Supersonic Jet Market Size

Global Supersonic Jet Market Overview

Supersonic Jet Market Size was valued at USD 24.46 billion in 2022. The Supersonic Jet Market is projected to grow to USD 36.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.7% during the forecast period (2022 - 2032).

A supersonic jet can be flying faster than the speed of sound (Mach 1). To offer an enhanced traveling experience to passengers and reduce the time of the voyage, there are many companies such as Boeing, a US-based company are venturing into the supersonic jet market. These jets have accommodation capacities of 10 to 50 passengers. These jets are far better than conventional business jets.

Covid 19 Analysis of Supersonic Jet Market

The coronavirus pandemic has given a very hard time to most of the manufacturing, developing, production, and logistic units of the market. Due to this pandemic situation, restrictions were imposed by the government of different countries. All types of travel are being restricted due to this covid-19 situation due to which the application of supersonic jets has declined to a large extent. All the manufacturing units have been closed down keeping in mind the covid-19 protocols and because of its manufacture of different parts of supersonic jets have been impacted and the assembling companies are also facing huge losses. No doubt the flying stations of these jets are different from other planes and commercial jets but then also all those stations have been shut down as no person is allowed to travel from one country to another. But there is a ray of hope that as soon as these restrictions are lifted the market will make a powerful comeback with about 60% enhancement in its profits.

Market Dynamics

Drivers

The increasing air passenger traffic and due to which encouragement received by the airline operators to invest in aircraft that can adjust more passenger and travel at a faster rate. So this rising air traffic is one of the major factors which is responsible for the growth of this market. Many technological advancements are taking place in the supersonic jet manufacturing sector as the new jets are coming with more seating capacity and, every seat has its own led screen which is already accessed to internet networks. So this is another element that may enhance the expansion of this industry during the forecast period. With the functioning of aerodynamics concepts, the airplanes can fly up to certain heights in the air and the evolving lightweight aerodynamics and composites concepts being applied in these supersonic jets is another factor that will boost the growth of this market.

Restraints

The structure of these supersonic jets is very complex and dynamic due to which there is a requirement of people with great expertise to make it and everything should be done with perfection. On average a company manufactures a single supersonic jet in 25 days. So this complex design and time taken in the making of supersonic jets are one of the major factors that may hamper the growth of this market. Secondly, a lot of noise is produced by these jets when the engine is started and during the voyage which creates a lot of disturbance to passengers and creates a lot of problems for the crew members.

Technology Analysis

In the manufacturing of supersonic jets, 3D printing technology is being used at a large scale. As of June 2019, a contract was signed between VELO 3D and BOOM technology Inc. to procure 3D printed metal parts for the new Mach 2.2 model which was expected to be launched within 2 months. The movement of different countries are taking many initiatives and are making massive investments in the supersonic jets sector and are encouraging this sector to extend their applications in the defense sector

Market Segmentation

The supersonic jet market has divided all across the globe based on type, application, and region.

Based on the Type

The market has been divided all across the globe based on the type into a light jet, mid-size jet, and large jet. The light jet is more convenient and consumes less fuel. It can carry 12 passengers at a time. 24 passengers can be carried in a mid-size jet at a time. This jet is more spacious as compared to a light jet. Since it is spacious, it provides in-flight catering and hence improves the comfort of passengers. For carrying more than 24 passengers at a time, a large jet is used. It is more spacious as compared to a medium-sized and light jet. It also contains an entertainment system. Since more passengers can travel at the same time, it results in more revenue generation.

Based on the Application

The market has been divided all across the globe based on application into commercial applications and business travel applications. Increasing need to reduce time constraints coupled with increased traffic, increase in personal disposable income enables to drive the market demand for both commercial and business travel applications.

Based on the Region

The market has been divided all across the globe based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.

Regional Analysis

The market has been divided all across the globe based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share in the supersonic jet market worldwide is held by the North American region. Owing to the presence of various major key players namely Aerion Corporation and Lockheed Martin Corporation. An increase in personal disposable income is another factor that drives the market demand.

• The second-largest market share in the global market is held by the European region owing to the huge investments made by major key players like Airbus SAS which creates more demand. Fast-moving life is another factor that drives the market demand in this region.


• The third-largest market share in the supersonic jet market worldwide is held by the Asia-Pacific region. Since this region is one of the fastest-growing regions. The presence of highly populous countries like India and China drives the market demand in this region. Moreover, increasing initiatives taken by governments of various emerging countries boost the market demand in this region.


• The Latin American region and the Middle East and African region show the least growth rate owing to the lack of infrastructure. Also, the personal disposable income of both these regions is comparatively low which results in the least market share in the global market.

Competitive Landscape

The most prominent major key players in the supersonic jet market all across the globe are mentioned below:

• TsAGI (Russia)


• Spike Aerospace, Inc. (US)


• Boeing (US)


• Aerion Corporation (US)


• Airbus SAS (France)


• Lockheed Martin Corporation (US)


• Boom Technology, Inc. (US)

These major key players use various strategies to sustain their market position in the supersonic jet market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new production process, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the supersonic jet all across the globe.

Recent Developments

• In February 2019, a collaboration was made between Aerion Corporation (US) and Boeing. In this collaboration, Aerion Corporation will handle the flight-testing services of supersonic business jets whereas manufacturing and engineering services will be provided by Boeing.


• The largest market share in the global market is held by the North American region owing to the presence of major key players in this region. Increasing personal disposable income also drives the market demand in this region.


• Spike Aerospace, Inc. (US) is spending a huge sum of money on research and development to get an upper edge over its competitors. This will help the company by increasing the sales revenue.


• All the major key players are highly investing in new product launches, mergers, and acquisitions, and joint ventures.

Report Overview

The supersonic jet market research report discusses the market insights and combines them with the viewpoints of the industry leaders to predict the CAGR growth rate and the market valuation by the end of the period. The report aims to provide an understanding of the revenue cycle by discussing the performance of the market segments across the globe. The report also discusses the recent developments undertaken by the key market players.