Northbrook, IL 60062 -- (SBWire) -- 08/14/2023 --The business jets market is projected to reach 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 Business Jets Industry.
The business jets market faces the challenge of rising fuel prices, which leads to lower purchases. Customers tend to withhold their purchase as they may not wish to spend excessively on operating a business jet after investing hugely in acquiring the jet. In addition, not every nation has the budget to purchase business jets and the expensive fuel they require.
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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.
Key Market Players
The Business Jets Companies are dominated by a few globally established players such as 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.
Business Jets Market Size & Share Analysis - Growth Trends & Forecasts 2030