Business Aircraft Market Overview:
The Business Aircraft Market was valued at USD 31.72 billion in 2023. It is projected to grow from USD 32.99 billion in 2024 to USD 43.41 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.49% during the forecast period (2024-2032). Key drivers enhancing market growth include the emergence of e-VTOL aircraft and the replacement of old aircraft fleets.
Market Drivers and Restraints:
Recent improvements in aviation industry aided by rapid technological advancement and increasing popularity of long-range aircraft are some of the major factors that are propelling the growth of the global business aircraft market. Increasing emphasis on maintaining company’s brand image by large-scale organizations and increasing utilization of business aircraft for evacuation purposes and express parcel delivers are also fueling the growth of the global business aircraft market. However, financial slowdown and global economic uncertainty are likely to restrain the growth of the global business aircraft market during the forecast period.
Market Segmentation:
The global business aircraft market has been segmented on the basis of aircraft type, service and application. Based on type, the global business aircraft market has been segmented into fixed wing and rotary wing. The fixed wing segment has been sub-segmented into light jets, mid-size jets and heavy jets. Based on service, fractional ownership, charter and jet card programs. Based on application, the global business aircraft market has been segmented into tourism, VIP transportation and others.
Regional Analysis :
Geographically, the global business aircraft market has been segmented into five major regions such as North America., Europe, Asia Pacific, Middle East and Africa and South America. The North America region is forecasted to lead the global business aircraft market owing to the rapid technological development and high demand for business jets due to globalization industrialization in this region. The business aircraft market in the Europe region is expanding at a significant growth rate owing to the increased manufacturing of business jets supported by the presence of large pool of market players and improved aviation infrastructure in this region. The Asia Pacific region is anticipated to project noteworthy growth in the global business aircraft market during the forecast period owing to the development of various organizations on global level and increased expenditure for adoption of advanced business aircraft in this region. The Middle East and Africa region is projected to be a promising market for business aircraft during the forecast period.
Industry Updates:
In October 2018, General Electric Aviation, a subsidiary of General Electric and one of the top aircraft engine suppliers, has announced the initial design phase for its new supersonic Affinity engine has been completed and will be installed in Aeron AS2 business aircraft.
In October 2018, Bombardier, one of the leading players in business aircraft market, has announced that Latitude 33 Aviation, a private jet charter, aircrafts sales and executive jet management company, has taken the delivery of a new Challenger 350 business aircraft.
Key Players:
The prominent players profiled by MRFR that are operating in the global business aircraft market companies are Bombardier Inc. (Canada), Gulfstream Aerospace Corporation (the U.S.), Cessna Aircraft Company (the U.S.), Dassault Aviation S.A. (France), Embraer S.A. (Brazil), Pilatus Aircraft Inc. (Switzerland), Saab AB (Sweden), Piper Aircraft (the U.S.), Honda Aircraft Company (the U.S.), Textron Aviation (the U.S.) and others.
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