Business jets are designed for transportation of small groups of people. They are commonly used by armed forces, government officials and such other bodies. During the economic slowdown of 2008, small level airlines failed to hold their ground causing a market disaster for the overall industry. However, for the last two three years, the global business jet market is gaining steady growth. This growth is mainly triggered by the growing demand from different parts of the world and overall stability in the aviation sector. The global industry is poised to witness steady growth during the next few years, which is considered to be a positive sign for the overall market. Along with rising demand from the developed countries, the industry is aiming at stability across the emerging markets.
What Drives the Market?
Business jets or private jets have become a commonplace around the world. Growing use of these crafts from government officials, public bodies and armed forces are creating growth in demand for the overall business jet market. Increased demand from different parts of the world is considered to be the major driving factor for the overall market. Changing buying capacities of the customers is also considered to be a great driver for the overall industry. Mergers and acquisition activities of the large players in the industry are expected to create better opportunities in the market, especially for the small players. Financial growth in the emerging markets like Asia Pacific, Latin America, Middle East and Africa is also considered to be a crucial driving factor for the overall market.
Segmentation – What to Consider?
In order to understand the current growth trends and future business opportunities, researchers segment the global business jet market into different sub-segments. These sub-segments are based on the types of aircrafts and their demand across different major geographic regions and dominant countries. On the basis of the types of crafts, the market is sub-segmented into mid-sized jets, large jets and light jets. The industry is further segmented into fractional ownerships and branded charters. On the basis of geographic regions, the overall market is segmented into Asia Pacific, North America, Middle East, Europe, Africa and Latin America. These geographic regions are further categorized on the basis of the dominant countries in each of these regions.
Forecasts – What to Expect?
The overall market is expected to maintain steady rise in terms of the revenue, demand and production of the private jets. According to the expert analysis, the business jet market is set to grow at a steady CAGR of over 6% from 2013 to 2020. During the forecasting period of the next few years, the global industry is anticipated to become worth $33.8 billion by the end of the year 2020. As per the researchers the market was estimated to be worth $20.9 billion in 2013. North America is expected to dominate the overall industry, while emerging regions are set to witness impressive growth in terms of demand and revenue channels.
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