Business Jet Market are Bombardier Inc, Gulfstream Aerospace Corporation, Cessna Aircraft Company etc.

Global Business Aircraft Market that Foretells Gains for this Industry at 7% CAGR during the Forecast Period between 2019 and 2025.

Business Aircraft Market has been Segmented based on Aircraft Type (Fixed-Wing, Rotary Wing), Service (Fractional Ownership, Charter, and Jet Card Programs), Application (Tourism, VIP Transportation, and Others) and Region.

North America, Asia-Pacific, Europe, Middle East & Africa and Latin America are the Regions Affected by Business Aircraft Market.

North America Expected to Lead the Global Market and Europe is the Second Largest Market Projected to Receive almost 1,530 Business Aircraft Valued at USD 55 billion.

A Business Aircraft is a Jet Aircraft Designed for Transporting Small Groups of People. Business Jets are an Integral Part of the Business Aviation Industry.