The business jets market size is expected to grow from USD 30.1 billion in 2022 to USD 41.8 billion by 2030, at a CAGR of 4.2% during the forecast period. Increase in number of high-net-worth individuals is one of the major factors driving this market.
Major players in the business jets market include Textron Inc. (US), Embraer SA (Brazil), Gulfstream Aerospace (US), Bombardier Inc. (Canada), Dassault Aviation (France), Boeing (US), Airbus (Netherlands), Honda Aircraft Company (US), Syberjet Aircraft (US) and Piper Aircraft (US), among others. These players have adopted various growth strategies, such as new product launches, expansions, and contracts & agreements, to strengthen their presence in the business jets market. New product launches and contracts & agreements have been the leading strategies adopted by major players from 2019 to 2022, which helped them innovate upon their offerings and expand their customer bases.
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Textron Inc. has a global network of businesses in the aircraft, defense, industrial, and finance markets. It presently operates through five business segments – Textron Aviation, Bell, Textron Systems, Industrial, and Finance. Textron Aviation is one of the leaders in general aviation and offers business jets through its subsidiary Cessna. The Citation is a family of business jets by Cessna that started in 1972. The Citation family consists of mid-range business jets, long-range business jets, and airliners.
Embraer SA has a global portfolio for the commercial aircraft, business jets, defense, and services & support sectors. It presently operates through five business segments – Commercial Aviation, Executive Jets, Defense and Security, Services and Support, and Other Related Businesses. The company offers a broad range of business jets through its Executive Jets business segment, which is among the top two business segments in terms of revenue generation for Embraer. The company is one of the top three players in the business jets market.
Gulfstream Aerospace is a wholly owned subsidiary of General Dynamics. It was founded in 1958 and is headquartered in Savannah, Georgia, US. Gulfstream Aerospace is a private company. The company offers various business jets under its aircraft portfolio. The company operates under the Aerospace business segment of General Dynamics along with Jet Aviation.
Bombardier Inc. (Bombardier) is a global transportation and aerospace company that develops transportation equipment, regional aircraft, and business jets and is active in the areas of defense, government electronics, and information technology. Bombardier operates through four business segments, namely, business aircraft, commercial aircraft, aerostructure & engineering services, and transportation. The business aircraft segment designs, develops, manufactures, and provides aftermarket support for three class-leading families of business jets, namely, Learjet, Challenger, and Global.
Dassault Aviation is a global aircraft manufacturer producing business, military, and regional aircraft. Dassault Aviation is a subsidiary of Dassault Group, a public company registered at Euronext and CAC Mid 60 stock market. Dassault Aviation operates through three business segments, namely, Defence, Civil, and Space. Business jets fall under the civil segment, which designs, develops, manufactures, and provides aftermarket support for the class-leading Falcon business jet family.
Business Jets Market by Aircraft Type (Light, Mid-Sized, Large, Airliner), Systems (OEM Systems, Aftermarket Systems), End-Use (Private User, Operator), Point of Sale (OEM, Aftermarket), Services, Range and Region - Global Forecast to 2030
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