Business Jet Market

Textron Aviationís Cessna is one of the Leading Manufacturers of Business Jets Market

A business jet is an aircraft used by businessmen, politicians & other government officials, and high-net-worth individuals. 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 business jets market is projected to grow from an estimated USD 24.7 billion in 2019 to reach USD 36.4 billion by 2030, at a CAGR of 3.6% during the forecast period. 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.

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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.

Textron Aviationís Cessna is one of the leading manufacturers of business jets. The company has a perfect balance of present and future technologies. Bell Helicopter has been developing its concept for the futuristic concept of air taxis for Uber, while Cessna has a leading business jets portfolio currently in service with more models and orders on the way.

  • In April 2019, Textron Aviation Inc.(US), announced that Cessna-AVIC Aircraft (Zhuhai) Co., Ltd., a Textron Aviation joint venture in China, has signed agreements with the Flight Inspection Center of CAAC (CFIC) for eight new Cessna Citation XLS+ business jets. Deliveries of the aircraft are expected to take place between 2019 and 2021.
  • In January 2019, Bell Helicopter revealed the configuration of a full-scale vertical-takeoff-and-landing (VTOL) air taxi vehicle during CES 2019. The air taxi, named Bell Nexus, is powered by a hybrid-electric propulsion system and features Bellís signature powered lift concept incorporating six tilting ducted fans that are designed to safely and efficiently redefine air travel.

Bombardier is a global transportation & aerospace company and a large manufacturer of mass transportation equipment, regional airliners, and business jets. Bombardier is facing competition from specialized OEMs in the mid-sized and large business jets segments.

  • In July 2019, Bombardier launched the Learjet 75 Liberty, a light business jet. The business jet will be offered for USD 9.9 million U.S., and the first of its deliveries are expected in 2020.
  • In May 2019, the company signed an agreement with JETEX for the establishment of a new line maintenance station in Dubai. This will enable Bombardier to provide enhanced service capabilities in the Middle East.

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, and Region - Global Forecast to 2030

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Report Code
AS 2713
RI Published ON
7/19/2019
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