Very Light Jet Global Market Report 2024

The very light jet market size has grown rapidly in recent years. It will grow from $5.05 billion in 2023 to $5.61 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth observed in the historical period can be attributed to various influential factors. Shifts in aviation regulations played a crucial role, shaping the industry landscape and paving the way for advancements. Additionally, global economic trends and fluctuations in fuel prices significantly impacted the aviation sector, influencing operational costs and market dynamics. Infrastructure development, including the expansion of airports and related facilities, also contributed to the growth trajectory. Moreover, the growing emphasis on eco-friendly aviation practices drove innovations and initiatives within the industry to address environmental concerns and enhance sustainability.

The very light jet market size is expected to see rapid growth in the next few years. It will grow to $8.42 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The projected growth in the forecast period is expected to be fueled by several key factors. There's an increasing inclination toward private aviation, driven by a desire for personalized travel experiences and convenience. Global tourism trends are also anticipated to contribute significantly to the growth of the aviation industry. Furthermore, the growing concern toward health, especially post-pandemic, is likely to influence travel choices, further boosting the aviation sector. The continuous rise in aviation passenger traffic globally will be a major driver of growth. Moreover, ongoing aviation infrastructural projects will play a pivotal role in shaping the industry's expansion.

The rising adoption of private aviation solutions is fueling the growth of the very light jet market. These jets, popular for business travel and short-haul flights, cater to individuals' personal needs, offering cost-effective operations and access to locations inaccessible to commercial airlines. Globally, there are around 11,500 daily business jet flights, with approximately 70% operating within the US, signaling a surge in private aviation adoption that's boosting the very light jet market's growth. For instance, in October 2021, according to Aircraft Comparison, a UK-based company operating light aircraft, the average number of global daily business jet flights will be around 11,500 per day. Additionally, around 70% of all private jet flights will at some point operate within the US. Therefore, the growing adoption of private aviation solutions is expected to propel the growth of the very light jet market.

The very light jet market is expanding due to the burgeoning travel and tourism industry. Very light jets cater to business executives, luxury travelers, and tourists seeking efficient and flexible air transportation. With over 405 million long-distance business trips annually in the US and an average of 1.3 million daily business trips, these jets are integral to the travel industry, accessing smaller airports and offering a customized travel experience. The growing travel and tourism sector are thus fueling the growth of the very light jet market.

The very light jet market is witnessing a dominant trend of technological advancement. HondaJet's introduction of the 2600 Concept Light Jet in October 2021 showcases significant strides in aviation technology. The jet integrates Autothrottle for engine power control, an Advanced Steering Augmentation system (ASAS) for enhanced safety, and a Runway Overrun Awareness and Alerting System (ROAAS) for safer landings. This innovation offers extended travel range, increased passenger capacity, and reduced carbon emissions, epitomizing the market's focus on cutting-edge advancements.

Companies operating within the very light jet market are pursuing novel solutions, such as the launch of on-demand regional charter services, to gain a competitive edge. In July 2023, Emirates Group, a prominent UAE-based aviation company, introduced an on-demand regional charter service using the Phenom 100 twin-engine very light jet. This service offers a luxurious and adaptable travel option for short-haul trips within the Gulf Cooperation Council (GCC) region, providing travelers with exclusive amenities such as Emirates Chauffeur Drive, VIP treatment, and access to private lounges for a seamless and personalized experience.

In January 2022, Textron Inc., a US-based provider of airborne solutions, completed the acquisition of PIPISTREL d.o.o. for $235 million (218 million euros). This strategic move bolsters Textron Inc.'s product portfolio in the electric light and very light jet sectors, emphasizing its commitment to strengthening offerings in the realm of electric and lightweight aircraft.

Major companies operating in the very light jet market report are Honda Motor Company Limited, The Boeing Company, Airbus SE, Hawker Beechcraft Corporation, Textron Aviation Inc., Cessna Aircraft Company, Gulfstream Aerospace Corporation, Icon Aircraft Inc., Bombardier Inc., Embraer SA, Pilatus Aircraft Limited, Piper Aircraft Inc., Embraer Executive Jets., Diamond Aircraft Industries Inc., Tecnam Aircraft Srl, Nextant Aerospace, Dassault Aviation SA, Mooney International Corporation, The Eclipse Aviation Corporation, Stemme AG, Pipistrel d.o.o., Cirrus Design Corporation, Eclipse Aerospace Inc., Stratos Aircraft Inc., Flight Design GmbH, MSC Aerospace Engineering, ONE Aviation Corporation, Grob Aircraft SE, Evektor spol. s r.o., Vulcanair S.p.A.

North America was the largest region in the very light jet market in 2023. The regions covered in the very light jet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the very light jet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The very light jet market consists of sales of taxi planes, ultra-light private jets, sailplanes, business jets, and small propeller planes. 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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