The global business jet market size was worth around USD 31.35 billion in 2023 and is predicted to grow to around USD 45.87 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.44% between 2024 and 2032.
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Manufacturers of business jets are emphasising operational efficacy and customer satisfaction. Manufacturers prioritise the reduction of carbon emissions, the enhancement of operating costs, and the modernisation of aircraft systems and cabin interiors. This resulted in the introduction of novel aircraft technologies. Embraer introduced the Legacy 650E and the Praetor 500 in 2016, and the Praetor 600 in 2018. Bombardier introduced the Global 5500 and 6500 in 2018. Honda launched the Honda Jet Elite in 2018 and the TBM 910 in 2017. Additionally, Daher introduced the TBM 910 in 2017 and the TBM 940 in 2019.
The demand for the business aviation industry will be driven by the increasing number of high-net-worth individuals and the introduction of new aircraft programs. Furthermore, advanced aircraft offer comparable prices and more performance, efficiency, and range. The market growth will be fuelled by the demand for new aircraft with new features and the attraction of first-time purchasers. The slowdown of traditional aircrafts is being driven by the attraction of new-generation purchasers to technologies such as advanced connectivity solutions, interiors, avionics, and more efficient engines. The expansion of the business jet industry is being facilitated by these factors.
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The Global Business Jet Market is segmented based on product, application and region
Global Business Jet Market: Product Segment Analysis
● Light
● Medium Size
● Large
● Airliners
Global Business Jet Market: Application Segment Analysis
● Private
● Operators
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The Global Business Jet market profiles key players such as:
● Bombardier
● Textron, Inc.
● Embraer
● Gulfstream
● Boeing
● Airbus
● Zunum Aero
● Eviation Aircraft
● XTI Aircraft
Regional Analysis of the Business Jet Market
The world’s business jet market is divided into five primary geographic regions: Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. It is anticipated that North America will possess the highest market share in 2019. The presence of key business jet manufacturers, including Bombardier, Textron, and Gulfstream, is a contributing factor to the growth. The market growth in North America is also expected to be fuelled by the presence of a significant number of high-net-worth individuals. Additionally, the region’s airports facilitate commercial travel. North America is a vast region, making it challenging for business travellers to select the most efficient mode of transportation in order to reduce their travel time. Consequently, the demand for business aircraft is on the rise.
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