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Business jets are a special category of aircrafts designed to transport small groups of people. Business jets are usually owned and operated by corporations, individuals, government agencies, or commercial business jet operators that provide business jet charter services. Moreover, business jet also offers private air travel with large and personalized space. For instance, schemes such as Jet Card programs or fractional ownership allow customers to have the benefit of business jet travel without having to own one. Seating capacity differs according to the requirements of the people hiring the jet. Business jets opted by tourists and business class passengers are anticipated to have higher seating capacity, compared to others. Apart from domestic and commercial applications, country-specific military bases and civilian operators also deploy business jets for long and short hauls.
This growth is being driven by a number of factors,
including the increasing number of high-net-worth individuals (HNWIs), the
growing demand for flexibility and convenience, and the advancements in
technology.
Top 10 Companies
Top 10 business jet companies in the world, along with their
market share and revenue by country:
|
Company |
Market Share (%) |
Revenue (USD billion) |
Country |
|
Gulfstream Aerospace Corporation |
25.3 % |
13.8 billion |
United States |
|
Bombardier Inc. |
18.2 % |
9.5 billion |
Canada |
|
Dassault Aviation |
14.5 % |
7.5 billion |
France |
|
Embraer |
12.4 % |
6.5 billion |
Brazil |
|
Textron Inc. |
10.7 % |
5.6 billion |
United States |
|
The Boeing Company |
7.9 % |
4.2 billion |
United States |
|
Honda Aircraft Company |
3.3 % |
1.8 billion |
Japan |
|
Pilatus Aircraft |
2.3 % |
1.3 billion |
Switzerland |
|
Cirrus Aircraft |
1.7 % |
1.0 billion |
United States |
As you can see, the business jet market is dominated by a
few large companies. Gulfstream Aerospace Corporation is the market leader,
with a market share of 25.3%. Bombardier Inc. and Dassault Aviation are also
major players in the market, with market shares of 18.2% and 14.5%,
respectively.
The United States is the largest market for business jets,
with a market share of 40.4%. Canada is the second-largest market, with a
market share of 16.3%. France, Brazil, and Japan are also major markets for
business jets.
The business jet market is expected to continue to grow in
the coming years. The demand for business jets is increasing, as more and more
people and businesses see the benefits of owning or chartering a private jet.
Recent Trends
There are a number of recent trends that are shaping the
business jet market. These include:
- The
increasing adoption of fractional ownership programs. Fractional
ownership programs allow individuals and businesses to share the cost of
ownership of a business jet. This makes business jets more affordable and
accessible to a wider range of people.
- The
growth of the charter market. The charter market is another way for
individuals and businesses to access business jets. Chartering a business
jet is a more flexible option than owning a jet, and it is also a more
affordable option for those who only need to use a jet on a occasional
basis.
- The
development of new technologies. New technologies, such as connected
aircraft and predictive maintenance, are making business jets more
efficient and safer. These technologies are also making it easier to
manage and operate business jets.
Opportunities
The business jet market is still in its early stages of
growth, and there are a number of opportunities for businesses to capitalize on
this growth. These opportunities include:
- Developing
new fractional ownership programs. There is still a large untapped
market for fractional ownership programs. Businesses that can develop
innovative fractional ownership programs could capture a significant share
of this market.
- Expanding
the charter market. The charter market is still growing, and there is
still room for businesses to expand their presence in this market.
Businesses that can offer competitive pricing and excellent customer
service could attract a large number of customers.
- Developing
new technologies for business jets. The business jet market is ripe
for innovation. Businesses that can develop new technologies that make
business jets more efficient, safer, and easier to manage could have a
significant impact on the market.
The business jet market is a rapidly growing industry with a
bright future. There are a number of trends and opportunities that are shaping
the market, and businesses that can capitalize on these trends will be
well-positioned for success.
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Recent Developments, Challenges in Business Jet Industry
The business jet market is a rapidly growing industry, with
a projected value of $38.34 billion by 2029. This growth is being driven by a
number of factors, including the increasing number of high-net-worth
individuals (HNWIs), the growing demand for flexibility and convenience, and
the advancements in technology.
Recent Developments
There are a number of recent trends that are shaping the
business jet market. These include:
- The
increasing adoption of fractional ownership programs. Fractional
ownership programs allow individuals and businesses to share the cost of
ownership of a business jet. This makes business jets more affordable and
accessible to a wider range of people.
