With growing economies around the world and businesses going global, the requirement for business aircrafts is rising. A business aircraft is a jet aircraft that transports small groups of people. Market Research Future (MRFR) has published a research report about the global business aircraft market that foretells gains for this market at 7% CAGR during the forecast period between 2018 and 2023.
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The decisive market driver for the global business aircraft market is rising popularity and the need for long-range aircraft in the aviation industry. However, factors that can slow down the market growth include economic uncertainty and slow financial progress (due to the requirement for the high budget) in the number of the operational business aircrafts.
The global business aircraft market segmentation covers aircraft type, application, and service. MRFR is exploring the features of these segments.
Based on aircraft type, this market has been segmented into fixed-wing aircraft and rotary-wing aircraft. The fixed wing aircraft segment has been sub-segmented into light jets, mid-size jets, and heavy jets. The aircrafts like helicopter are categorized among rotary wing aircrafts. The fixed-wing segment holds a larger market share due to its wider use. The light jets and medium-sized jets have limited market due to lack of clean sheet design introduction.
As per the application-based segmentation, the market has been segmented into tourism, a VIP transportation, and others. Many special flights operate on the routes of tourist destinations due to governments of various countries encouraging tourism. VIP transportation is usually about Presidents going on foreign tours for diplomatic purposes.
According to the service-based segmentation, the market features fractional ownership, charter service, and jet card programs. Under fractional ownership, user can be the part owner of the aircraft. Chartered aircraft means an aircraft in which the customer is paying for the flight and people (usually family members approved by him) will be the only passenger(s) on the flight. A private jet card is defined as a private aviation product that enables membership card holders to use different aircraft at agreed-upon fixed hourly rates. During the forecast period, the chartered service can witness the highest market growth due to consistent demand from North America and Europe.
The regional segmentation of the global business aircraft market covers North America, Asia Pacific, South America, Europe, and the Middle East & Africa (MEA). During the forecast period, North America expected to lead the global market due to the rapid technological development, globalization, industrialized countries in this region, high demand for business jets, and presence of many key market players. The maximum revenue in this region gets generated in the USA and Canada.
Europe is the second largest regional market due to improved aviation infrastructure and the need for long-range business aircraft due to its geographical position. As many important market players are operating in Europe, manufacturing of business jets has increased. Hence, the market is growing. The cream of European market revenue covers France, Germany, Italy, Spain, and the UK. Other countries in Europe are also contributing significantly to the market.
During the forecast period, the Asia Pacific market can grow due to increased expenditure for the adoption of advanced business aircraft in this region. Maximum revenue in this region comes from China, India, Japan, and South Korea. Other countries in this region also form a sizable market.
In South America, the market is small due to lower per capita income (compared to North America) and limited technological advancement in this region. Robust economies in this region that can become important markets in future are Argentina and Brazil. In the MEA region, the market growth is slow due to limited availability of technology.
Major players in the global business aircraft market include Bombardier Inc. (Canada), Cessna Aircraft Company (USA), Dassault Aviation S.A. (France), Embraer S.A. (Brazil), Gulfstream Aerospace Corporation (USA), Honda Aircraft Company (USA), Pilatus Aircraft Inc. (Switzerland), Piper Aircraft (USA), Saab AB (Sweden), and Textron Aviation (USA).
Latest Industry News
- At the International Paris Air Show between 17-23 JUNE 2019, Gulfstream Aerospace is set to launch Gulfstream G600 business jet.
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