The global business jet market size is projected to reach USD 35.56 billion by 2027, exhibiting a CAGR of 5.37% during the forecast period. Increasing business aircraft deliveries worldwide will be a key growth determinant for this market, finds Fortune Business Insights™ in its report, titled “Business Jet Market Size, Share & Industry Analysis, By Business Jet Type ( Very Light Jet, Light, Super-Light, Mid-size, Super-Mid-Size, Large, Super Large, Ultra Long Range, and Converted Airliners), By Platform (On-Demand Service, Aircraft Management Services, and Leasing), By System (Propulsion System, Aerostructures, Avionics, and Others), By End-Use (Private and Operators), By Point of Sale (OEM and Aftermarket), and Regional Forecast, 2020-2027”. According to the General Aviation Manufacturers Association (GAMA), global shipments of private jets in 2017 rose to 2,324 units, reflecting an increase of 2.5% from 2016 levels. The gains, the GAMA notes, were led by increased deliveries from HondaJet, Cirrus Aircraft, and Textron. Honeywell International also forecasts promising increases in business jet deliveries in the forthcoming decade. According to the company’s Global Business Aviation Outlook, between 2020 and 2029, worldwide business jet shipments could reach 7,600 at an estimated value of USD 248 billion, signaling good news for the market.
Market Challenge
Stringent Travel Restrictions to Contain COVID-19 to Impede Market Growth
The business jet market growth has hit a roadblock in the form of the COVID-19 pandemic. Governments around the world have imposed strict travel restrictions for non-essential journeys to contain the spread of the coronavirus. For example, in March 2020, the European Union (EU) issued extensive travel bans to and from Europe, especially for countries where COVID cases were rising rapidly. However, the demand for executive aircraft is picking up again, though at a sluggish pace. Embraer, for instance, reported decent earnings of USD 130 million in the Second Quarter of 2020, stating that business jet demand is stabilizing worldwide. However, reaching demand and revenue levels of the pre-COVID period is expected to be a prolonged process for this market.
List of Companies Profiled in the Business Jet Market Report:
- Zunum Aero (Washington, the U.S)
- Eviation Aircraft (Israel)
- Cennas Aircraft Company (Kansas, the U.S.)
- Gulfstream (Georgia, the U.S.)
- Embraer SA (State of São Paulo, Brazil)
- The Boeing Company (Illinois, the U.S.)
- Joby Aviation (California, the U.S.)
- Hondajet (North Carolina, the U.S.)
- Dassault Aviation (Paris, France)
- Textron Inc. (Rhode Island, the U.S.)
- Bombardier, Inc. (Montreal, Canada)
- Airbus SE (Leiden, the Netherlands)
Information Source-
https://www.fortunebusinessinsights.com/industry-reports/business-jet-market-101585
