Global Business Jet Market Demand, Size, Share & Forecast 2032

Business Jet Market: Industry Perspective

The global business jet market size was worth around USD 31.35 billion in 2023 and is predicted to grow to around USD 45.87 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.44% between 2024 and 2032.

Business jet manufacturers are focusing on increasing customer satisfaction and operational efficiency. Several areas of focus for manufacturers include reducing carbon emissions, increasing operating costs and updating aircraft systems and cabin interiors. This led to the launch of new technologies for aircraft. In 2016, the Legacy 650E and the Praetor 500 were released by the Embraer and in 2018 the Praetor 600. In 2018, the Global 5500 and 6500 were launched by Bombardier. Honda introduced the TBM 910 in 2017 and the Honda Jet Elite in 2018. Moreover, Daher released the TBM 910 in the year 2017 and TBM 940 in 2019.

Request Free Sample

The introduction of new aircraft programs and the rising number of high net-worth personnel will drive the demand for the business jets industry. Moreover, advanced jets provide more range, performance and efficiency levels at comparable prices. Such new aircrafts will demand more replacements with new features and attract first-time buyers, thereby fueling the market growth. Technologies such as advanced connectivity solutions, interiors, avionics, and more efficient engines are attracting new-generation buyers, leading to the slowdown of traditional aircrafts. These factors are contributing to the healthy growth of the business jets industry.

Business Jet Market: Segmentation Analysis

On the basis of aircraft type, the business jets are categorized into light, mid-sized, large, and airliners. The light aircraft is likely to grow at the fastest rate in the coming year, owing to the rising demand for air taxis and urban air mobility. Moreover, factors such as growing demand for business Unmanned Aerial Vehicles (UAVs) and recreational flights are also predicted to positively impact the lightweight business jets market to a large extent.

In terms of point of sale, the OEM module accounted for the largest market size over the forecast period. The OEM segment covers total OEM revenue for futuristic and conventional business jets. The segment is also considered to be the fastest-growing due to the commercialization of electric & hybrid business air vehicles, the release of new aircraft programs, and the cost of aftermarket. The operation, repair & maintenance and parts replacement costs are low when compared to the overall OEM market. Therefore the OEM segment is anticipated to lead the business jets market in the near future.

Business Jet Market: Report Scope

Business Jet Market: Regional Analysis

The global business jets market covers five major geographic regions, namely, Asia Pacific, North America, Middle East & Africa, Europe, and Latin America. North America is anticipated to hold the largest market share in 2019. The growth is attributed to the presence of major business jet manufacturers such as Bombardier, Textron, and Gulfstream among others. The existence of a large number of high-net-worth individuals is also likely to fuel the market growth in North America. Moreover, the airports across the region enable ease in business travel. Geographically, North America occupies a huge area, thus it is not easy for business travelers to opt for the fastest mode of transport in order to minimize time, thereby driving the demand for business jets.

Business Jet Market: Competitive Analysis

The global business jet market is dominated by players like:

• Bombardier
• Textron, Inc.
• Embraer
• Gulfstream
• Boeing 
• Airbus 
• Zunum Aero
• Eviation Aircraft
• XTI Aircraft

The Business Jet market is segmented as follows:

Global Business Jet Market: Aircraft Type Segment Analysis

• Light
• Medium Size
• Large
• Airliners

Global Business Jet Market: Systems Segment Analysis

• Avionics
• Aerostructures
• Cabin Interiors
• Aircraft Systems
• Others

Global Business Jet Market: Point of Sale Segment Analysis

• OEM
• Aftermarket

Global Business Jet Market: End-Use Segment Analysis

• Private
• Operators

Global Business Jet Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa