HOME › Research Insight › Business Jet Market - Types & Geography
Business Jet Market - Types & Geography
The business jetmarket is estimated to be $22.7 billion in 2014 and is expected to register a CAGR of 6.86% to reach $33.8 billion by 2020. The key growth regions will be North America, Europe, and Latin America. The U.S., Russia, China, and Brazil will demonstrate consistent levels of growth.
The large cabin jets segment is expected to demonstrate the highest growth in the business jet market because the traditional regional markets have coped with economic variability and political uncertainties; key emerging markets have been shaping the recent industry growth, backlog, and portfolio composition. This is expected to trigger growth in the large cabin jet category.
The air charter market has displayed significant growth since its inception, which was about five decades back. There were about 3,650 worldwide charter and air taxi fleet in 2013. The primary demand for chartered flights is due to consistent demand from North America and Europe, which constitutes 70% of the total demand. In the recent past, the strongest fleet growth in the charter market has been observed from APAC, Latin America, and Africa.
The new fractional aircraft share sales remained steady compared to the previous year.Moreover, the usage of fractional fleet and the number of aircraft deliveries has increased, indicating a substantial, but constant recovery in the market. In the coming years, there will be a demand for fleet replacement from the existing fractional operators, while the demand for new aircraft is expected to come mainly from the markets wherein fractional aircraft is being introduced. Hence, APAC, Latin America, and Africa constitute the key potential regions that are expected to deliver high growth in this market. NetJets has announced plans to open a new division in China, to serve the fast-growing Chinese business jet market.
The growth for this market will be consistent during the forecast period.
Gulfstream, Bombardier, Cessna, Embraer,and Dassault Aviationwill be the market leaders and are expected to occupy a significant market share.
Business Jet Market by Aircraft Type (Light Jet, Mid-size Jet, Large Jet), by Geography (North America, Asia-Pacific, Europe, the Middle East, Latin America, and Africa) - Global Forecasts, Trends & Analysis to 2014 - 2020
North - Dominion Plaza,
17304 Preston Road,
Suite 800, Dallas, TX 75252