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
- In 2021, it is expected that the Light bizjet sector would continue to rule. As demand for intercity travel increases, the market for light aircraft of the kind used for business jets is growing.
- In 2021, this market is anticipated to be dominated by the on-demand service category. This is a result of the United States, China, and United Arab Emirates’ growing demand for brand-new business aircraft.
- During the period of global market forecasting, the propulsion system sector is anticipated to grow quickly. The propulsion system sector is expanding as a result of rising consumer demand for more eco-friendly air travel, falling operational costs, and quicker speeds.
- In 2021, North America dominated the market due to the existence of significant key players, the rising demand for electric aircraft, and the availability of necessary infrastructure, the market is growing throughout the region.
- The global players with global presence include Airbus SAS, The Boeing Company, Bombardier, Dassault Aviation, and Embraer SA.
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)
- Light Bizjet
- Mid-Size Bizjet
- Large Bizjet
Business Jet, Platform Outlook (Revenue – USD Billion, 2018 – 2030)
- On-Demand Service
- Aircraft Management Service
Business Jet, System Outlook (Revenue – USD Billion, 2018 – 2030)
- Propulsion System
- Aero structure
Business Jet, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa