Global Business Jets Market is anticipated to grow at a positive CAGR in the forthcoming years. Globalization of trade and fleet replacement activities are anticipated to drive the growth of business jets market over the next seven years. Such jet aircrafts offer cost-effective, safe and faster mode of conveyance and are emerging as highly preferred aircrafts amongst end-users. These jets provide several benefits such as on-demand flight scheduling, and direct access to company site locations along with reduced travel time. The Business Jets Market is projected to witness strong growth owing to increased penetration of such jet aircrafts in emerging markets of Asia Pacific region. Rise in international trade and business activities have created a huge demand for such air carriers and have subsequently lead to industry expansion.
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The business jets market can be classified qualitatively into two services; branded charters popularly known as air taxis and fractional ownership aircrafts. The fractional ownership jets segment is projected to grow significantly as it has surfaced as an effective alternative to branded charters. It offers greater degree of anonymity and high flexibility in operations with enhanced liability protection planning. The business jets market can be segmented on the basis of aircraft into light, mid-size and large jets. The light-size jet segment is anticipated to gain traction since such commercial jets are economically feasible for new entrants to invest in the industry. However, these jets have low passenger carrying capacity and limited space. Large-size jets segment is anticipated to experience a slight dip in their growth rate owing to high costs.
High initial set-up costs and operational expenses are anticipated to challenge the business jets market growth. Rise in political tensions and sluggish economic growth in European countries have raised complicated macroeconomic conditions that have adversely affected the business jets market driving down the opportunities for industry expansion. International Air Transport Association (IATA) assists manufacturers and operators across the globe in making practical environmental policies to stimulate eco-efficient air transport to promote and create sustainable environment. Stringent regulations restrict operation of old aircrafts owing to failure in meeting noise standards. Environmental concerns owing to high carbon emissions have impeded the industry growth.
High taxes and poor infrastructure are major factors constraining the industry expansion in developing regions. The North American business aviation industry suffered greatly owing to financial offset; however, the rebound of recession has created several growth opportunities in the region. Political uncertainties in oil-producing countries may affect the business jet industry. Moreover, growing pressure to reduce costs and improve operational efficiency is poised to challenge industry augmentation. Longer lag and holdup time for jet certification process by regulatory agencies and aviation authorities have slowed down the industry development. A rise in GDP levels coupled with growth in business enterprises in Latin American countries such as Brazil and Argentina have favored industry growth in the region. Growing business activities have a need for direct city-to-city access and it is subsequently propelling the demand for commercial jets.
Business jets are expected to gain prominence in the Asia Pacific region owing to strong demand for long range large cabin commercial jets in countries such as India and China. Additionally, there exists a steady demand for commercial planes in Australia. The demand for small sized jets is projected to intensify in Malaysia. These factors collectively have contributed to industry rise in the Asia Pacific regional market.
Oil rich economies in the Middle East and African region are favoring bizliners and are seen to be generating high demand for large business jets. Strong presence of commercial jet manufacturers in the U.S. and Canada have contributed to industry expansion in the North American region. Commercial jets industry is gaining popularity in the European countries owing to a considerable rise in the number of oligarchs. An upsurge in fractional ownership program is estimated to boost industry growth in developed European countries such as France and Germany.
Major players dominating the business jets market are Adam Aircraft Industries, Airbus SAS, Boeing Business Aircraft, Bombardier, Inc., Cessna Aircraft Company, Dassault Aviation S.A., Eclipse Aviation Corporation, Embraer Executive Jets, Gulfstream Aerospace Corporation, Hawker Beechcraft Corporation, Honda Aircraft Company, and Spectrum Aeronautical.
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