The global business jet market was valued at $20.9 billion in 2013 and is expected to reach $33.8 billion by the end of 2020, to grow at a CAGR of 6.86%. 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 growth of the business jet market is triggered by the rising corporate profits, potential economic growth in emerging countries, increased number of high net worth individuals, due to the rising demand for the replacement of old aircraft. However, stringent government policies and regulation in developing nations and a prolonged process for product certification by the aviation authorities, restrains the growth of the business jet market.
North America (comprising the U.S. and Canada) accounted for the largest share-52%-of the global business jet market in 2013. The already established infrastructural capacity and the highest number of older aircraft in the world are expected to be the cause of increased demand for new aircraft, thereby driving growth in the North American region.
Latin America, APAC, and Africa are expected to be the key growth regions in the business jet market. Latin America accounts for 11% of the global business jet market. It has the oldest aircraft fleet in the world.Hence, expected replacements will account for a significant number of deliveries in this region. APAC constitutes about 12% of the global business jet market, with China and India being the key players. Underdeveloped infrastructure, high aircraft import taxes, and high user fees are the reasons for the small business jet fleet in these countries. Continued globalization and a burgeoning economy are expected to increase the penetration level of business jets in this region.
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
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