Business Aircraft Market Size was valued at USD 31.72 billion in 2023. The Business Aircraft market industry is projected to grow from USD 32.9888 Billion in 2024 to USD 43.41101028 billion by 2032, exhibitinga compound annual growth rate (CAGR) of 3.49% during the forecast period (2024 - 2032). The emergence of e-VTOL aircraft and replacing old aircraft fleetsare the key market drivers enhancing market growth.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Owners and operators frequently purchase new commercial aircraft to replace old aircraft or expand their fleets. 2,000 commercial aircraft are expected to retire between 2016 and 2025, and the average age of commercial aircraft is 17. Due to environmental regulations and climate change, the retirement age of commercial airlines is gradually decreasing, so the cost of commercial airline retirement is increasing. to change. Many commercial airlines worldwide are expected to have operational restrictions due to environmental regulations and the actions of various regulatory agencies to achieve a green environment. The fuel efficiency of a commercial airplane decreases as it ages, and its carbon footprint increases. It greatly increased the demand for commercial aviation. This factor drives the Market CAGR.
Additionally, travelling in the city will cause many problems, and so will the time of traveling there. Commercial flights are only sometimes effective, as they often land and depart from airports confined to cities. VTOL planes will be useful for urban travel as they can land and take off from several vertical airports in a city. Urban airspace includes electric VTOL aircraft, which make traveling in the city easier as they are cheaper and noisier. Commercializing the concept will require technology in battery capacity, infrastructure, and legal frameworks such as vertiports and charging bays. With the introduction of e-VTOL technology, the aviation industry should expand as expected.Thus, driving the Business Aircraft market revenue.
On Jul.26, 2023,
Leidos and L3Harris Technologies announced a partnership to modify business jets for US Army ATHENA-S Program. These companies will modify two Bombardier Global 6500 business jets and pitch them for the US Army's Theater level high-altitude expeditionary next airborne signals intelligence (ATHENA-S) program. ATHENA-S seeks enhanced intelligence, surveillance, and reconnaissance (ISR) platforms with advanced radar, electronic, and communications capabilities.
On Jul.26, 2023,
VOO, the B2B private jet marketplace, announced its integration with Skylegs, a leading aviation management platform to facilitate flight scheduling solutions for aircraft operators. In addition to essential flight scheduling functionalities, this integration will enable more efficient charter sales and provide traceability, real-time availability, convenience, and seamless operations leading to bookings.
On Jul.26, 2023,
Bombardier Inc. announced that Airshare, a Kansas City-based private aviation company, has agreed to order up to 20 additional Challenger 3500 aircraft. Airshare continues growth, plans to double fractional challenger fleet with new agreement featuring Bombardier's Challenger 3500 Aircraft. Through the agreement, Airshare plans to double the size of its Challenger fleet to meet the growing demand from the outset of launching the aircraft within its fractional program.
On Jul.24, 2023,
Textron Aviation debuted its Beechcraft Denali, a clean-sheet design single-engine turboprop, at EAA AirVenture 2023 in Oshkosh. The certification of the new business aircraft is slated for 2025.
On Jun.15, 2023,
Honda Aircraft Company (HAC) announced that it would develop a new small business jet based on the HondaJet 2600 Concept announced in 202. The new light business jet is slated to enter the US market in 2028. The new compact business jet will follow HondaJet Elite II, a very light jet currently being produced and sold by HAC, and will enter the light jet category one class higher. The new aircraft will also be the first light jet in the world to be able to cross the American continent non-stop.
Based on type, the Business Aircraft market segmentation includes Large jet, Mid-size jet, and Light jet. Large jet dominate the market as they are more expensive than lighter aircraft. The jumbo jet industry has a monopoly in terms of market share as it is more expensive than jets. Because large planes are equipped with luxury items such as business and passenger, private entertainment areas, and private rooms with bathrooms. The demand for large airplanes with a capacity of 19 passengers is very high.
