Global Share for Business Jets Market Projected to Surpass USD 41.82 Billion By 2030, Expecting 4.17% CAGR: Polaris Market Research

NEW YORK, Feb. 6, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Business Jet Market Share, Size, Trends, Industry Analysis Report, By Type; By Platform; By System (Propulsion System, Aerostructure, Avionics, Others); By Region; Segment Forecast, 2022 - 2030" published by Polaris Market Research in its research repository.

According to the research report, the global business jets market size & share was valued at USD 29.18 Billion in 2021 and is expected to reach USD 41.82 Billion by 2030, growing at a CAGR of 4.17% during the forecast period.

What is Business Jets? How Big is Business Jets Market Share?

• Report Overview & Summary

A business jet is a jet aircraft designed for transporting small groups of people. They may be adapted for other roles, such as the evacuation of casualties or express parcel deliveries. The rapidly rising demand for the business jet market can be attributed to the fact that these jets save time, money, and efforts which can be invested in other business activities.

Over the last few years, there has been exceptional growth in high-net-worth travelers generating a high demand for private aviation and procurement of enhanced private jets worldwide. Additionally, fleet modernization programs by developed and emerging economies to improve fleet capabilities generate demand for new charter services and enhanced cabin interiors and advanced avionics.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2030 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2022 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Key data covered in the market report

• Global market trends covering a comprehensive range of consumer and manufacturer trends.
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the market.
• Major market opportunities and challenges in the forecast timeframe to be focussed.
• Competitive landscape with analysis of competition pattern, portfolio comparison, development trends, and strategic management.
• Comprehensive company profiles of the key industry players.

Some of the Top Market Players Are:

• Airbus SAS
• The Boeing Company
• Bombardier
• Dassault Aviation
• Embraer SA
• Gulfstream Aerospace Corporation
• HondaJet
• Textron
• Aircraft
• Zunum Aero
• Joby Aviation
• Honeywell International
• Collins Aerospace
• Ametek

To know an additional revised list of top market players, request a sample report, 2022-2030: https://www.polarismarketresearch.com/industry-analysis/business-jet-market/request-for-sample

Key factors driving market growth

• Increasing participation in fractional ownership programs to push the market

High-net individuals live an international lifestyle and are the key stakeholders in the worldwide general aviation business. Therefore, frequent long-haul flights are necessary for them. The business jet market size is expanding as, in addition to owning private aircraft, they frequently charter private aircraft or participate in fractional ownership programs. For ultra-high net individuals using a private aircraft is a practical and economical way to accommodate their hectic schedules across many nations and time zones.

In recent years, several manufacturers have been making modern business jets emphasizing improved passenger experience and fuel efficiency. Business jet market sales are soaring as by introducing newer models and luring in more clients; several manufacturers are seeking to increase their level of competition in the market and incorporating sophisticated sub-systems and cutting-edge technologies on board a modern business aircraft was made possible by implementing new safety standards and emission norms.

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Recent trends influencing the market

• The capacity to fly long distances with consumption of less fuel to drive the market

The main aircraft types in the market are light, mid-sized, large business jets, and airliner business jets. The light business jet, sometimes known as a personal or a microjet, is a category of tiny business airplane that accommodates 4-8 passengers. A light jet may fly long distances at high speed while consuming little fuel. The systems used in business jets include propulsion systems, aerostructures, avionics, and others.

Advancements in technology, such as fighter technology in business jets with advanced safety features, the largest cabin, innovative flight deck, and other features. Key players focus on launching technologically advanced business jets to offer customers an unmatched experience with all safety features.

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Segmentation assessment

• Light bizjet segment to grow at an exponential rate

Based on type, light bizjet are the industry's largest market segment. The market for light aircraft used for private jets is expanding as intercity travel demand rises. But the fact that bizjets are inexpensive and pleasant for short fights is also helping to increase demand for these vehicles. Business jet market demand is growing because these state-of-the-art aircraft developments will soon lead to an abundance of brand-new aircraft designs and business models for the aviation industry.

• On-demand service segment will account for a higher share of the market

Based on the platform, the on-demand service segment will account for a higher market share. The reason is the rising demand for new business aircraft in US, China, and UAE. Business jet market trends include both developed and emerging economies having many private jet service providers, which contributes to the rise.

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Business Jets Market: Report Scope & Trends

Geographic Overview

• Rising demand for electric-powered jets to propel the North American market

North America held the most significant business jet market share due to the existence of key players, the rising demand for electric-powered jets, and the presence of robust infrastructure. The rise in the demand for the product in the US and Canada is currently driving the adoption of bizjets in the region. In 2019, North America accounted for roughly 71% of all private aircraft, with Europe accounting for approximately 13%. It is estimated that there will be 6362 new jet sales worth USD 217.5 billion between 2020 to 2029.

Browse the Detail Report "Business Jet Market Share, Size, Trends, Industry Analysis Report, By Type; By Platform; By System (Propulsion System, Aerostructure, Avionics, Others); By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/business-jet-market      

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Polaris Market Research has segmented the business jet market report based on type, platform, system, and region:

By Type Outlook

• Light Bizjet
• Mid-Size Bizjet
• Large Bizjet

By Platform Outlook

• On-Demand Service
• Aircraft Management Service

By System Outlook

• Propulsion System
• Aerostructure
• Avionics
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research