Market by Type, Engine Count, Part, Industry Vertical, and Regional Outlook | Forecast 2023-2030
Business Jets usually fetch 5-15 passengers,
mostly business executives or government officials. They can be customized for
various purposes, such as casualty evacuation or express package delivery. The
growing demand for premium onboard amenities is fuelling the development of
aftermarket systems. In this regard, the business jet industry covers MRO
activities such as replacing, repairing, and maintaining critical business jet
systems and their constituent parts.
According to an Analysis of Triton Market Research’s report, the Global Business Jets Market was valued at $XX million in 2022 and is expected to reach $XX million by 2030, growing at a CAGR of 4.05% during the forecast 2023-2030.
Click here to check out our blog on the Global Business Jets Market
MARKET PERFORMANCE: DRIVERS,
CHALLENGES, AND TRENDS
Over
the forecast period, technological advancements, investments in replacing old
aircraft, and increasing demand for sustainable aviation fuel are expected to
drive the business jets market. New safety regulations and emission criteria enabled the integration of
complex subsystems and cutting-edge technology in aircraft. Moreover, the
introduction of eVTOL is key in the urban air mobility system, offering
propulsion systems that enable vertical take-off and landing. Urban air
mobility also includes eVTOL aircraft, which facilitate easier city travel due
to their lower cost and reduced noise. SAF (Sustainable Aviation Fuel), a
biofuel with similar characteristics as regular jet fuel but a lesser carbon footprint,
is employed to power airplanes. Hence, there are lesser toxic emissions during
take-off and landing.
The
market, however, might face challenges due to buyers’ bargaining power. A few large-scale business jet suppliers
influence consumer bargaining power in the general aviation industry. Rising
buyer consolidation and collective pooling are eroding manufacturers’
bargaining power. However, because of the high level of customization that
consumers expect, business jet manufacturers have an advantage in negotiations.
If a consumer chooses to switch to another manufacturer’s fleet, it raises the
risk of OEMs losing customers and billions in potential future profits.
Numerous business jet operators, on the other hand, manage fleets from the same
manufacturer to decrease maintenance costs.
Nevertheless,
the inventory of used business jets for sale is increasing, and as a result,
prices are expected to fall, creating new opportunities for the market. For business jet broker Altea, the number of
used jets for sale increased in 2022, rising from around 700 at the end of
March 2022 to nearly 1,175 at the end of the year. Volatile stock markets,
increasing interest rates, high prices for energy and other commodities, and
inflation have contributed to this trend.
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KEY
GEOGRAPHIES COVERED:
●
North America: United States and Canada
●
Europe: United Kingdom, France, Germany, Spain, Italy, and Rest of
Europe
●
Asia-Pacific: China, Japan, India, Australia & New Zealand,
South Korea, ASEAN Countries, and Rest of Asia-Pacific
●
Latin America: Brazil, Mexico, and Rest of Latin America
●
Middle East and Africa: Saudi Arabia, Turkey, United Arab
Emirates, South Africa, and Rest of Middle East & Africa
SEGMENTATION ANALYSIS – BUSINESS
JETS MARKET:
• Market by Type:
o Small Jets
As intercity travel demand rises, the market for
small aircraft private jets has increased. However, the fact that these flights
are inexpensive and comfortable for short flights contributes to their increased
demand. These jets have a longer average flight distance, ranging from 1,400 to
2,500 nautical miles, and a top speed of 500 miles per hour. Small light jets
can access small airports and runways, giving business travelers more
flexibility and freedom to access less congested airports rather than crowded
commercial airports. Popular jets in this class include the Hawker 400 XP,
Cessna Citation CJ2, and Dassault Falcon 10.
o Middle-Sized Jets
o Super Mid-Sized Jets to Business Liners
• Market by Engine count:
o Single Engine
o Double Engine
o Three Engine
• Market by Part:
o Empennage or Tail Assembly
o Flight Control Systems or Instruments
o Fuselage/Body
o Jet Engine
o Landing Gear Assemblies
o Wings
o Other Parts
• Market by Industry Vertical:
o OEM
There has been a significant rise in aircraft
deliveries and an increase in orders received by OEMs. The commercialization of
electric business aircraft and the rising need for new aircraft for on-demand
services drive the segment’s growth. By utilizing hybrid-electric propulsion
technologies, OEMs have a higher chance of capturing market share.
o Third Party
o In-House
COMPETITIVE LANDSCAPE
The business jets market by company profile helps dive into data about
the key players in this industry. The strategic initiatives for each of the
companies considered have been covered in detail.
