The global business jet market is anticipated to grow at a considerable CAGR of 5.3% during the forecast period (2023–2030). The addition of new models to existing fleets moves the worldwide market ahead. According to the General Aviation Manufacturers Association (GAMA), jet deliveries climbed by 12.5% in the first half of 2019. New models such as the Gulfstream G500, Cirrus SF50 Vision, and Pilatus PC-24 are in great demand due to their benefits. Additionally, in October 2019, Gulfstream introduced a new G700 plane with a seating capacity of 19 people.
Browse the full report description of “Business Jet Market Size, Share, and Trends Analysis Report By Type (Light Business Jet, Mid-Size Business Jet, and Large Business Jet), and By Platform (On-Demand Service and Aircraft Management Service), Forecast Period (2023–2030)” at https://www.omrglobal.com/industry-reports/business-jet-market
Besides that, market players such as General Dynamics, Embraer, Airbus S.A.S., Boeing, Bombardier, and others are investing significantly in R&D activities and creating aircraft with improved performance. Expenditures in the launch of new aircraft types are a crucial element driving market revenue growth. In July 2021, Pratt & Whitney Canada, a company of Raytheon Technologies Inc., announced plans to enhance its hybrid-electric propulsion technology and flying demonstration programme. This initiative is part of a $129.5 million commitment by the governments of Canada and Quebec.
Another key reason driving revenue growth is the increased use of high-tech components such as sophisticated hybrid-electric and water-enhanced turbofan technology. For instance, the European Union Clean Aviation Joint Undertaking established a collaborative coalition of aerospace technology companies on November 29, 2022, to develop hybrid-electric and water-enhanced turbofan systems for future aircraft propulsion systems. As compared to current short- and medium-range aircraft propulsion systems, these technologies are expected to enhance fuel economy and cut aircraft carbon emissions by up to 25%.
Market Coverage
• The Market Number Available for – 2022-2030
o Base year- 2022
o Forecast period- 2023-2030
• Segment Covered-
o By Type
o By Platform
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Honda Aircraft Company, Pilatus Aircraft, Syberjet Aircraft, Textron Inc., Pilatus Aircraft Ltd., and others.
Key questions addressed in the report
• What is the market growth rate?
• Which segment and region dominated the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected regions and segments
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Business Jet Market Report Segment
By Type
By Platform
Global Business Jet Market Report Segment by Region
North America
• US
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East and Africa
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