Business Jets Market to Progress at 4.05% During 2023-2030

Triton Market Research presents the Global Business Jets Market report segmented by Type (Middle-Sized Jets, Small Jets, Super Mid-Sized Jets to Business Liners), Part (Fuselage/Body, Empennage or Tail Assembly, Jet Engine, Flight Control Systems or Instruments, Landing Gear Assemblies, Wings, Other Parts), Engine Count (Single Engine, Double Engine, Three Engine), Industry Vertical (In-House, OEM, Third Party), and Regional Outlook (, North America, Asia-Pacific, Middle East and Africa, Europe, Latin America).

The report further includes the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Regulatory Framework, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2023-2030).

As per Triton’s research report, the global business jets market is estimated to advance with a CAGR of 4.05% during the forecast period 2023-2030.

Business jets are employed for various purposes, including business executives’ or government officials’ travel and express package delivery.

The market’s growth is supported by factors such as technological advancements, rising demand for sustainable fuel, and investments in replacing old aircraft. Several governments have imposed new safety rules and emission criteria that have soared the adoption of cutting-edge technology in airplanes. In this regard, eVTOL has emerged as an integral  part of air mobility systems, providing propulsion systems that support take-off and landing operations.

However, buyers’ bargaining power, the high cost of jet fuel, and delayed product certifications impede the market’s overall development.

North America holds the highest share of the business jets market. The market’s growth is attributed to the growing high-net-worth population. In the US, several investment firms have shown interest in the studied market. For instance, in 2021, Cascade Investments joined Blackstone to bid for the British Firm Signature Aviation. Another company VistaJet expanded its operations by acquiring brokerage Apollo Jets. Therefore, all these factors widen the scope and growth of the reviewed market across the region.

The prominent companies thriving in the business jets market are Textron Inc, Embraser SA, Gulfstream Aerospace, Bombardier Inc, Boeing, Airbus, Dassault Aviation, Honda Aircraft Company, Syberjet Aircraft, and Piper Aircraft.

Brand reputation is an essential criterion for success in the market. It is expensive to manufacture sophisticated business jets, requiring a tough certification process. Further, the number of companies in the market is less, with existing companies competing regarding features and cost. Considering these factors, the threat of new entrants is low, whereas the intensity of competition among existing players is high.