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Global Business Jets Market is Expected to Grow at a CAGR of 7% between 2021 and 2026.

According to a new report by EMR titled, 'Global Business Jets Market Report and Forecast 2021-2026', the global business jets market size was valued at almost USD 24.74 billion in 2020. The market is further expected to grow at a CAGR of 7% in the forecast period of 2021-2026 to reach a value of around USD 37.13 billion by 2026.

The global business jets market is driven by the rising number of high net worth individuals, upcoming new aircraft programs, and the growing fleet size. North America is expected to hold the largest market share in the business jets market due to the increasing demand from business travellers to opt for the fastest mode of transport for the conservation of time. The Asia Pacific is a rapidly growing market due to the huge potential the region offers. Emerging economies such as China and India extend several untapped and unexplored opportunities to the business jets market players.

Curtiss-Wright Corporation (NYSE: CW) and Honeywell International Inc. (NYSE: HON) are some of the key players in the business jets industry. In February 2020, the two aviation players, Curtiss-Wright Corporation and Honeywell International Inc., partnered owing to increasing airline accident investigations, to develop an innovative way for airlines to analyse and monitor flight data. The companies will use real-time connectivity to reinvent the Flight Data Recorder and Cockpit Voice Recorder, usually called “black boxes,” for enhancing the cargo transport, commercial airline, and business jet markets.

Market Analysis by Aircraft Type, End Use, Systems, Services, Platform, and Region:

  • The business jets market, on the basis of aircraft type, is divided into light, mid-sized, large, and airliners.
  • On the basis of end use, the market is bifurcated into private and operators.
  • The market is divided on the basis of systems into OEM and aftermarket. The OEM is further divided into aerostructures, avionics, aircraft systems, and cabin interiors. The aftermarket is further divided into aerostructures, avionics, aircraft systems, and cabin interiors.
  • The segmentation of the business jets market on the basis of services is into charter services, jet card programs, debit as you fly program, and fractional ownership.
  • The market is segmented, on the basis of platform, into fixed wing and rotary wing. The fixed wing segment is further divided into commercial, general and business aviation, and military. The rotary wing segment is further divided into civil and commercial and military.
  •  Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of The Report:

  • The global business jets market is driven by the expected increase in the number of staff and the introduction of fresh aircraft programs. 
  • The light aircraft segment is forecast to grow at the fastest rate, further aiding the market growth.
  • The rapidly growing light aircraft segment, due to the rising use of business jets for inter and intracity transport, coupled with the increased brand marketing by the manufacturers for the product, is providing impetus to the market growth.
  • Advancement in technology and the growing middle-class population are accelerating the market growth.
  • The air mobility is increasing globally; as a result, propelling the global market for business jets further.

Key Offerings of the Report:

  • The EMR report gives an outlook of the global business jets market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) market trends for the aircraft types, end uses systems, services, platforms, and regional markets of the global business jets market. 
  • It gives an in-depth look at the regional price trends in the global business jets market for the periods (2016-2020) and (2021-2026).

APG-Neuros, Safran S.A., Curtiss-Wright Corporation, Esterline Technologies Corporation, Honeywell International Inc., Meggitt PLC, United Technologies Corporation, Eaton Corporation Inc, and Ametek, Inc., among others, are the key players in the global business jets market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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