Business Jets Market Size to Reach USD 41.89 Billion in 2030 | Emergen Research

VANCOUVER, BC, Feb. 2, 2023 /PRNewswire/ — The global business jets market size reached USD 28.73 Billion in 2021 and is expected to register a CAGR of 4.2% during the forecast period, according to latest analysis by Emergen Research. Increasing demand for sustainable aviation fuel is a major factor driving the market revenue growth. Market companies in various countries are implementing strategies to advance aviation technologies to minimize air pollution and enable end-use companies to achieve net-zero carbon emissions by 2050. The year also saw a slew of new or expanded SAF uptake agreements from airlines, some of which were more significant than others.

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In June 2022, Simple Flying spoke with Neste’s Vice President of Renewable Aviation, a prominent sustainable fuel provider. Other notable events include Singapore Airlines’ pilot with ExxonMobile, Alaska Airlines’ commitment to 185 million gallons from Gevo, the collaboration between Boeing and Alder Fuels, Mercedes-AMG Petronas becoming the first global sports team to invest in SAF, Ryanair’s agreement with Shell for 120 million gallons, DHL’s agreement with BP and Neste for 211 million gallons, and Air France-massive KLM’s deal for approximately 332 million gallons of sustainable fuel.

Significant investments in replacing old aircraft fleets is a major factor driving the market revenue growth. Existing owners and operators are the primary purchasers of new business jets, either to replace or expand their fleets. For example, Bombardier Inc. anticipates that 2,000 business jets would retire between 2016 and 2025, with the average age of business jets being 17 years.

Environmental rules and airspace modernization, on the other hand, have lowered the retirement age of business jets, resulting in a rise in their replacement. Furthermore, due to environmental rules and the efforts of many governing agencies to create a cleaner environment, it is projected that many business jets around the world will suffer operational limits. The older a corporate jet, the less efficient it is and the greater its carbon footprint. This acts as an important driving factor for the overall market revenue growth.

Drivers:

Increasing focus on sustainable business aviation is a key factor driving the market revenue growth. In addition, market companies are significantly focusing on sustainability owing to stringent compliance policies and the implementation of eco-friendly policies by governments in various countries.

For instance, on 18 December 2022, Rolls Royce and Gulfstream Aerospace Corp. announced that they had taken the first original equipment manufacturer test flight of an ultralong-range business aircraft fueled by 100% sustainable Aviation Fuel (SAF). The flight took place above Gulfstream’s headquarters in Savannah, Georgia, on the BR725-powered Gulfstream G650 twin jet. This test establishes the framework for advancing this type of fuel toward certification by demonstrating that current Rolls-Royce engines for business jets and large civil applications can operate with 100% SAF as a full “drop-in” option.

SAF is currently only certified for up to 50% mixes with conventional jet fuel and can be used in all current Rolls-Royce engines. Innovation is essential for providing an outstanding in-flight connectivity experience. This is another important component driving market revenue growth.

For instance, market companies such as Gogo Business Aviation’s commitment to strategically plan innovation has been the driving force behind the introduction of a lengthy list of industry-defining airborne connectivity products and services. The company has been focusing on exploiting the current terrestrial cellular network, which laid the seed for continuous dedication to exceeding customer expectations using innovative goods and services.

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Restraints:

Recent manufacturing challenges and delays in part production are major factors restraining the market revenue growth. In addition, staff shortages such as pilots, maintenance technicians, and flight attendants and uncertainty of orders are other key factors restraining the market revenue growth.  Since 2019, there has been uncertainty in terms of orders for business aircraft. This market is subject to numerous risks due to factors such as the global economy, the number of HNWI, fuel prices, and others. Moreover, due to a higher proportion of individual consumers and a high level of customization in the business jet industry, the overall market revenue growth is further hampered during the forecast period.

Growth Projections:

Business Jets Market is expected to register a CAGR of 4.2% over the forecast period and revenue is projected to increase from USD 28.73 Billion in 2021 to USD 41.89 Billion in 2030. Innovative product launches and significant investment in research and development activities is expected to support revenue growth of the market.

Current Trends and Innovations:

Aviation companies in various countries are significantly investing in procuring advanced and long-range business jets. This is a major noticeable trend in the business jets market. For instance, in 2022, Nomad Aviation, which is a renowned aviation company based in Switzerland and specializes in aircraft management, maintenance, and charter services, announced the addition of five long-range, large-cabin jets to its fleet. In the previous year, the company added a Bombardier Global XRS, a Dassault Falcon 8X, a Gulfstream V, and two G550s to their managed charter fleet. They were joined by a G450, a Global 5000, and an Airbus ACJ319 business jet.

A corporate or private aircraft is the type of asset that has seen an increasing number of owners entrust management to Nomad Aviation for a variety of benefits, including increased flexibility and efficiency. This is also critical given the significant surge in charter demand that has persisted since the COVID-19 crisis last year. End-user companies are increasing their efforts on outfitting half of their fleet with aerial connection devices. This vastly enhances the client experience. For instance, on 10 January 2023, JSX reported that it has fitted half of its fleet of Embraer regional planes with SpaceX’s Starlink airborne connection system, with the remaining expected to be equipped by the second quarter. JSX also intends to provide complimentary service to passengers on its 30-seat Embraer ERJ aircraft.

Strategic Initiatives:

Major companies included in the market report are Textron Inc., Embraer, Gulfstream Aerospace Corporation, Bombardier, Dassault Aviation, Boeing, Airbus, Pilatus Aircraft Ltd., Honda Aircraft Company, and MSC Aerospace Company.

• On 16 November 2021, Airbus Corporate Jets, which is a Toulouse, France-based leading provider of unique aircraft expertise and rewarding flying experiences announced signing a letter of agreement with Alpha Star Aviation for the new and unique In-Flight Entertainment (IFE) technology. This new technology, created in collaboration with Latecoere, was designed to be a simple plug-and-play solution. It is a smart 4K monitor with Wi-Fi, Bluetooth, and LiFi (Light Fidelity) connectivity. It will support analog and digital audio output, USBc connectors, 3G-SDI input, and HDMI connections, among others. In addition, it has Audio Video On Demand (AVOD), casting, mirroring, a web browser, live TV, a moving map, and its own integrated video conferencing.

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Scope of Research

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Emergen Research has segmented global business jets market on the basis of basis of aircraft type, point of sale, end-use, and region:

• Aircraft Type Outlook (Revenue, USD Billion; 2019-2030)
• Light
• Mid-Sized
• Large
• Point of Sale Outlook (Revenue, USD Billion; 2019-2030)
• OEM
• Aftermarket
• End-Use Outlook (Revenue, USD Billion; 2019-2030)
• Private Users
• Operators
• Regional Outlook (Revenue, USD Billion, 2019-2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Benelux
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Turkey
• Rest of MEA

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