Expected To Reach $29.32 Billion By 2025

The global business jet market size is expected to reach $29.32 billion by 2025, registering a Compound Annual Growth Rate (CAGR) of over 3 percent from 2019 to 2025, according to a new report by Grand View Research, Inc. The global business jet deliveries are expected to reach 919 units by 2025. A rising number of high net worth individuals, especially in the mature economies, has fueled the growth. Moreover, increased access to private aviation has resulted in a significant surge in the demand for charter services, thereby supporting the revenue generation.

The report suggests that growing popularity of long-range aircraft, which offer optimum performance and comfort, is driving the market.
Companies in the business jet market are shifting their focus toward membership programs, including preferred charter accounts and member plans, which offer additional fleet options and reduced rates to the customers.

According to the report, the Middle East and Africa are witnessing a rising demand for large and medium jets owing to long distances between cities and difficult ground transportation, thereby is expected to emerge as the fastest growing region over the forecast period
Large business jets are expected to exhibit approximately 5 percent CAGR from 2019 to 2025 owing to numerous benefits of these aircrafts, such as better comfort, range, and speed as compared to the counterparts.

Passenger safety is the top priority in the business aviation industry. Aircraft operators seek safety approvals via independent auditing systems. The companies operating in the marketplace focus on adopting advanced technologies for the utmost safety of the customers. They are incorporating various technological advancements, such as ground and satellite-based Wi-Fi, in-flight video conferencing, and charter booking systems. These advancements are expected to act as a driving force for the business jet market over the forecast period.

The OEMs are increasingly replacing mechanical flight control systems with lightweight digital flight systems. Reducing an aircraft's weight increases its payload capacity, as well as the ability to fly greater distances with the same payload. The OEMs are also implementing new engine designs that focus on improving propulsion efficiency while reducing emission and noise levels. Such innovations by the business jet OEMs are expected to induce immense potential to the market size till 2025.

(Source: Grand View Research news release. Image from file)

FMI: www.grandviewresearch.com/industry-analysis/business-jet-market