The business jets market is projected to grow from an estimated USD 30.1 billion in 2022 to USD 41.8 billion by 2030, at a CAGR of 4.2% during the forecast period. An increasing number of high net worth personnel and the replacement of aging aircraft fleets are expected to drive the growth of the market.
Key Market Players
Major players operating in the business jets market include Textron Inc. (US), Embraer SA (Brazil), Gulfstream Aerospace (US), Bombardier Inc. (Canada), Dassault Aviation (France), Boeing (US), Airbus (Netherlands), Honda Aircraft Company (US), Syberjet Aircraft (US) and Piper Aircraft (US) among others.
Recent developments
In April 2022, Textron Aviation announced a purchase agreement with Exclusive Jets, LLC, which, operating as FlyExclusive, is a leading provider of premium private jet charter experiences for up to 30 Cessna Citation CJ3+ jets. FlyExclusive expects to take delivery of five aircraft by 2023, with the purchase of additional aircraft for delivery by 2025.
In November 2021, Airbus Corporate Jets, a business unit of Airbus, signed an agreement with Alpha Star Aviation for the installation of new and unique In-flight Entertainment (IFE) technology in business jets.
In October 2021, Gulfstream Aerospace introduced the Gulfstream G800, the longest-range aircraft in Gulfstream history. It can travel at a speed of Mach 0.85, that is, nearly the speed of a supersonic jet.
In October 2021, Embraer SA and NetJets Inc. (US), an executive jet airway, signed a deal to procure 100 Phenom 300E of Embraer SA by the second quarter of 2023.
“Based on system, the aftermarket systems segment is projected to grow at the highest CAGR in the business jets market during the forecast period”
Increasing demand for enabling premium facilities onboard aircraft is responsible for the growth of aftermarket systems. The aftermarket systems segment of the business jets market covers MRO activities, which include replacement, repairs, and maintenance of critical business jet systems and their components. The components and systems under the aftermarket segment include aerostructures, avionics, aircraft systems, cabin interiors, doors, windows, and windshields.
North America is expected to account for the largest share in 2022
Based on region, the business jets market has been segmented into 6 regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa. North America is estimated to account for the largest share of the global business jets market in 2022. This can be attributed to the presence of a large number of high-net-worth individuals coupled with the existence of major business jets manufacturers such as Textron Inc. (US), Bombardier Inc. (Canada), Gulfstream Aerospace (US), and Piper Aircraft (US), among others. Additionally, the availability of airports across North America enables ease in business travel across the region. Geographically, North America is the biggest region, by area, hence it is critical for business travelers to opt for the fastest mode of transport to save time, resulting in increasing demand for business jets.
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