Business Jet Market Size to Grow USD 41.4 Billion by 2032 at a CAGR of 4.5% | Valuates Reports
BANGALORE, India, Jan. 23, 2024 /PRNewswire/ -- Business Jet Market is Segmented By Type (Very Light Jets, Light Jets, Medium Jets, Heavy Jets), By Category (New, Pre-owned): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Global Business Jet Market size was valued at USD 26.8 Billion in 2022, and is projected to reach USD 41.4 Billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.
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Major Factors Driving the Growth of Business Jet Market:
There are several important variables driving the expansion of the preowned heavy business jet industry. Economic factors are important since companies and wealthy people look for less expensive options than buying a large business aircraft. Pre-owned aircraft are an appealing alternative because they can be purchased for a small portion of the price of new ones, giving customers the opportunity to enjoy the advantages of owning a roomy, long-range aircraft without having to make a substantial initial investment.
Business jets provide executives with flexible, direct, and time-efficient travel choices as economies grow and firms need to connect globally. The allure of business jets is further enhanced by their capacity to reach remote regions, their customisable luxury facilities, and their technological improvements.
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TRENDS INFLUENCING THE GROWTH OF BUSINESS JET MARKET:
With the introduction of charter services and fractional ownership, the business jet industry has changed. Businesses may split the price of owning a plane by using fractional ownership, which makes it a more affordable choice. By providing a flexible option, charter services enable businesses to access private aviation trips without having to commit to ownership, hence growing the industry. The expansion of the business jet industry is closely associated with globalization and economic development. There is a growing need for quick and effective transportation as economies throughout the world grow and companies want to expand globally. Executives can conduct international business with ease because of business jets' flexible and time-saving travel arrangements, which is fueling the market's growth.
In today's hectic corporate environment, time is an essential resource. Executives using business jets may go directly to their destinations without experiencing the annoyances and delays that come with ordinary flights. Decision-makers may attend several meetings at several places in a single day and maximize their work hours thanks to this time efficiency, which boosts productivity.
Airports in rural or underdeveloped areas that may be difficult for commercial airlines to reach can be accessed by business jets. This feature adds to the allure of business jets by enabling quick, easy access to important locations, which is especially helpful for companies operating in underdeveloped areas.
Personalized travel experiences are valued by the customers that the business jet sector serves. Owners of business jets may customize the interior design and amenities to suit their tastes, thanks to the great degree of customisation available. Owning a business aircraft becomes more alluring when opulent amenities like roomy cabins, cozy seats, and cutting-edge in-flight entertainment systems are included.
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BUSINESS JET MARKET SHARE ANALYSIS
In terms of type, the market in 2022 was led by the heavy jets subsegment. Since heavy jets are the most comfortable and longest-range private aircraft, they are rapidly gaining popularity. Furthermore, big planes may travel at exceptional speeds anywhere in the world. A standard heavy jet can carry up to twelve people. The fully furnished galley of the heavier planes has opulent extras like completely reclined chairs. Heavy planes offer the greatest safety requirements and allow passengers to select their preferred food and beverages while on board. Numerous locations that are inaccessible by commercial aircraft routes can be reached by heavy corporate jets. For businesses like the natural resources sector who operate in remote locations, this is quite helpful.
In terms of category, the worldwide business jet market share in 2022 was led by the pre-owned subsegment. Because they are affordable, pre-owned business jets are quite popular because they allow customers to enjoy private jet travel without having to make a large initial investment. Additionally, by purchasing pre-owned business jets, purchasers can escape the sharpest portion of the depreciation curve, such as the hidden cost of ownership. Additionally, compared to purchasing new business jets, purchasing a pre-owned aircraft permits a quicker acquisition procedure.
In terms of region, the world market in 2022 was dominated by North America. Because there are so many financial centers, business hubs, and industries in the United States, Canada, and Mexico—three key business hubs—business jets are becoming more and more popular in these nations.
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Key Companies:
- Bombardier
- Gulfstream Aerospace Corporation
- Textron Aviation Inc
- Dassault Aviation
- Embraer
- Pilatus Aircraft Ltd
- Airbus
- The Boeing Company
- Cirrus Aircraft, LLC
- Honda Aircraft Company, LLC
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