Business Jets Global Market Report 2024

The business jets market size has grown strongly in recent years. It will grow from $22.98 billion in 2023 to $24.65 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. Historical growth can be credited to various factors, including economic expansion, corporate growth initiatives, the globalizing business landscape, the rise in business travel, tax incentives, and the accrued benefits in productivity.

The business jets market size is expected to see strong growth in the next few years. It will grow to $32.36 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. Anticipated growth in the upcoming period is linked to the increasing demand from emerging markets, adherence to environmental regulations, the expanding global reach of businesses, the rise of urban centers and hubs, and heightened attention to health and safety measures. Major trends expected in this forecast period encompass the development of hybrid and electric propulsion systems, customization options for luxury interiors, advancements in autonomous flight technologies, improvements in connectivity and in-flight technology, the popularity of fractional ownership and jet cards, and the focus on entry-level and light jets.

The burgeoning demand for business jets across various applications serves as a primary driver fueling the expansion of the business jets market. These aircraft are specifically designed to cater to the transportation needs of small groups of people. The escalating demand is primarily attributed to the growing necessity for business travel and short-haul flights, prompting an automatic rise in business jets production to meet this surging market demand. For instance, statistics from Stratos Jet Charters, a US-based air charter service provider, project an estimated 6,362 new jet sales amounting to $217.5 billion by 2029. Additionally, an optimistic forecast indicates an anticipated 7,300 new private aircraft sales valued at $235 billion between 2021 and 2030. This surging demand for business jets is expected to serve as a key impetus driving the growth trajectory of the market.

The anticipated growth in the business jets market is attributed to the increasing trend of tourism and traveling, reflecting the expanding tourism industry and a rising number of individuals journeying for leisure, business, or diverse purposes. Business jets, being integral to tourism and travel, offer swift transportation options, enabling travelers to reach their destinations more expeditiously compared to commercial flights. Additionally, these jets provide a heightened level of privacy and security, rendering them particularly appealing to high-profile individuals, celebrities, and business executives. For instance, as per the U.S. Department of Commerce's data in June 2022, the count of international visitors to the US surged to 22.1 million in 2021, highlighting the soaring interest in travel. This escalating trend in tourism and traveling significantly contributes to driving the growth of the business jets market moving forward.

The business jets market is witnessing a prominent trend characterized by technological advancements that integrate cutting-edge features akin to fighter aircraft technology, ensuring advanced safety measures, expansive cabin space, innovative flight deck systems, and more. Major industry players are focused on introducing business jets equipped with top-tier technology to provide customers an unparalleled experience coupled with comprehensive safety features. For instance, in May 2021, Dassault Aviation, a French manufacturer renowned for military aircraft and business jets, unveiled the Falcon 10X, heralded for boasting the industry's largest cabin and cutting-edge technology among business jets. This aircraft promises unparalleled passenger comfort during short and long-haul flights while implementing groundbreaking safety measures derived from Dassault's forefront fighter technology. The Falcon 10X has undergone meticulous optimization across all components, elevating the capabilities of ultra-long-range aircraft. It incorporates novel structures and materials to enhance power efficiency significantly, coupled with an advanced flight deck technology featuring touchscreen interfaces throughout the cockpit. These technological strides represent a paradigm shift in the realm of business aviation, setting new benchmarks in comfort, safety, and performance.

Major players in the business jets industry are dedicated to unveiling next-generation aircraft, exemplified by the introduction of ultra-long-range business jets. Tailored for both extensive long-haul trips and shorter field hops, these jets are esteemed for their expansive and comfortable cabins, equipped with amenities curated for extended flights. For instance, in May 2022, Bombardier Inc., a Canadian jet manufacturer, debuted the Global 8000. Positioned as an ultra-long-range business jet, the Global 8000 promises the epitome of performance by offering top-notch speed, the longest range, and an exceptionally smooth flight experience, positioning it as the quintessential all-in-one business aircraft. Boasting a spacious cabin adorned with three individual suites, the Global 8000 ensures passengers experience unparalleled comfort and luxury. Incorporating cutting-edge cabin technologies such as the nice Touch cabin management system and Ka-band internet connectivity, this aircraft guarantees a seamless and connected travel experience, reaffirming its status as a pinnacle in business aviation.

In April 2022, Textron Inc., a prominent US-based aircraft industry player, completed the acquisition of Pipistrel for a substantial $235 million. This strategic move was orchestrated to broaden Textron's manufacturing prowess and elevate its capabilities in product development, aiming to position Textron as a global frontrunner in sustainable aircraft solutions. The acquired entity, Pipistrel, a Slovenian-based manufacturer specializing in light private electric aircraft, is set to function within Textron's latest business segment, named Textron eAviation. This strategic integration aligns Textron with the goal of pioneering advancements in eco-friendly aviation solutions, leveraging Pipistrel's expertise to propel the company's sustainable aircraft initiatives.

Major companies operating in the business jets market report are Raytheon Aircraft Company, The Boeing Company, Airbus SE, Textron Inc., Rockwell Collins Inc., Gulfstream Aerospace Corporation, Dassault Aviation SA, Bombardier Inc., Beechcraft Corporation, Israel Aerospace Industries Ltd., Embraer SA, Saab AB, Sikorsky Aircraft Corporation, Piaggio Aero Industries S.p.A., Pilatus Aircraft Ltd., Cessna Aircraft Company, Learjet Inc., Piper Aircraft Inc., Hawker Beechcraft Corporation, Cirrus Aircraft Corporation, Honda Aircraft Company, Diamond Aircraft Industries Inc., Nextant Aerospace LLC, Kestrel Aircraft Company, Mooney Aviation Company Inc., Eclipse Aerospace Inc., Sino Swearingen Aircraft Corporation, Quest Aircraft Company LLC, Epic Aircraft LLC, Grob Aircraft AG.

North America was the largest region in the business jets market in 2023. 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, Africa. The countries covered in the business jets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

In the business jets market, aircraft types are categorized into light, mid-sized, large business jets, and airliner business jets. Light business jets, also referred to as personal jets or microjets, are compact business airplanes accommodating 4–8 passengers. These jets are capable of flying long distances at high speeds while maintaining fuel efficiency. Key systems in business jets encompass propulsion, aerostructures, avionics, among others. These aircraft are primarily sold by original equipment manufacturers (OEMs) or in the aftermarket and are utilized by private users or operators.

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.

The business jets market consists of sales of super midsized jet, heavy business jets and ultra-long-range sets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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