Published on : Saturday, July 20, 2019
According to the new market research report, the business jets market size is projected to grow from estimated U.S. dollars 24.7 billion in 2019 to U.S. dollars 36.4 billion by 2030, at a CAGR of 3.6 per cent during the forecast period. The report is called, ‘Business Jets Market by Aircraft Type (Light, Mid-Sized, Large, Airliner), Systems (OEM Systems, Aftermarket Systems), End-User (Private, Operator), Point of Sale (OEM, Aftermarket), Services, and Region – Global Forecast to 2030’.
The increasing number of high net worth individuals, new aircraft program, and aging fleet size are the major factors to drive the growth of the market.
The light segment is projected to grow at the highest CAGR from 2019 to 2030. The growth of this segment can be attributed to new startups focusing on developing aircraft in the light category. Commercialization of urban air mobility will further boost the growth of this section. The light business jets are expected to be used for intra- and intercity travel.
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 Bombardier‘s Global 5500, 6500, and 8000; Embraer’s Praetor 500 and 600; and Textron’s Citation Longitude, among others contribute to increasing OEM deliveries.
In terms of systems, the avionics sub-segment of OEM systems is projected to grow at the highest CAGR from 2019 to 2030.
Asia Pacific is expected to be the fastest-growing region for business jets market during the forecast period. 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.