Based on end users, the Business Aircraft market segmentation includes operators and private. The operator segment dominates the market; Increasing demand and fleet size for commercial aircraft owners in North America and Europe is driving the expansion of this segment. The private sector is expected to grow well during the forecast period. It results from the rise in high-net-worth individuals' and corporations' demand for private jets.
Figure 1: Business Aircraft Market by End User, 2022 & 2032 (USD billion)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Segmented by Region, the study provides market insights for North America, Europe, Asia Pacific, and the rest of the world. North American commercial aircraft companies, Textron Corporation (USA), Bombardier Corporation (Canada), etc., will do business due to high net worth individuals and important companies such as Gulfstream Aerospace Corporation (USA) and Piper Aircraft Company (USA), among others. Additionally, airports in North America have prompted business travel to the continent, spurring economic growth in the Region.
In addition, major countries examinedin the reportmarket include the United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: BUSINESS AIRCRAFT MARKET SHARE BY REGION 2022 (%)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
The European commercial aircraft market has the second biggest market share due to theuse of commercial aircraft by regional operators and service providers. Further, the German Business Aircraft market held the largest market share, and the UK Business Aircraft market was the highest-growing market in the European Region.
The Asia-Pacific Business Aircraft Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due togrowing infrastructure development and investment, causing the rise. Moreover, China’s Business Aircraft market held the largest market share, and the IndianBusiness Aircraft market was the highest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Business Aircraft market grow even more. Market participants are also undertaking different strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Business Aircraft industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Business Aircraft industry to benefit clients and increase the market sector. In recent years, the Business Aircraft industry has offered some of the most significant advantages to medicine. Major players in the Business Aircraft market, including Airbus, Dassault Aviation, Textron, Joby Aviation, Bombardier, Gulfstream Aerospace, Zunum Aero, Embraer, Cirrus thiab HondaJet., and others, are attempting to increase market demand by investing in research and development operations.
Bombardier Inc. is a Canadian business jet manufacturer. Headquartered in Montreal, the company was founded in 1942 by Joseph-Armand Bombardier to market his snowmobiles and became one of the world's biggest producers of aircraft and trains.Bombardier ordered the first Challenger 3500 Business Jet based in Europe for charter operations with Air Corporate SRL.
Gulfstream Aerospace Corporation is an American aerospace company wholly owned subsidiary of General Dynamics. Gulfstream Aerospace, Bombardier, and Cessna are the leading commercial aircraft market, accounting for 66% of all commercial aircraft in service. Of all commercial airlines operating in the Asia-Pacific region, 93% are wholly owned, while the remainder are shared and partially owned.
For Instance, August 2022 Bombardier ordered the first Challenger 3500 Business Jet based in Europe for charter operations with Air Corporate SRL.
For Instance, May 2022 Turkish Aerospace Industries (TUSAS) ordered one special-mission Cessna Citation Longitude and two special-mission Cessna Citation Latitude jets.
Business Aircraft Type Outlook
Business Aircraft End User Outlook
Business Aircraft Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 31.72 billion |
| Market Size 2024 | USD 32.9888 billion |
| Market Size 2032 | USD 43.41101028 billion |
| Compound Annual Growth Rate (CAGR) | 3.49% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End User, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | USA, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Airbus, Dassault Aviation, Textron, Joby Aviation, Bombardier, Gulfstream Aerospace, Zunum Aero, Embraer, Cirrus thiab HondaJet |
| Key Market Opportunities | The emergence of the e-VTOL aircraft |
| Key Market Dynamics | Replacement of old aircraft fleets |
Business Aircraft Market Highlights:
Frequently Asked Questions (FAQ) :
The Business Aircraft market size was valued at USD 31.72 Billion in 2023.
The market will grow with a 3.49% CAGR in the forecast period 2024-2032.
North America had the largest share of the market
The key players in the market areAirbus, Dassault Aviation, Textron, Joby Aviation, Bombardier, Gulfstream Aerospace, Zunum Aero, Embraer, Cirrus thiab HondaJet.
The Large Jet category dominated the market in 2023.
The Operator had the largest share of the market.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