Product
Launch (May 2022): Bombardier
Bombardier unveiled a new aircraft named Global
8000, a four-zone cabin business jet with a range of 8000 nautical miles and a
speed of Mach 0.94. Current Global 7500 operators will be able to revamp their
planes to take advantage of the performance enhancements on the Global 8000.
Collaboration
(August 2022): Bombardier and Air Corporate SRL
Bombardier partnered with Air Corporate SRL to
order the first Challenger 3500 Business Jet for charter operations in Europe.
Acquisition
(March 2022): Textron and Pipistrel
Textron Inc, the parent company of the aviation
brands Cessna, Beechcraft, and Bell, announced the acquisition of Pipistrel, a
leader in electrically powered aircraft with headquarters in Slovenia and
Italy.
KEY BENEFITS OF THE REPORT:
●
Triton Market Research has a collective experience of 25-30 years
in the industry, with its analysts and experts encompassing the most infallible
research methodology for its market intelligence and industry analysis.
●
Our research methodology helps in achieving a broader consensus of
the market size, shape, and industry trends within each industry segment.
●
The strategy adopted in designing the research methodology
includes the amalgamation of the information assembled from primary and
secondary sources, with the assistance of analytical tools to construct the
forecast and predictive models.
●
The scope of the market report comprises the current scenario of
the global business jets market, along with a detailed overview of the industry
outlook, market dynamics, segmentation analysis, regional outlook, and
competitive landscape for the period 2023-2030.
FAQs:
Q 1) What are the challenges
faced by the business jets market?
High jet fuel prices and buyers’ bargaining power are some of the big
challenges faced by the business jet market.
Q
2) Which region is expected to dominate the business jets market during the
forecast period?
North America is expected to dominate the market during the forecast
period, attributed to the major presence of high net worth (HNW) individuals.
1. GLOBAL
BUSINESS JETS MARKET - SUMMARY
2. INDUSTRY
OUTLOOK
2.1. IMPACT
OF COVID-19 ON THE BUSINESS JETS MARKET
2.2. KEY
INSIGHTS
2.2.1. UPSURGE
IN INVENTORY FOR USED BUSINESS JETS FOR SALE
2.2.2. INTRODUCTION
OF HYBRID ELECTRIC AIRCRAFT PROPULSION TECHNOLOGY
2.2.3. DEMAND
FOR BETTER PASSENGER EXPERIENCE
2.3. PORTER’S
FIVE FORCES ANALYSIS
2.3.1. THREAT
OF NEW ENTRANTS
2.3.2. THREAT
