Northbrook, IL 60062 -- (SBWIRE) -- 07/08/2022 -- The business jets market report provides an analysis of the market from 2022 to 2030. It discusses industry and technology trends prevailing in the market, along with the market drivers, restraints, challenges, and opportunities.
The business jets market is projected to grow from USD 30.1 billion in 2022 to USD 41.8 billion by 2030, at a CAGR of 4.2% from 2022 to 2030. The business jets market is expected to witness substantial growth during the forecast period, due to demand for improved passenger experience, replacement of old aircraft fleets and increase in number of high-net-worth individuals.
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Based on point of sale, the business jets market is segmented into OEM and aftermarket. The OEM segment will register highest CAGR during the forecast period. Business aircraft OEMs are strongly focused on boosting production rates through the next few years in order to meet the delivery schedules. The OEM market includes the study of propulsion systems as well. The propulsion systems considered include conventional and hybrid-electric propulsion systems and the components used in both types. The rising pressure on OEMs to meet delivery schedules of business jets is likely to grow the OEM segment.
Based on range, the business jets market is segmented into less than 3,000 NM, 3,000-5,000 NM and more than 5,000 NM. The less than 3,000 NM segment is expected to grow at the highest CAGR during the forecast period. Rise in demand for short-haul and intercity travel is expected to drive the overall demand in the business jets market.
Based on region, the business jets market has been segmented into 6 regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa. The Middle East business jets market is projected to grow at the highest CAGR during the forecast period from 2022 to 2030. The business jets market in the region is expected to witness significant growth due to rapid growth in air travel and development of new aircraft models by regional companies.
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