Report Overview

North America Business Jet Market – Industry Trends & Forecast Report, 2030

North America Business Jet Market size by value was estimated at USD 1.89 billion in 2023. During the forecast period between 2024 and 2030, the North America Business Jet Market size is projected to grow at a CAGR of 6.11% reaching a value of USD 2.65 billion by 2030. A prominent driver of the market is the rising population 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, the North America Business Jet Market size was estimated at 15.3 thousand units in 2023. During the forecast period between 2024 and 2030, the North America Business Jet Market size 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. Also, it is 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.

Business Jet – Overview

Business jets, also referred to as private jets or bizjets, are designed to accommodate fewer passengers than commercial aircraft. They serve various purposes, including transportation for public entities, government officials, and military services, and can be customized for tasks like casualty evacuation or express package delivery. The increasing demand for high quality onboard amenities is fueling the growth of aftermarket systems within the industry. These aftermarket systems encompass maintenance, repair, and replacement activities for vital components of business jets, addressing crucial needs in the business jet market.

North America Business Jet Market

Growth Drivers

Increasing Number of High Net worth Individuals

The North America Business Jet Market is experiencing significant growth due to the increasing number of high net worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs). In 2022, North America surpassed Europe and Asia Pacific in the HNWI population, with HNWIs’ wealth growing by nearly 4%. The United States predominantly drives North America's leading position in HNWI numbers and assets. Despite North America hosting nearly 70% of global private jets, it falls behind Latin America and Africa in private jet ownership concerning the super-rich population. Sustainable investing (SI) is gaining momentum among UHNWIs, with about 40% showing interest compared to 27% of HNWIs. Factors such as health concerns during the pandemic and increased global wealth have boosted demand for aircraft ownership, complemented by capital raising and IPO activities, supported by favorable public market valuations.

Challenges

High Initial Cost and Operating Expenses

The growth of the North America Business Jet Market is hindered by the high initial cost and operating expenses associated with owning and operating business jets. These expenses include procurement costs, maintenance, fuel, insurance, and crew salaries. The substantial financial outlay required to purchase and maintain business jets poses a significant barrier for potential buyers, limiting market expansion. As a result, despite the region's wealth and demand for private aviation, the high costs involved serve as a restraint on market growth.

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 Coverage

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 over 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.

North America Business Jet Market – By System

Based on system, the North America Business Jet Market is divided into Propulsion System, Aero structure, Avionics, and Cabin Interiors segments. The propulsion system segment holds the highest share in the North America Business Jet Market by system. The segment is propelled by increasing demand for eco-friendly air travel, reduced operational expenses, and enhanced speed capabilities. Moreover, investments in alternative electric power technologies, advancements in next-gen electronic components, and progress in high-capacity battery solutions are anticipated to further accelerate market expansion during the forecast period.

North America Business Jet Market – By Ownership

Based on ownership, the North America Business Jet Market is bifurcated into Preowned and New Deliveries segments. The preowned segment holds a higher share of the North America Business Jet Market by ownership. It is primarily due to the longstanding availability of such aircraft. Also, an increase in the refurbishment of older aircraft into new private jets is expected to drive market growth during the forecast period.

North America Business Jet Market – By End User

Based on end user, the North America Business Jet Market is bifurcated into Operator and Private segments. The private segment holds a higher share in the North America Business Jet Market by end user. It is driven by an increasing demand from high net worth individuals and corporate entities.

North America Business Jet Market – By Point of Sale

Based on point of sale, the North America Business Jet Market is split into OEM and Aftermarket segments. The OEM segment holds a higher share in the North America Business Jet Market by point of sale. The upward trajectory can be attributed to the escalating global demand for such jets, driven by corporate sector expansion and increased business travel needs. OEMs play a pivotal role in meeting this demand by developing new aircraft models with improved performance and comfort. Additionally, technological advancements, including advanced avionics and fuel efficiency, are key contributors to their growth. Continuous investment in research and development ensures the integration of cutting-edge innovations, enhancing the appeal and capabilities of their offerings in the competitive market landscape.

North America Business Jet Market – By Country

Geographically, the North America Business Jet Market is segmented as United States and Canada. The United States holds a larger share and is expected to maintain its leadership position in the North America Business Jet Market. The growing number of HNWIs and UHNWIs in the United States is boosting the growing of Business Jet Market in the country.

Competitive Landscape

Major players operating in 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. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Aircraft Type

• Light Jet

• Mid-size Jet

• Large Jet

• Airliner

By System

• Propulsion System

• Aero structure

• Avionics

• Cabin Interiors

By Ownership

• Preowned

• New-Deliveries

By End User

• Operator

• Private

By Point of Sale

• OEM

• Aftermarket

By Country

• United States

• Canada

1. Research Framework
   1. Research Objective
   2. Aircraft Type Overview
   3. Market Segmentation
2. Executive Summary
3.  North America Business Jet Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing demand for private air travel
         2. Increasing Number of High-Net-Worth Individuals
         3. Replacement of aging fleets
      2. Restraints
         1. High initial cost and operating expenses
         2. Stringent regulations regarding noise pollution, emissions, and airspace access
      3. Opportunities
         1. Advancements in engine technology, materials science, and avionics
         2. Growing demand for new aircrafts with advanced features
         3. Increasing usage of evTOL technology
      4. Challenges
         1. Skilled workforce shortage
         2. Negative public perception
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. North America Business Jet Market: Marketing Strategies
5. North America Business Jet Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share and Forecast
      1. By Aircraft Type
         1. