Global Business Aircraft Market by Aircraft Type (Fixed Wing (Light Jets, Mid-Size Jets, and Heavy Jets) and Rotary Wing), Service (Fractional Ownership, Charter, & Jet Card Programs), Application (Tourism, VIP Transportation, & Others) and Region – Global Forecast till 2023
Business aircraft are an integral part of the business aviation industry. A business aircraft is a jet aircraft designed for transporting small groups of people. Business jets can be adapted for other roles as per requirements by public bodies, government officials, or armed forces, such as evacuation of casualties or express parcel deliveries.. Business aircraft is strongly correlated with new orders, deliveries, and high net order expectations. There are about more than 30,000 business aircraft around the world. The rise in popularity of the need for long-range aircraft in the aviation industry is expected to drive the market during the forecast period. However, there are some shortcomings in the business aircraft market, such as economic uncertainty and financial slowdown in the number of the operational business aircraft.
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Business aircraft started out as a private jet, as the size of the aircraft could only accommodate maximum two individuals. Since the introduction of private jet, the private and charter jet industry have rapidly grown. For instance, Learjet built the first light purpose-built jet, the Learjet 23. It had a speed of 561 miles per hour and carried a heavy engine. Business aircraft have improved significantly in the past five decades, from gas-guzzling go-getters to today’s highly efficient, long-legged luxury liners and tiny personal jets. Business jets were always a strong part of a company brand image, which appeared even important to highly capitalized companies.
Every type of aircraft is different in terms of price change and technology. Light jets behave in one manner, mid-size jets in another, and heavy jets behave differently for the sake of complexity, and comparable types of different manufacturers also behave differently, as well as various models of the same OEM belonging to business jets. These are the same trends in certain time periods that greatly resemble that of economic bubbles. As trading bubbles may be the main reason for aircraft prices soaring, they will never be the only reason. There has to be something else, many more factors affecting the price.
The factors responsible for the growth of business aircraft market is the significant growth in global economies and the simultaneous improvement of the aviation industry. Other key drivers expected to contribute towards the growth of the business aircraft market is the demand for long-range flights, rapidly growing individual purchasing power, and staggering profits of multinational firms and organizations. For instance, the introduction of new aircraft programs will generate new orders, and international expansion will witness the market growth during the forecast period.
The business aircraft market is segmented based on by aircraft type, service, application, and regions. On the basis of aircraft type, the fixed wing is widely used and comprises largest market share. The light and medium categories will be constrained by lack of clean sheet design introduction. On the basis of the service, chartered service is expected to grow at the highest CAGR during the forecast period due to consistent demand from North America and Europe. Operators in the charter and fractional market are renewing their fleets. For instance, Bombardier business aircraft had launched 12 new products to enhance the value to its industry-leading business fleet. These products are available to enhance the new products, from situational awareness and regulatory compliance to cabin upgrades to elevate performance, comfort and luxurious aesthetics of its in-service aircraft. Similarly, Gulfstream Aerospace Corporation announced to deliver the Gulfstream G450 to boost the next generation of business aviation. These products are available to enhance the technological advances, smooth handling, impressive range, and unsurpassed passenger comfort.
The market is segmented based on region into North America, Asia Pacific, Europe, Middle East & Africa, and South America. North America is expected to dominate the market in future due to high economic levels. Europe is second to the North American market in business aircraft market due to improved aviation infrastructure with geographical position beckoning the need for long-range business aircraft. The Middle East remains a promising market for business aircraft. Thus, the global business aircraft market is estimated to register approximately 7% CAGR from 2018 to 2023.
The key players in the global business aircraft market are Bombardier Inc. (Canada), Gulfstream Aerospace Corporation (U.S.), Cessna Aircraft Company (U.S.), Dassault Aviation S.A. (France), Embraer S.A. (Brazil), Pilatus Aircraft Inc.(Switzerland), Saab AB (Sweden), Piper Aircraft (U.S.), Honda Aircraft Company (U.S.), and Textron Aviation (U.S.).
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