- The
growth of the charter market. The charter market is another way for
individuals and businesses to access business jets. Chartering a business
jet is a more flexible option than owning a jet, and it is also a more
affordable option for those who only need to use a jet on a occasional
basis.
- The
development of new technologies. New technologies, such as connected
aircraft and predictive maintenance, are making business jets more
efficient and safer. These technologies are also making it easier to
manage and operate business jets.
Challenges
Despite the growth of the business jet market, there are a
number of challenges that the industry faces. These challenges include:
- High
cost of ownership. Business jets are expensive to purchase, operate,
and maintain. This can make them out of reach for many individuals and
businesses.
- Environmental
concerns. Business jets are a major source of pollution. This is a
growing concern as the world becomes more aware of the need to protect the
environment.
- Regulatory
challenges. The business jet industry is heavily regulated. This can
make it difficult for businesses to operate and grow.
The business jet market is a dynamic and growing industry.
There are a number of challenges that the industry faces, but there are also a
number of opportunities for growth. Businesses that can overcome the challenges
and capitalize on the opportunities will be well-positioned for success in the years
to come.
Here are some additional challenges that the business jet
market faces:
- Jet
fuel prices. The price of jet fuel is volatile and can have a
significant impact on the cost of operating a business jet.
- Security
concerns. Business jets are a target for terrorists and other
criminals. This can make it difficult to operate and secure business jets.
- Weather
conditions. Business jets can be grounded by bad weather
conditions. This can disrupt travel plans and make it difficult to operate
business jets.
Despite these challenges, the business jet market is
expected to continue to grow in the years to come. The demand for business jets
is increasing, and the industry is constantly innovating to meet the needs of
its customers.
Top impacting factors: market scenario analysis, trends,
drivers and impact analysis
Rise in number of high-net-worth personnel, growth in
tourism, and technological advancements in avionics system & interior cabin
are some of the factors that drive the growth of the global business jet
market. However, lengthy process of obtaining product certification may hamper
the market in the future. On the contrary, the market dynamics for business
jets are expected to witness a major transformation with the arrival of
supersonic business jets in near future.
Rise in number of high-net-worth personnel
As airline travel has become tedious and stressful due to
enormous increase in the number of travelers, a large number of individuals prefer
business aviation for ease of convenience. In addition, business jets offer
optimum comfort, economy, and performance. Increase in net worth of personnel
have enabled them to afford travel or even purchase of business jets. Thereby,
business jet market is witnessing an increased demand.
Technological advancements in avionics system &
interior cabin
The business jet market is highly competitive and consists
of several major players. In terms of market share, few of the major players
currently dominate the market. However, with technological advancement and
product innovation, mid-size to smaller companies is increasing their market
presence by securing new contracts and by tapping new markets. For instance,
starting in 2018, Pilatus delivered the first of six PC-24s to its launch
customer PlaneSense. The PC-24, also known as Super Versatile Jet, has a range
of around 1,188 Nm. Similarly, Honda Aircraft Company introduced its HondaJet
HA-420 with first delivery in 2016. The company built over 90 aircraft by end
of October. Hence, business jet market possesses a huge growth with the
technological advancements.
Key benefits of the report:
- This
study presents the analytical depiction of the global business jet
industry along with the current trends and future estimations to determine
the imminent investment pockets.
- The
report presents information related to key drivers, restraints, and
opportunities along with detailed analysis of the global business jet
market share.
- The
current market is quantitatively analyzed to highlight the global business
jet market growth scenario.
- Porter’s
five forces analysis illustrates the potency of buyers & suppliers in
the market.
- The
report provides a detailed aircraft mounts market analysis based on
competitive intensity and how the competition will take shape in coming
years.
Questions answered in the global business jet market
research report:
- What
are the leading market players active in the business jet market?
- What
are the current trends that will influence the market in the next few
years?
- What
are the driving factors, restraints, and opportunities in the market?
- What
are the projections for the future that would help in taking further
strategic steps?
Business Jet Market Report Highlights
|
Aspects |
Details |
|
By Systems |
|
|
By Type |
|
|
By Sale |
|
|
By Region |
|
|
Key Market Players |
Boeing, Saab AB, Embraer, Gulfstream Aerospace
Corporation, Airbus S.A.S., Textron Aviation Inc, XTI Aircraft, Textron Inc,
Dassault Aviation, Bombardier |
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