The global Business Jets market reached a value of about USD 26.35 billion in 2021. The industry is projected to grow at a CAGR of around 7% in the forecast period of 2022-2027 to reach a value of about USD 39.73 billion by 2027.
The global Business Jets industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is primarily being driven by the increase in the number of high-net-worth individuals and the launch of new aircraft programmes. In the industry report, the key demand indicator is the highest category spender by region—North America.
A business jet, or bizjet, is a plane designed to transport small groups of people. Some governmental entities, government personnel, and military services employ business jets for additional purposes, such as the evacuation of wounded or quick parcel delivery. There are five fundamental business jet market classifications, which take weight, range, and cabin room. They come in various sizes, including light, light, midsize, super-midsize, and big jets. The Business Jets industry report comprises segments by end-use (Private, Operators) and region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).
The North American region holds the largest market in the industry due to a large number of high-net-worth individuals and the company of significant business jet manufacturers. Moreover, the large number of airports throughout North America enables business travel. Because North America is the largest region by size, business travellers must choose the quickest means of transportation to save time, resulting in increased demand for business jets. During the projected period, fleet modernisation plans are expected to boost the growth of the business jet market in North America.
The industry is being driven by the considerable growth in the number of high-net-worth persons and ultra-high-net-worth individuals internationally, which increases demand for private travel, resulting in the purchase of private aircraft with improved cabin furnishings. On the other hand, Intracity transport has become crowded, lengthening travel times within a city. In the market, high-profile aviation is likely to boost the industry in the following years. These are low-cost and secure forms of transportation. Significant reasons supporting the market's growth include their ability to do private business on flights, on-demand flight scheduling, reduced travel time, and fast access to company sites. The expansion of the light aircraft category can be attributed to its growing usage as business jets for inter-and intra-city transportation and greater brand marketing by manufacturers. The sector is expected to develop as technology advances, and the middle-class population grows.
Additionally, the increased desire for long-range planes for travel and tourist activities boosts the market growth. Another growth-inducing aspect is integrating novel networking systems, avionics, interiors, and more efficient engines in aircraft. In response to the rising demand, various business jet operators are increasing their range of membership programmes, such as member plans, priority charter accounts, and private jet cards. These membership accounts come with lower pricing, more fleet selections, and fewer blackout days.
However, the lengthy procedure of acquiring product certification is hampering the market growth.
The global Business Jets industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Business Jets regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
The four categories of business jets available are typically light, mid-sized, big, and airliner. Individuals and private and government organisations employ these planes for leisure travel, business trips, short-haul flights, and VVIP transportation. They can also be adapted for various uses, including evacuation in an emergency, quick parcel delivery, and military cargo transportation. The integration of novel communication technologies, avionics, interiors, and more efficient engines in the aircraft have all been breakthroughs in the field. Other advanced industry initiatives include the development of vertiports and the adoption of consumer-centric business models and membership programmes, all of which are expected to propel the market forward.
The market is being propelled by introducing new and improved versions of the jets. VTOL aircraft are advantageous for intracity travel since they can take off and land at many vertiports within a city. Because VTOL planes are cheaper and quieter, they make it easier to move into the town. Urban air mobility includes VTOL aircraft. For the concept to be commercialised, technological breakthroughs in battery capacity, infrastructure such as vertiports and charging pods, and a robust regulatory framework are required.
Moreover, OEM will be the fastest-growing market owing to the launch of new aircraft projects and the commercialisation of electric and hybrid business air vehicles. When compared to the whole OEM market, the cost of aftermarket, which includes MRO and components replacement, is cheap; thus, the OEM sector will lead the business jets market over the projected period. Business jet operators and charter companies should engage in fleet modernisation projects to improve the capabilities of their fleets. During the projected period, this is likely to drive market expansion. Manufacturers of business aircraft are concentrating their efforts on enhancing passenger comfort and boosting operating efficiency. Manufacturers focus on minimising carbon footprints, lowering operational costs, and updating avionics, cabin furnishings, and aircraft systems. As a result, new aircraft projects have been developed.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The business jet industry is fiercely competitive, with several prominent companies. However, few competitors now dominate the industry in terms of market share. The corporations are working on more sophisticated business jet models with improved passenger interiors and improved fuel efficiency to expand their market share. Such advancements are projected to attract new prospective consumers, allowing aircraft manufacturers to expand their market share in the future years. To boost sales, aircraft manufacturers are creating region-specific tactics. Many manufacturers are competing for new contracts to provide their in-house aircraft with novel features to improve passenger experience in the executive aircraft market.
1. Executive Summary
2. Global Business Jets Market Snapshot
2.1. Business Jets Market Outlook
2.2. Business Jets Industry Analysis by End Use
2.3. Regional Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
3. Impact of Recent Events
4. Business Jets Value Chain Analysis
5. Business Jets Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Business Jets Cost Structure
9. Business Jets Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Business Jets Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. SWOT Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. Textron Aviation Inc.
14.2. Bombardier Inc.
14.3. Gulfstream Aerospace Corporation
14.4. Dassault Aviation S.A.
14.5. Embraer S.A.
The global Business Jets market size was valued at USD 26.35 billion in 2021.
As per the end-use provided, the private segment is anticipated to lead the market between the period 2022 – 2027.
The significant demand for private travel is one of the essential drivers of the Business Jets market growth.
Honeywell International Inc. (NYSE: HON), Safran S.A. (SAF (EPA)), Curtiss-Wright Corporation (C.W. (NYSE)), Collins Aerospace, Meggitt PLC (MGGT (LON)) Corporation Inc (ETN (NYSE)), and Ametek, Inc. (AME (NYSE)) are some of the prominent companies in the market.
The North American region of the Business Jets industry holds a significant share in the market.
The global Business Jets market attained a value of USD 26.35 billion in 2021, driven by the considerable growth in the number of high-net-worth persons and ultra-high-net-worth individuals internationally, which increases the demand for private travel is rising. Various factors such as on-demand flight scheduling, reduced travel time, and fast access to company sites propel the market forward. Aided by the growing technological advancements in the sector like the introduction of eVTOL, OEM, etc., the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 7%. The market is projected to reach USD 39.73 billion by 2027. Some of the leading players in the industry are Honeywell International Inc. (NYSE: HON), Safran S.A. (SAF (EPA)), Curtiss-Wright Corporation (C.W. (NYSE)), Collins Aerospace, Meggitt PLC (MGGT (LON)) Corporation Inc (ETN (NYSE)), Ametek, Inc. (AME (NYSE)).
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