The global business jets market size is expected to reach USD 41.82 billion by 2030, according to a new study by Polaris Market Research. The report “Business Jet Market Share, Size, Trends, Industry Analysis Report, By Type; By Platform; By System (Propulsion System, Aero structure, Avionics, Others); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Commercial jets market is being driven in part by the growing acceptance of the long-range carriers in the aviation market. Such aircraft are in greater demand as a result of their exceptional comfort, efficiency, and performance. The market expansion is being accelerated by the operators in the partial ownership and well-known branded charters sectors who are forced to replace its old planes with new ones due to growing fleet retirement.
Many people choose business aviation because it is more convenient, private, and comfortable than flying, which has become tiresome and time-consuming as a result of a huge increase in travelers. It is anticipated that this increased demand will have an impact on both supply and price. Jet operators are res-structuring its membership programmes, such as member plans, charter accounts, and jet cards, in response to this rising demand.
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Furthermore, future technological advancements in business aircraft will boost the market potential available for the global economy to thrive. In order to enhance the functionality and dependability of business jets, several electrical and electronic systems will be updated and modernized with new software and hardware. OEMs will have additional opportunities to increase their market share by using hybrid-electric propulsion technologies.
For instance, Collins Aerospace is collaborating with sibling company Pratt & Whitney Canada to enhance sustainable hybrid-electric propulsion technologies for the aviation sector. Collins and Pratt are working with the De Havilland Aircraft to incorporate a novel hybrid-electric version propulsion system fitted into the “De Havilland Dash 8-100 flight demonstrator”. This will have one side re-engineered with a 2 MW propulsion system that pairs with the Pratt & Whitney fuel-burning designed engine with the Collins battery-powered electric motor in a parallel hybrid arrangement.
Business Jets Market Report Highlights
Polaris Market Research has segmented the business jet market report based on type, platform, system, and region:
Business Jet, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Business Jet, Platform Outlook (Revenue - USD Billion, 2018 - 2030)
Business Jet, System Outlook (Revenue - USD Billion, 2018 - 2030)
Business Jet, Regional Outlook (Revenue - USD Billion, 2018 - 2030)