(MENAFN- America News Hour) The asia-pacific light and very light jets market is projected to grow with a CAGR of more than 1.5% during the forecast period.
– The growth in private travel due to the increasing number of high-net-worth individuals (HNWI) and ultra-high-net-worth individuals (UHNWI) in the region is driving the sales of light and very light business jets.
– The growth in tourism in the region, as well as the unscheduled flights, has led to increased charter activities in countries like the Philippines and Indonesia among others and is propelling the growth of the market in the region.
– The outbreak of COVID-19 resulted in a decrease in private jet activity and has also resulted in a significant economic drop in several countries. This is expected to have an impact on the sales of new light and very light jets in 2023. Nevertheless, when the private jet flight activity returns back to normal, it is expected to generate significant demand for new light jets in the coming years.
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Key Market Trends
Light Jet Segment Accounted for a Major Market Share in 2023
The light jets segment of the market currently dominates the market and is expected to continue its dominance during the forecast period. This is mainly due to higher deliveries as well as the higher price of light jets compared to very light jets. Citation XLS+, Citation CJ4, Citation M2, Pilatus PC-24, and Embraer Phenom 300E are some of the preferred light jet aircraft in the region. Australia, Japan, and the Philippines are the major countries in the region whose business jet fleet is dominated by the light jets. The growth in the demand for business travel and personal travel post-COVID-19 pandemic crisis is anticipated to again increase the sales of the light jets in the coming years.
Australia is Anticipated to Witness Highest Growth During the Forecast Period
Australia has the second-largest fleet of business jets in the Asia-Pacific region, with light jets dominating the majority of the business jet fleet in the country. In 2023, the Australian fleet grew greatly due to the addition of light and very light jets. The light and very light jets fleet serves domestic tourism, corporate, and private travel. PC-24 is the major light jet program that has made the highest sales in the country in 2018 and 2019. The first of six aircraft were delivered to the Royal Flying Doctor Service of Australia in November 2018 and was scheduled to enter service in early 2023. The contract was signed in 2023 and deliveries are planned during the period of 2023-2033. Such orders for light business jets is anticipated to accelerate the growth of the light and very light jets market in Australia during the forecast period.
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The market of light and very light jets is highly consolidated with very few manufacturers taking the majority market share. Some of the prominent players in the market are Honda Aircraft Company, Embraer SA, Textron Inc., PILATUS AIRCRAFT LTD, and Bombardier Inc. Honda Aircraft Company, Textron Inc., and PILATUS AIRCRAFT LTD are major players in 2019, with HondaJet Elite, Citation XLS+, and PC-24 being the most sold aircraft in the region. The business jet manufacturers are introducing new and advanced business jet models to attract new customers to increase their presence in the region. In February 2020, Honda Aircraft Company showcased the HondaJet Elite at the Singapore Airshow 2020 to capture new market opportunities as a part of the company's global expansion. The company also recently received its type certification from the Pakistan Civil Aviation Authority. Such new models are anticipated to increase the cashflows as well as the presence of the companies in the region.
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