According to a new report by Expert Market Research titled, “Global Business Jets Market Share, Size, Report and Forecast 2024-2032″, the global business jets market size grew significantly in 2023. Aided by the burgeoning elite clientele and the rising significance of time efficiency in an ever-globalising world, the market is projected to further grow at a CAGR of 7.2% between 2024 and 2032.
Business jets, synonymous with luxury, efficiency, and exclusivity, cater primarily to corporations, high-net-worth individuals, and government agencies. More than just a status symbol, these aircraft offer unparalleled advantages such as direct flights to destinations not covered by commercial airlines, stringent security protocols, and personalised services. They act as enablers for swift and confidential business dealings, making them an invaluable asset in the corporate arsenal.
A primary force driving the global business jets market growth is the escalating global corporate culture, wherein time is equated with money. Direct flights, devoid of layovers, not only save travel time but also significantly reduce the fatigue and stress associated with frequent travel. As global business operations expand, top executives need the agility offered by business jets to facilitate face-to-face interactions, crucial deal closures, and real-time decision-making.
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The evolution and diversification of the business jet’s portfolio have further amplified business jets market demand. Manufacturers have fine-tuned their offerings, presenting a range from light jets suitable for shorter distances to long-range and ultra-long-range jets capable of intercontinental travel. The interior customisation possibilities, embracing office spaces, bedrooms, and gourmet kitchens, ensure that productivity isn’t hampered, even at height of 40,000 feet.
Moreover, economic growth in emerging markets has created a fresh echelon of entrepreneurs and business magnates, expanding the potential clientele for business jets. As per the business jets market analysis, regions like Asia-Pacific and the Middle East, witnessing rapid industrial growth and infrastructure development, are becoming prominent markets for these luxury aircraft.
Additionally, the increasing accessibility of fractional ownership and jet card programs has democratised the usage of business jets. These models allow individuals and businesses to enjoy the benefits of private jet travel without the associated ownership costs, ensuring a broader user base and sustained growth in value for the global business jets market size.
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Market Segmentation
The market can be divided based on aircraft type, end use, systems, services, platform, and region.
Market Breakup by Aircraft Type
• Light
• Mid-Sized
• Large
• Airliners
Market Breakup by End Use
• Private
• Operators
Market Breakup by Systems
• OEM
o Aerostructures
o Avionics
o Aircraft Systems
o Cabin Interiors
• Aftermarket
o Aerostructures
o Avionics
o Aircraft Systems
o Cabin Interiors
Market Breakup by Services
• Charter Services
• Jet Card Programs
• Debit as You Fly Program
• Fractional Ownership
Market Breakup by Platform
• Fixed Wing
o Commercial
o General and Business Aviation
o Military
• Rotary Wing
o Civil and Commercial
o Military
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global business jets market. Some of the major players explored in the report by Expert Market Research are as follows:
• Honeywell International Inc. (NYSE: HON)
• Safran S.A. (SAF (EPA))
• Curtiss-Wright Corporation (CW (NYSE))
• Collins Aerospace
• Meggitt PLC (MGGT (LON))
• Eaton Corporation Inc (ETN (NYSE))
• Ametek, Inc. (AME (NYSE))
• Others
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