Business Jets Market

Gulfstream Aerospace, Bombardier and Textron are Leading Players in the Business Jets Market

The business jets market is projected to grow from an estimated USD 18.8 billion in 2020 to reach USD 38.0 billion by 2030, at a CAGR of 7.3% during the forecast period. Business jets provide an efficient and productive means of air travel to cater to schedules of various individuals or groups and to reach destinations that are not covered by commercial airlines. These aircraft are also used during emergencies such as floods and evacuations. Business jets are generally owned by high-net-worth individuals, governments, businesses, and operators such as charter companies.The recommencement of global economic growth, an increasing number of high-net-worth individuals, and the introduction of new aircraft programs are expected to drive the growth of the market.

Contracts are among some of the key  strategies adopted by the leading market players to strengthen and sustain their position in the armored vehicles market. In December 2019, Dassault Aviation received an order contract from the French Defense Procurement Agency (DGA) for two Falcon 8X aircraft equipped with the Thales new-generation payload CUGE (universal electronic warfare capability) under a Archange airborne strategic intelligence program. In October 2019, Embraer was awarded a contract worth USD 1.4 billion by Flexjet (US) for 64 Phenom 300Es, Praetor 500, and Praetor 600 business jets.

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Key players in the business jets market include Bombardier (Canada), Embraer (Brazil), Textron, Inc. (US), Gulfstream (US), Airbus (Netherland), and Boeing (US), among others. These market players have been focusing on securing orders from operators and old customers. Startups such as Eviation Aircraft, Zunum Aero, and XTI aircraft are some of the companies focusing on launching and commercializing their business jets before 2025. The core competencies of these market players include broad product portfolio to suit business travelers with upgrades in technology to improve traveling experience and satisfaction.

Gulfstream Aerospace offers various business jets under its aircraft portfolio. The company operates under the Aerospace business segment of General Dynamics, along with Jet Aviation. The company delivered 147 business jets in 2019 and adopts growth strategies such as product launches, contracts, and agreements in order to strengthen its presence in the business jet market segment.

Bombardier plays a vital role in the business jets market due to its large fleet of light, mid-size, and large aircraft. The company delivered 142 business jets in 2019 and is looking to strengthen and mark its presence in the business aviation sector. It is adopting growth strategies such as investments and contracts in order to grow in the business jets market.

Textron is a leading player in business aviation and has a large aircraft fleet in the light and mid-size category. The company delivered 206 business jets in 2019. Its recent enhancement in growth strategies such as certification, new product launches, contracts, and agreements has led to increasing orders for business jets. In December 2019, the company launched its first Cessna Citation Longitude super mid-size business jet and delivered it to NetJets (US), a private jet charter & management company and a subsidiary of Berkshire Hathway Company.

Related Reports:

Business Jets Market by Aircraft Type (Light, Mid-Sized, Large, Airliner), Systems (OEM Systems, Aftermarket Systems), End User (Private, Operator), Point of Sale (OEM, Aftermarket), Services, Range And Region - Global Forecast to 2030

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Report Code
AS 2713
RI Published ON
8/6/2020
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