OF SUBSTITUTES
2.3.3. BARGAINING
POWER OF BUYERS
2.3.4. BARGAINING
POWER OF SUPPLIERS
2.3.5. THREAT
OF COMPETITIVE RIVALRY
2.4. MARKET
ATTRACTIVENESS INDEX
2.5. VENDOR
SCORECARD
2.6. REGULATORY
FRAMEWORK
2.7. KEY
MARKET STRATEGIES
2.7.1. ACQUISITIONS
2.7.2. PRODUCT
LAUNCHES
2.7.3. INVESTMENTS
& EXPANSIONS
2.8. MARKET
DRIVERS
2.8.1. INVESTMENTS
TO REPLACE OLD AIRCRAFT
2.8.2. INCREASING
DEMAND FOR SUSTAINABLE AVIATION FUEL
2.8.3. EMERGENCE
OF E-VTOL AIRCRAFT
2.9. MARKET
CHALLENGES
2.9.1. BUYERS’
BARGAINING POWER
2.9.2. HIGH
PRICES FOR JET FUEL
2.9.3. DELAYED
PRODUCT CERTIFICATIONS FROM THE AVIATION DEPARTMENT
2.10. MARKET
OPPORTUNITIES
2.10.1. GROWTH
IN THE NUMBER OF HIGH-NET-WORTH INDIVIDUALS
2.10.2. INTRODUCTION
OF NEW AIRCRAFT MODELS
3. GLOBAL
BUSINESS JETS MARKET OUTLOOK - BY TYPE
3.1. SMALL
JETS
3.2. MIDDLE-SIZED
JETS
3.3. SUPER
MID-SIZED JETS TO BUSINESS LINERS
4. GLOBAL
BUSINESS JETS MARKET OUTLOOK - BY ENGINE COUNT
4.1. SINGLE
ENGINE
4.2. DOUBLE
ENGINE
4.3. THREE
ENGINE
5. GLOBAL
BUSINESS JETS MARKET OUTLOOK - BY PART
5.1. EMPENNAGE
OR TAIL ASSEMBLY
5.2. FLIGHT
CONTROL SYSTEMS OR INSTRUMENTS
5.3. FUSELAGE/BODY
5.4. JET
ENGINE
5.5. LANDING
GEAR ASSEMBLIES
5.6. WINGS
5.7. OTHER
PARTS
6. GLOBAL
BUSINESS JETS MARKET - BY INDUSTRY VERTICAL
6.1. OEM
6.2. THIRD
PARTY
6.3. IN-HOUSE
7. GLOBAL
BUSINESS JETS MARKET – BY REGIONAL OUTLOOK
7.1. NORTH
AMERICA
7.1.1. MARKET
OUTLOOK BY TYPE
7.1.2. MARKET
OUTLOOK BY ENGINE COUNT
7.1.3. MARKET
OUTLOOK BY PART
7.1.4. MARKET
OUTLOOK BY INDUSTRY VERTICAL
7.1.5. COUNTRY
ANALYSIS
7.1.5.1. UNITED
STATES
7.1.5.2. CANADA
7.2. EUROPE
7.2.1. MARKET
OUTLOOK BY TYPE
7.2.2. MARKET
OUTLOOK BY ENGINE COUNT
7.2.3. MARKET
OUTLOOK BY PART
7.2.4. MARKET
OUTLOOK BY INDUSTRY VERTICAL
7.2.5. COUNTRY
ANALYSIS
7.2.5.1. UNITED
KINGDOM
7.2.5.2. GERMANY
7.2.5.3. FRANCE
7.2.5.4. SPAIN
7.2.5.5. ITALY
7.2.5.6. POLAND
7.2.5.7. REST
OF EUROPE
7.3. ASIA-PACIFIC
7.3.1. MARKET
OUTLOOK BY TYPE
7.3.2. MARKET
OUTLOOK BY ENGINE COUNT
7.3.3. MARKET
OUTLOOK BY PART
7.3.4. MARKET
OUTLOOK BY INDUSTRY VERTICAL
7.3.5. COUNTRY
ANALYSIS
7.3.5.1. CHINA
7.3.5.2. JAPAN
7.3.5.3. INDIA
7.3.5.4. SOUTH
KOREA
7.3.5.5. ASEAN
COUNTRIES
7.3.5.6. AUSTRALIA
& NEW ZEALAND
7.3.5.7. REST
OF ASIA-PACIFIC
7.4. LATIN
AMERICA
7.4.1. MARKET
OUTLOOK BY TYPE
7.4.2. MARKET
OUTLOOK BY ENGINE COUNT
7.4.3. MARKET
OUTLOOK BY PART
7.4.4. MARKET
OUTLOOK BY INDUSTRY VERTICAL
7.4.5. COUNTRY
ANALYSIS
7.4.5.1. BRAZIL
7.4.5.2. MEXICO
7.4.5.3. REST
OF LATIN AMERICA
