North America Business Jet Market Size Booming at CAGR of 6.11% to Touch USD 2.65 Billion and 20,600 Units by 2030
Published | 21 March 2024
North America Business Jet Market is flourishing due to the growing demand for private air travel driven by an increasing number of high net worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs), and a growing focus on the replacement of aging fleets.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the North America Business Jet Market size by value at USD 1.89 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the North America Business Jet Market size to expand at a CAGR of 6.11% reaching a value of USD 2.65 billion by 2030. The Business Jet Market in North America is propelled by the growing number of high net worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs). Enhanced regional air connectivity and the ability to reach remote destinations are heightening the appeal of light jets among customers, consequently boosting their market demand. Additionally, a robust economy coupled with the acquisition and utilization of business jets across diverse sectors and by individuals is propelling the expansion of the business jet market in North America. Business jets are increasingly being utilized for small group travel purposes. The growing population of high net worth individuals engaging in travel has significantly expanded, consequently driving up the demand for private aviation and bolstering sales of business aircraft worldwide.
By volume, BlueWeave estimated the North America Business Jet Market size at 15.3 thousand units in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the North America Business Jet Market size by volume is projected to grow at a CAGR of 5.75% reaching the volume of 20.6 thousand units by 2030. The fundamental pillars of business aviation persistently flourish due to the demand stemming from corporate and affluent clientele. It is also expected that fleet modernization initiatives in both established and emerging nations will enhance fleet capacities and generate demand for state of the art charter services featuring modern cabin interiors.
Opportunity - Increasing adoption of eVTOL technology
The escalating congestion of intracity travel has amplified traffic within urban areas, rendering traditional business jets impractical due to their reliance on airport facilities limited to urban perimeters. Vertical Takeoff and Landing (VTOL) aircraft present a promising solution for intracity transportation, capable of operating from multiple vertiports within cities. Urban air mobility, encompassing electric Vertical Takeoff and Landing (eVTOL) aircraft, offers a cost-effective and quieter alternative for urban travel. However, commercializing this concept hinges upon technological advancements in battery capacity, the development of infrastructure such as vertiports and charging stations, and the establishment of a robust regulatory framework. As the eVTOL technology becomes increasingly indispensable for urban travel, the business aircraft market is poised for expansion.
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Impact of Escalating Geopolitical Tensions on North America Business Jet Market
Geopolitical tensions can have a multifaceted impact on the North America Business Jet Market. Declining aviation trade due to strained relations affects American aircraft exports, particularly to China, a significant market. Factors such as China's focus on developing domestic aircraft, exemplified by the C919, pose challenges to US aircraft manufacturers like Boeing. Uncertainty looms over future trade relations, potentially influencing the market's dynamics. Despite ongoing efforts to maintain civil aviation cooperation, the evolving geopolitical landscape underscores the importance of monitoring international trade dynamics for stakeholders in the North America Business Jet Market.
North America Business Jet Market
Segmental Information
North America Business Jet Market – By Type
By type, the North America Business Jet Market is divided into Light Jet, Mid-size Jet, Large Jet, and Airliner segments. The light jet segment holds the highest share in the North America Business Jet Market by type. The surge in business travel post-pandemic drove a heightened demand for regional business jets. Notably, during the COVID-19 outbreak in 2020, light jets experienced the least impact compared to mid-size and large jets, with only a 17.8% decline, whereas mid-size and large jets witnessed a decline of 35.3% and 21.5%, respectively. This resilience can be attributed to the steady demand for light jets, indicating a prioritization among clients for this category over mid-size and large alternatives. Meanwhile, the large jet segment is expected to hold the highest share of the North America Business Jet Market during the forecast period. It is primarily due to the growing population of wealthy individuals, including both high net worth and ultra-high net worth individuals.
Competitive Landscape
The North America Business Jet Market is fragmented, with numerous players serving the market. The key players dominating the North America Business Jet Market include The Boeing Company, Honda Aircraft Company, Bombardier, Gulfstream Aerospace Corporation, Textron, Inc., XTI. Aircraft, Zunum Aero, Joby Aviation, Cirrus Design Corporation, Embraer, General Dynamics Corporation, and Pilatus Aircraft Ltd. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the North America Business Jet Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the North America Business Jet Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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