Business Aircraft Market: Current Analysis and Forecast (2023-2030)
Emphasis on Aircraft Type (Light, Mid-Sized, Large, and Airliner), End-User (Private Owner and Operator); Range (<3000 NM, 3000-5000 NM, and >5000NM); and Region/Country
The Business Aircraft Market was valued at 40.21 billion in the year 2022 and is expected to grow at a steady rate of around 4.72% during the forecast period (2023-2030), owing to the growing demand for aircraft charting by affluent people across the globe. Furthermore, private jets are becoming more popular amongst wealthy individuals and business owners, who lead busy lives and require flexible scheduling options. Business aircraft provide a way to travel quickly and efficiently without having to adhere to rigid timetables. Moreover, there is a growing concern about safety among business travelers, especially after COVID-19, particularly those who frequently fly for work. Business aircraft are generally considered safer than commercial airlines, thanks to their high maintenance standards where everything is customized personally for the individual. Additionally, increasing globalization has fueled the rise of international trade and business travel, there is a growing need for efficient and comfortable ways to move people and goods around the world, which in turn is driving the demand for private jets in the market. For instance, there were almost 21,979 active private jets in 2019 worldwide, and the industry forecasts that in the next 10 years, this number will increase between 6,362 to 7,300 new jets valued between USD 204 billion and USD 236 billion. This surge in the number of private jets is attributed to high demand which is also rising steadily.
Some of the major players operating in the market are AIRBUS; Bombardier; Dassault Aviation; Embraer; Gulfstream Aerospace Corporation; Honda Aircraft Company; PILATUS AIRCRAFT LTD; Boeing; Textron Inc.; and Piper Aircraft, Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Types, the mid-sized private jet segment held the significant share of the market in 2022.”
Based on type, the market is segmented into light, mid-sized, large, and airliners. The mid-sized private jets segment holds the majority of the market share as of 2022. The primary factors responsible for this domination are their versatility, where mid-sized private jets offer a balance between the luxury and comfort of a large jet and the affordability and practicality of a light jet. They are often used for long-haul flights but can also be used for shorter flights and as a convenient option for business travel. Furthermore, they offer a longer range and faster cruise speeds than light jets. Moreover, mid-sized private jets are often considered to be among the safest types of private jets, with a lower accident rate than larger jets, which is also one of the major factors that is responsible for their high demand.
“Amongst end-users, the operator segment is anticipated to grow at a significant CAGR during the forecast period (2023-2030).”
Based on end-user, the market is bifurcated into private owner and operator. The operator’s segment is anticipated to witness significant growth in CAGR terms during the forecasted period. With private jets becoming an affluent person cab-hailing service from just being in the reach of the ultra-rich is fueling the growth of this segment. Where high net worth individuals who cannot afford to buy and maintain a private jet but are capable of chartering private planes are high in numbers and driving up the demand for the operator services. For instance, the number of HNWIs around the world is increasing at a rapid pace. According to the Wealth-X Very High Net Worth Handbook 2021, the global “very high-net-worth” population—those with a net worth of between USD 5 million and USD 30 million—rose 1.5% to 2.7 million last year. Their combined wealth also increased 1.2% to a total of USD 26.8 trillion.
“North America dominated the business jet market globally in the year 2022.”
North America is one of the largest and most dynamic private jet markets in the world. The region is home to many wealthy individuals and businesses, which has driven the demand for private jet travel. Furthermore, fractional ownership has become increasingly popular in North America, as it allows individuals to own a share of a private jet without the burden of full ownership. This has made private jet travel more accessible and affordable for a wider range of individuals. Moreover, the private jet industry has seen significant technological advancements in recent years, which have made private jet travel more accessible and affordable. The use of advanced materials and design has made private jets more fuel-efficient and environmentally friendly. These are the factors that have contributed to the demand for private jets in the North American region and will further fuel the growth of the industry.
Business Aircraft Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global business jet market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Business Aircraft Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global business jet market were the three major steps undertaken to create and analyze the adoption of business jets in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global business jet market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the business jet market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the business jet market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as aircraft type, end-user, and range. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the business jet market. Further, we conducted factor analysis using dependent and independent variables such as aircraft type, end-user, and range of the business jet market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the business jet market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global business jet market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors, including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach, were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the business jet market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global business jet market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global business jet market. data was split into several segments & sub-segments after studying various parameters and trends in the areas of aircraft type, end-user, and range in the global business jet market.
The main objective of the Global Business Aircraft Market Study
The current & future market trends of the global business jet market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the business jet market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of aircraft type, end-user, and range.
- Define and analyze the regulatory framework for the business jet
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the business jet market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the business jet market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry.
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