Business Jet Market to Hit $35.56 Billion by 2027; Exciting Advancements in Aircraft Propulsion Systems to Positively Impact the Market
Pune, India -- (SBWIRE) -- 10/16/2020 -- The Global Business Jet Market Size is projected to reach USD 35.56 billion by 2027, exhibiting a CAGR of 5.37% during the forecast period. Increasing business aircraft deliveries worldwide will be a key growth determinant for this market, finds Fortune Business Insights™ in its report, titled "Business Jet Market Size, Share & Industry Analysis, By Business Jet Type ( Very Light Jet, Light, Super-Light, Mid-size, Super-Mid-Size, Large, Super Large, Ultra Long Range, and Converted Airliners), By Platform (On-Demand Service, Aircraft Management Services, and Leasing), By System (Propulsion System, Aerostructures, Avionics, and Others), By End Use (Private and Operators), By Point of Sale (OEM and Aftermarket), and Regional Forecast, 2020-2027". According to the General Aviation Manufacturers Association (GAMA), global shipments of private jets in 2017 rose to 2,324 units, reflecting an increase of 2.5% from 2016 levels. The gains, the GAMA notes, were led by increased deliveries from HondaJet, Cirrus Aircraft, and Textron. Honeywell International also forecasts promising increases in business jet deliveries in the forthcoming decade. According to the company's Global Business Aviation Outlook, between 2020 and 2029, worldwide business jet shipments could reach 7,600 at an estimated value of USD 248 billion, signaling good news for the market.
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The report states that the global market value stood at USD 27.54 billion in 2019 and contains the following information:
- Comprehensive analysis of the short- and long-term impact of COVID-19 on the market;
- Detailed study of the market drivers, trends, and upcoming opportunities;
- Valuable insights into the market segments; and
- Actionable research into the regional developments and competitive landscape of the market.
Stringent Travel Restrictions to Contain COVID-19 to Impede Market Growth
The business jet market growth has hit a roadblock in the form of the COVID-19 pandemic. Governments around the world have imposed strict travel restrictions for non-essential journeys to contain the spread of the coronavirus. For example, in March 2020, the European Union (EU) issued extensive travel bans to and from Europe, especially for countries where COVID cases were rising rapidly. However, the demand for executive aircraft is picking up again, though at a sluggish pace. Embraer, for instance, reported decent earnings of USD 130 million in the Second Quarter of 2020, stating that business jet demand is stabilizing worldwide. However, reaching demand and revenue levels of the pre-COVID period is expected to be a prolonged process for this market.
North America to Occupy Prominent Market Position; Europe to Register Substantial Growth
North America, with a market size of USD 9.75 billion in 2019, is anticipated to lead the business jet market share during the forecast period. This is mainly attributable to the robust aviation infrastructure in the region along with the steadily climbing demand for hybrid jets in the region.
In Europe, emergence of leasing facilities and rapid adoption of advanced aircraft propulsion systems will be the two chief growth drivers for the regional market. Asia Pacific is expected to offer lucrative business opportunities for market players owing to promising economic growth, establishment of foreign businesses in India and China, and speedy rise in business air travel in the region.
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Contractual Partnerships to Create New Growth Avenues for Market Players
The competition in the business jet market is being increasingly characterized by contractual agreements between companies and government bodies and among players themselves. These partnerships and ventures are opening new vistas of growth for the market and its participants and enhancing market potential.
- June 2020: Bombardier signed a CAD 105 million contract with the Federal Government to supply two of its signature Challenger jets to upgrade half of the executive aircraft fleet of the Canadian Armed Forces. The replacement decision was taken by the government citing outdated technology in two of the four business jets in the fleet.
- April 2019: Airbus's ACJ319neo, a member of the A320neo family, completed its maiden flight, which also saw the testing of its private jet features. The aircraft has been engineered for the K5 aviation of Germany and will also feature a premium VVIP cabin designed by Fokker Techniek.
List of Companies Profiled in the Business Jet Market Report:
- Zunum Aero (Washington, the U.S)
- Eviation Aircraft (Israel)
- Cennas Aircraft Company (Kansas?, the U.S.)
- Gulfstream (Georgia, the U.S.)
- Embraer SA (State of São Paulo, Brazil)
- The Boeing Company (Illinois, the U.S.)
- Joby Aviation (California, the U.S.)
- Hondajet (North Carolina, the U.S.)
- Dassault Aviation (Paris, France)
- Textron Inc. (Rhode Island, the U.S.)
- Bombardier, Inc. (Montreal, Canada)
- Airbus SE (Leiden, the Netherlands)
Browse Detailed Summary of Research Report With TOC:
Table of Content:-
- Executive Summary
- Market Dynamics
- Key Insights
- Global Business Jet Market Analysis, Insights and Forecast, 2016-2027
- Europe Business Jet Market Analysis, Insights and Forecast, 2016-2027
- Asia Pacific Business Jet Market Analysis, Insights and Forecast, 2016-2027
- Rest of the World Business Jet Market Analysis, Insights and Forecast, 2016-2027
- Competitive Analysis
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