30 March 2020
Visiongain has launched a new aviation report Business Jet Market Report 2020-2030: Forecasts by Type (Light Business Jet, Mid-Sized Business Jet, Large Business Jet and Airliners), by End Use (Private, Operator), by Point of Sale (Conventional Point of Sale, Hybrid Point of Sale)) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global business jet market is expected to grow at a lucrative rate during the forecast period. Some of the key factors driving the market include increase in the number of high net worth individuals like VVIP’s and celebrities, improving the passengers experience and also increasing the operational efficiency.
However, the concerns associated with lengthy period of product certification from the airline authorities may pose as market restraints. The business jet market can be segmented based on type, end use, point of sale and region. Growth in tourism is generating demand for new business jets, as charter service providers are introducing new routes and are expanding their presence, globally.
By region, the market for business jet is dominated by North America because of its presence of large players in that region. Also the rise in research and development helps them to generate high revenue in forecast period as well.
Also the demand for private jets in the Middle East and Africa is anticipated to attract high revenue to the region. This increasing investments will help this region witness a progressive growth rate in the forecast duration.
Key players such as Textron Inc, Embraer SA, Gulf Stream Aerospace are currently dominating the market. These major companies are increasingly focusing on research and development activities so as to gain competitive advantage. Few of other companies operating in the market include Pilatus Aircraft, Boeing Company, Airbus, Bombardier, Inc, Dassault Aviation, Honda Aircraft Company, Volocopter GmbH, Eviation Aircraft, Zunum Aero, Emirates Executive, ExecuJet, Executive Jet Charter Limited, Flexjet LLC, Gama Aviation, Grafair, NetJets Inc, Qatar Executive, Royal Jet, Tag Aviation, Vista Jet, Air Charter International and Bloom Business Jets.
These companies are taking various strategic initiatives such as mergers, acquisitions, and partnerships so as to increase their presence in the global market. For instance, starting in 2018, Pilatus delivered the first of six PC-24s to its launch customer PlaneSense. The PC-24, also known as Super Versatile Jet, has a range of about 1,188 Nm. Likewise, Honda Aircraft Company introduced its HondaJet HA-420 with first delivery in 2016. By the end of October 2018, the company built over 90 aircraft.
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