(MENAFN- GlobeNewsWire - Nasdaq)
New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Business Jets Global Market Report 2022' -
The global business jets market is expected to grow from $19.96 billion in 2021 to $21.02 billion in 2022 at a compound annual growth rate (CAGR) of 5.31%. The business jets market is expected to grow to $26.38 billion in 2026 at a compound annual growth rate (CAGR) of 5.85%.
The business jets market consists of sales of business jets by entities (organizations, sole traders, and partnerships) that refer to a jet aircraft that are used to transport small groups of people, also known as a private jet. Some governmental bodies, government personnel, and military services use business jets for other purposes like the evacuation of casualties or quick parcel deliveries.
The main types of aircraft in business jets market are light, mid-sized, large business jets and airliner business jets.The light business jets, sometimes known as a personal jet or a microjet, which is a category of the tiny business airplane that accommodates 4-8 passengers.
A light jet may fly long distances at high speeds while consuming little fuel.The systems used in business jets includes propulsion system, aerostructures, avionics and others.
Business jets are mostly sold by OEM or aftermarket and are used by private users or operator.
North America was the largest region in the business jets market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the business jets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The business jets market research report is one of a series of new reports that provides business jets market statistics, including business jets industry global market size, regional shares, competitors with an business jets market share, detailed business jets market segments, market trends and opportunities, and any further data you may need to thrive in the business jets industry. This business jets market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Increasing demand for business jets for various application is driving the growth of the business jets market.A business jet is a plane designed to transport small groups of people.
The key reason fueling the rising demand for business jets is the growing need for business travel and short-haul flights.Business jets production will automatically rise in response to the increasing demand for business jets to fulfill the market demand.
For instance, according to the statistics by the US-based air charter service provider Stratos Jet Charters, the world had a total of 21,979 active private aviation jets in 2019.North America led with around 71% of all private aircraft followed by Europe with around 13% in 2019.
It is estimated that there will be 6,362 new jets sales worth $217.5 billion between 2020 and 2029. In addition, it is also optimistically estimated that there will be 7,300 new private aircraft sales worth $235 billion between 2021 to 2030. Therefore, the increasing demand for business jets will propel the market growth.
Technology advancement is a key trend gaining popularity in the business jets market.Advancements in technology include the use of the most advanced technologies such as fighter technology in business jets with advanced safety features, the largest cabin, innovative flight deck, and other features.
Key players are focusing on launching technologically advanced business jets to offer customers an unmatched experience with all safety features.For instance, in May 2021, a French manufacturer of military aircraft and business jets Dassault Aviation introduced Falcon 10X, featuring Industry's largest cabin and most advanced technology on a business jet.
The Falcon 10X will provide unrivaled passenger comfort on both short and long-haul flights, as well as ground-breaking safety measures derived from Dassault's frontline fighter technology.Dassault Aviation optimized every component of this business aircraft to take the ultra-long-range aircraft to a new level of capabilities.
It also features new structures, and materials enabling ultra-efficient power, and has an advanced flight deck technology with touch screens throughout the cockpit.
In April 2022, Textron Inc., a US-based aircraft industry company acquired Pipistrel, for an amount of $235 million. With this acquisition, Textron aims to expand its manufacturing and product development capabilities as well as make Textron a global leader in sustainable aircraft. Pipistrel will be operated under Textron's new business segment called Textron eAviation. Pipistrel is a Slovenia-based light private electric aircraft manufacturer.
The countries covered in the business jets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report:
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.