During the projection period, the Business Jet Market is expected to increase at a CAGR of 7.3 percent, from an estimated USD 18.8 billion in 2020 to USD 38.0 billion in 2030.
Approximately a third of the current business jet fleets are more than ten years old. As a result, business jet and charter operators are investing in fleet modernization programmers to improve their fleet’s capabilities. During the forecast period, this is expected to drive market expansion. With the rise of the tourism industry in Latin America and Southeast Asia, numerous charter operators are preparing to launch new charter routes and increase their presence in the region. As a result, business aircraft that are light and fuel efficient are in high demand.
Business jet market Drivers:
Manufacturers of business aircraft are concentrating their efforts on improving passenger comfort and increasing operating efficiency. Manufacturers are focusing on minimizing carbon footprints, lowering operational costs, and updating avionics, cabin furnishings, and aircraft systems. As a result, new aircraft programmers have been developed. In 2018, Embraer introduced the Praetor 500 and 600, as well as the Legacy 650E in 2016, Bombardier introduced the Global 5500 and Global 6500, and The Citation Longitude was released by Cessna in 2016, the Honda Jet Elite by Honda in 2018, and the TBM 910 and TBM 940 by Daher in 2017.
To know more about:-
https://www.marketdataforecast.com/market-reports/business-jets-market
Business jet market Restraints
Before releasing a new model on the market, business jet manufacturers must undergo product certification. Aviation authorities, on the other hand, delay certification due to a lack of process efficiency in the certification processes. When issuing certifications, the most crucial characteristics to examine are safety and zero deviance is permissible. Multiple tests and iterations are required for manufacturers to attain this level. This results in lengthy periods to get approvals. This causes the company’s production process to be delayed, resulting in market share loss. Due to certification issues, there is a time lag, which results in the loss of scheduled orders.
Recent Developments:
Airbus Corporate Jets will introduce the ACJ Two Twenty business aircraft in October 2020, an extra-large business jet that answers the demand for a heavy, long-range business jet. The new business jet is based on the A220 Family and has almost three time’s larger passenger room and a third lower operational cost. It also has Wi-Fi systems that are two times faster, electro-chromatic windows, and LED lighting.
Ask for a sample report @ https://www.marketdataforecast.com/market-reports/business-jets-market/request-sample
Business Jet Market Segmentation:
Business Jets Market Segmentation is classified into Aircraft Type Light, Mid-Sized, Large, Airliner. Point of Sale is divided into OEM, Aftermarket. Range is divided into Below 3,000 NM, 3,000-5,000 NM, and Above 5,000 NM.
Impact of covid 19 on business jet market:
Due to air travel restrictions on domestic and international flights between countries, the COVID-19 epidemic has had a negative impact on the aviation industry, resulting in the grounding of aircraft fleets and a sharp drop in aircraft sales and deliveries in 2020. In the medium term, this is projected to have a negative impact on the business jet market; a sluggish rebound is expected in Q1 of 2021. COVID-19’s financial effects on the aviation industry could take up to two years to recover from, resulting in fewer air travel and passenger traffic than previously estimated.
- Due to lockdowns in many nations, aircraft deliveries have been delayed in the first and second quarters of 2020, severely reducing manufacturers’ revenue.
- However, business jet operators and service providers have seen a drop in demand for charter services as a result of certain regional relaxations. For example, through June 2020, Go Air Airlines has undertaken 51 charter flights to India, carrying 8,951 people.
- Clients choose to charter to gain faster access and avoid long and crowded check-in, customs, and immigration lines filled with strangers.
Key players:-
Airbus, Honda Aircraft, Dassault Aviation, Textron Aviation, Gulfstream Aerospace, Boeing, Diamond Aircraft, Bombardier, Embraer, Eclipse Aerospace and Beechcraft.
Industry Reports 