Business Jet Market Forecasted for Accelerated Growth by 2024
Sarasota, FL -- (SBWire) -- 08/15/2017 --Global Business Jet Market: Overview
Business jets are the aircraft that are used to carry small groups of people. These types of aircraft are also known as private jet or bizjet. Business jets are also utilized for evacuation of the casualties caused by natural or disaster situations, for express parcel deliveries, and for transporting the government or army officials. Business jets have proved their type as the reliable type of transportation due to reduced travel time and on-demand flight scheduling facility.
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Global Business Jet Market: Segmentation
The global business jet market is broadly segmented based on its type as very light jets, light jets, midsize jets, super mid-size jets, large jets, and VIP Airliners. Moreover, based on end-user application, it can be classified as flight departments, charter companies, and high profile business and government official. In addition, the global business jet market is also segmented geographically that includes Asia Pacific, North America, Europe, and the Middle East.
Global Business Jet Market: Growth Factors
Replacing older aircraft with new advanced business jets to make the journey secure and safe, customizable journey, and reducing the travel time are the major factors driving the global business jet market. Growing demand for flexible air travel schedules and augmenting air taxi services has boosted the demand of the global business jet market. Growing trend of owning a personal jet among the business tycoons, the film stars sports players, and many famous categorized personalities have fostered the growth level of the global business jet market. Growing business trade and expansion in multiple nations and to be economically connected to those specific regions has augmented the growth of the global business jet market. Decreased rate of interest to own a business jet has also lowered the demand of the business jet industries, which indirectly impacts the global business jet market positively. In addition, constant advancement carried out in order to build extra efficient aircraft and key manufacturers focusing more on R&D to acquire supersonic flight technology are factors driving the global business jet market. On the other hand, stringent government regulation, aviation policies, and long certification process are the factors restraining the growth of the global business jet market.
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Global Business Jet Market: Regional Analysis
Geographically, North America is anticipated to lead the global business jet market followed by Europe. Latin America may show a steady growth in the coming future. Asia-Pacific region is expected to grow due to growing globalization and foreign investments in this region.
Global Business Jet Market: Competitive Players
Some of the major players contributing to their efforts and development in the global business jet market include Dassault Aviation, Airbus Group N.V., Bombardier Inc., Gulfstream Aerospace Corporation, The Boeing Company, Honda Aircraft Company Llc, and Cessna Aircraft Company.
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