7.5. MIDDLE
EAST AND AFRICA
7.5.1. MARKET
OUTLOOK BY TYPE
7.5.2. MARKET
OUTLOOK BY ENGINE COUNT
7.5.3. MARKET
OUTLOOK BY PART
7.5.4. MARKET
OUTLOOK BY INDUSTRY VERTICAL
7.5.5. COUNTRY
ANALYSIS
7.5.5.1. UNITED
ARAB EMIRATES
7.5.5.2. SAUDI
ARABIA
7.5.5.3. TURKEY
7.5.5.4. SOUTH
AFRICA
7.5.5.5. REST
OF MIDDLE EAST & AFRICA
8. COMPETITIVE
LANDSCAPE
8.1. TEXTRON
INC
8.2. EMBRASER
SA
8.3. GULFSTREAM
AEROSPACE
8.4. BOMBARDIER
INC
8.5. BOEING
8.6. AIRBUS
8.7. DASSAULT
AVIATION
8.8. HONDA AIRCRAFT
COMPANY
8.9. SYBERJET
AIRCRAFT
8.10. PIPER
AIRCRAFT
9. RESEARCH
METHODOLOGY & SCOPE
9.1. RESEARCH
SCOPE & DELIVERABLES
9.2. SOURCES
OF DATA
9.3. RESEARCH
METHODOLOGY
TABLE 1: GLOBAL BUSINESS JETS
MARKET, BY REGIONAL OUTLOOK, 2023-2030 (IN $ MILLION)
TABLE 2: VENDOR SCORECARD
TABLE 3: LIST OF ACQUISITIONS
TABLE 4: LIST OF PRODUCT
LAUNCHES
TABLE 5: LIST OF INVESTMENTS
& EXPANSIONS
TABLE 6: GLOBAL BUSINESS JETS MARKET,
BY TYPE, 2023-2030 (IN $ MILLION)
TABLE 7: GLOBAL BUSINESS JETS MARKET,
BY ENGINE COUNT, 2023-2030 (IN $ MILLION)
TABLE 8: GLOBAL BUSINESS JETS MARKET,
BY PART, 2023-2030 (IN $ MILLION)
TABLE 9: GLOBAL BUSINESS JETS MARKET,
BY INDUSTRY VERTICAL, 2023-2030 (IN $ MILLION)
TABLE 10: GLOBAL BUSINESS JETS
MARKET, BY REGIONAL OUTLOOK, 2023-2030 (IN $ MILLION)
TABLE 11: NORTH AMERICA
BUSINESS JETS MARKET, BY TYPE, 2023-2030 (IN $ MILLION)
TABLE 12: NORTH AMERICA
BUSINESS JETS MARKET, BY ENGINE COUNT, 2023-2030 (IN $ MILLION)
TABLE 13: NORTH AMERICA
BUSINESS JETS MARKET, OUTLOOK BY PART, 2023-2030 (IN $ MILLION)
TABLE 14: NORTH AMERICA
BUSINESS JETS MARKET, BY INDUSTRY VERTICAL, 2023-2030 (IN $ MILLION)
TABLE 15: NORTH AMERICA
BUSINESS JETS MARKET, BY COUNTRY OUTLOOK, 2023-2030 (IN $ MILLION)
TABLE 16: EUROPE BUSINESS JETS
MARKET, BY TYPE, 2023-2030 (IN $ MILLION)
TABLE 17: EUROPE BUSINESS JETS
MARKET, BY ENGINE COUNT, 2023-2030 (IN $ MILLION)
TABLE 18: EUROPE BUSINESS JETS
MARKET, BY PART, 2023-2030 (IN $ MILLION)
TABLE 19: EUROPE BUSINESS JETS
MARKET, BY INDUSTRY VERTICAL, 2023-2030 (IN $ MILLION)
TABLE 20: EUROPE BUSINESS JETS
MARKET, BY COUNTRY OUTLOOK, 2023-2030 (IN $ MILLION)
TABLE 21: ASIA-PACIFIC
BUSINESS JETS MARKET, BY TYPE, 2023-2030 (IN $ MILLION)
TABLE 22: ASIA-PACIFIC
BUSINESS JETS MARKET, BY ENGINE COUNT, 2023-2030 (IN $ MILLION)
TABLE 23: ASIA-PACIFIC
BUSINESS JETS MARKET, BY PART, 2023-2030 (IN $ MILLION)
TABLE 24: ASIA-PACIFIC
BUSINESS JETS MARKET, BY INDUSTRY VERTICAL, 2023-2030 (IN $ MILLION)
TABLE 25: ASIA-PACIFIC
