Business Jet Market worth $36.4 billion by 2030 — Global Forecast by MarketsandMarkets™

1
The Business Jet Market is projected to grow from
an estimated USD 24.7 billion in 2019 to USD
36.4 billion by 2030, at a CAGR of
3.6 during the forecast period. Factors such as
increasing number of high net worth
individuals, aging fleet size and upcoming new
aircraft programs are expected to drive the
growth of the market. Key Market
Players Bombardier (Canada), Embraer (Brazil),
Textron, Inc. (US), Gulfstream (US), Airbus
(Netherlands), and Boeing (US), among
others. Download PDF Brochure _at_ https//www.market
sandmarkets.com/pdfdownloadNew.asp?id33698426 Bas
ed on aircraft type, large segment projected to
lead business jets market during the forecast
period Based on aircraft type, the large segment
is projected to lead business jets market during
the forecast period. This growth can be
attributed to the comfort that large business
jets provide. Large jets comprise standard heavy
jets and ultra-long-range heavy jets, which are
priced much higher than light and mid-sized jets.
The delivered volume of large jets is 1/3rd that
of total business jets, and its price is more
than double of average business jet price,
leading to a larger market share. Based on
systems, the avionics sub-segment of OEM systems
is projected to grow at the highest CAGR from
2019 to 2030 The growth of this segment can be
attributed to the periodic upgrades in avionics
systems. Manufacturers are currently focusing on
avionics components to develop products that are
more reliable, accurate, and efficient.
Continuous improvements in software technology
have modified the human-machine interface of
avionics systems. It has become more
user-friendly and can automate a wide variety of
in- flight tasks, thereby reducing the workload
of the flight crew to a large extent. The OEM
segment is expected to grow at the highest CAGR
in the business jets market during the forecast
period Based on the point of sale, the OEM
segment is projected to grow at the highest CAGR
from 2019 to 2030. The growth of this segment can
be attributed to increasing aircraft deliveries
during the forecast period. New aircraft programs
such as Bombardiers Global 5500, 6500, and
8000 Embraers Praetor 500 and 600 and
Textrons Citation Longitude, among others
contribute to increasing OEM deliveries.
2
North America is estimated to account for the
largest share of the business jet market in
2019 North America region is expected to account
for the largest share of the global market in
2019. This can be attributed to the maximum
number of high-net-worth individuals in this
region, and presence of major business jet
manufacturers in this region such as Textron
(US), Bombardier (Canada), and Gulfstream (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 important for
business travelers to opt for the fastest mode
of transport to save time, resulting in
increasing demand for business jets. Asia Pacific
is expected to be the fastest-growing region for
business jet market during the forecast
period Asia Pacifics GDP forecast is estimated
to rise in the coming years, with developing
countries such as China and India expected to
have considerable growth potential for the
market. China, in recent times, has become a
market for huge foreign investments due to the
stable growth and robust developments in its
economy. With improvements in technology,
business jets are acting as the emerging
frontiers in the aircraft industry. Investments
in more efficient power electronics, lightweight
components, and competent batteries together
drive the business jets market. Ask for Sample
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