BUSINESS JETS MARKET, BY COUNTRY OUTLOOK, 2023-2030 (IN $ MILLION)
TABLE 26: LATIN AMERICA
BUSINESS JETS MARKET, BY TYPE, 2023-2030 (IN $ MILLION)
TABLE 27: LATIN AMERICA
BUSINESS JETS MARKET, BY ENGINE COUNT, 2023-2030 (IN $ MILLION)
TABLE 28: LATIN AMERICA
BUSINESS JETS MARKET, BY PART, 2023-2030 (IN $ MILLION)
TABLE 29: LATIN AMERICA
BUSINESS JETS MARKET, BY INDUSTRY VERTICAL, 2023-2030 (IN $ MILLION)
TABLE 30: LATIN AMERICA
BUSINESS JETS MARKET, BY COUNTRY OUTLOOK, 2023-2030 (IN $ MILLION)
TABLE 31: MIDDLE EAST AND
AFRICA BUSINESS JETS MARKET, BY TYPE, 2023-2030 (IN $ MILLION)
TABLE 32: MIDDLE EAST AND
AFRICA BUSINESS JETS MARKET, BY ENGINE COUNT, 2023-2030 (IN $ MILLION)
TABLE 33: MIDDLE EAST AND
AFRICA BUSINESS JETS MARKET, BY PART, 2023-2030 (IN $ MILLION)
TABLE 34: MIDDLE EAST AND
AFRICA BUSINESS JETS MARKET, BY INDUSTRY VERTICAL, 2023-2030 (IN $ MILLION)
TABLE 35: MIDDLE EAST AND
AFRICA BUSINESS JETS MARKET, BY COUNTRY OUTLOOK, 2023-2030 (IN $ MILLION)
FIGURE 1: KEY MARKET TRENDS
FIGURE 2: PORTER’S FIVE FORCES
ANALYSIS
FIGURE 3: MARKET
ATTRACTIVENESS INDEX
FIGURE 4: VENDOR SCORECARD
FIGURE 5: GLOBAL BUSINESS JETS
MARKET, BY TYPE, 2022 & 2030 (IN %)
FIGURE 6: GLOBAL BUSINESS JETS
MARKET, BY SMALL JETS, 2023-2030 (IN $ MILLION)
FIGURE 7: GLOBAL BUSINESS JETS
MARKET, BY MIDDLE-SIZED JETS, 2023-2030 (IN $ MILLION)
FIGURE 8: GLOBAL BUSINESS JETS
MARKET, BY SUPER MID-SIZED JETS TO BUSINESS LINERS, 2023-2030 (IN $ MILLION)
FIGURE 9: GLOBAL BUSINESS JETS
MARKET, BY ENGINE COUNT, 2022 & 2030 (IN %)
FIGURE 10: GLOBAL BUSINESS JETS
MARKET, BY SINGLE ENGINE, 2023-2030 (IN $ MILLION)
FIGURE 11: GLOBAL BUSINESS JETS
MARKET, BY DOUBLE ENGINE, 2023-2030 (IN $ MILLION)
FIGURE 12: GLOBAL BUSINESS JETS
MARKET, BY THREE ENGINE, 2023-2030 (IN $ MILLION)
FIGURE 13: GLOBAL BUSINESS JETS
MARKET, BY PART, 2022 & 2030 (IN %)
FIGURE 14: GLOBAL BUSINESS JETS
MARKET, BY EMPENNAGE OR TAIL ASSEMBLY, 2023-2030 (IN $ MILLION)
FIGURE 15: GLOBAL BUSINESS JETS
MARKET, BY FLIGHT CONTROL SYSTEMS OR INSTRUMENTS, 2023-2030 (IN $ MILLION)
FIGURE 16: GLOBAL BUSINESS JETS
MARKET, BY FUSELAGE/BODY, 2023-2030 (IN $ MILLION)
FIGURE 17: GLOBAL BUSINESS JETS
MARKET, BY JET ENGINE, 2023-2030 (IN $ MILLION)
FIGURE 18: GLOBAL BUSINESS JETS
MARKET, BY LANDING GEAR ASSEMBLIES, 2023-2030 (IN $ MILLION)
FIGURE 19: GLOBAL BUSINESS JETS
MARKET, BY WINGS, 2023-2030 (IN $ MILLION)
FIGURE 20: GLOBAL BUSINESS JETS
MARKET, BY OTHER PARTS, 2023-2030 (IN $ MILLION)
FIGURE 21: GLOBAL BUSINESS JETS
MARKET, BY INDUSTRY VERTICAL, 2022 & 2030 (IN %)
FIGURE 22: GLOBAL BUSINESS JETS
MARKET, BY OEM, 2023-2030 (IN $ MILLION)
FIGURE 23: GLOBAL BUSINESS JETS
MARKET, BY THIRD PARTY, 2023-2030 (IN $ MILLION)
FIGURE 24: GLOBAL BUSINESS JETS
MARKET, BY IN-HOUSE, 2023-2030 (IN $ MILLION)
FIGURE 25: GLOBAL BUSINESS JETS
MARKET, BY REGIONAL OUTLOOK, 2022 & 2030 (IN %)
FIGURE 26: NORTH AMERICA
BUSINESS JETS MARKET, BY COUNTRY OUTLOOK, 2022 & 2023 (IN %)
FIGURE 27: UNITED STATES
BUSINESS JETS MARKET 2023-2030 (IN $ MILLION)
FIGURE 28: CANADA BUSINESS JETS
MARKET 2023-2030 (IN $ MILLION)
FIGURE 29: EUROPE BUSINESS JETS
MARKET, BY COUNTRY OUTLOOK, 2022 & 2023 (IN %)
FIGURE 30: UNITED KINGDOM
BUSINESS JETS MARKET 2023-2030 (IN $ MILLION)
FIGURE 31: GERMANY BUSINESS JETS
MARKET 2023-2030 (IN $ MILLION)
FIGURE 32: FRANCE BUSINESS JETS
MARKET 2023-2030 (IN $ MILLION)
FIGURE 33: SPAIN BUSINESS JETS
MARKET 2023-2030 (IN $ MILLION)
FIGURE 34: ITALY BUSINESS JETS
MARKET 2023-2030 (IN $ MILLION)
FIGURE 35: POLAND BUSINESS JETS
MARKET 2023-2030 (IN $ MILLION)
FIGURE 36: REST OF EUROPE
BUSINESS JETS MARKET 2023-2030 (IN $ MILLION)
FIGURE 37: ASIA-PACIFIC
BUSINESS JETS MARKET, BY COUNTRY OUTLOOK, 2022 & 2023 (IN %)
FIGURE 38: CHINA BUSINESS JETS
MARKET 2023-2030 (IN $ MILLION)
FIGURE 39: JAPAN BUSINESS JETS
MARKET 2023-2030 (IN $ MILLION)
FIGURE 40: INDIA BUSINESS JETS
MARKET 2023-2030 (IN $ MILLION)
FIGURE 41: SOUTH KOREA
BUSINESS JETS MARKET 2023-2030 (IN $ MILLION)
FIGURE 42: ASEAN COUNTRIES
BUSINESS JETS MARKET 2023-2030 (IN $ MILLION)
FIGURE 43: AUSTRALIA & NEW
ZEALAND BUSINESS JETS MARKET 2023-2030 (IN $ MILLION)
FIGURE 44: REST OF
ASIA-PACIFIC BUSINESS JETS MARKET 2023-2030 (IN $ MILLION)
FIGURE 45: LATIN AMERICA
BUSINESS JETS MARKET, BY COUNTRY OUTLOOK, 2022 & 2023 (IN %)
FIGURE 46: BRAZIL BUSINESS JETS
MARKET 2023-2030 (IN $ MILLION)
FIGURE 47: MEXICO BUSINESS JETS
MARKET 2023-2030 (IN $ MILLION)
FIGURE 48: REST OF LATIN
AMERICA BUSINESS JETS MARKET 2023-2030 (IN $ MILLION)
FIGURE 49: MIDDLE EAST &
AFRICA BUSINESS JETS MARKET, BY COUNTRY OUTLOOK, 2022 & 2023 (IN %)
FIGURE 50: UNITED ARAB
EMIRATES BUSINESS JETS MARKET 2023-2030 (IN $ MILLION)
FIGURE 51: SAUDI ARABIA
BUSINESS JETS MARKET 2023-2030 (IN $ MILLION)
FIGURE 52: TURKEY BUSINESS JETS
MARKET 2023-2030 (IN $ MILLION)
FIGURE 53: SOUTH AFRICA
BUSINESS JETS MARKET 2023-2030 (IN $ MILLION)
FIGURE 54: REST OF MIDDLE EAST
& AFRICA BUSINESS JETS MARKET 2023-2030 (IN $ MILLION)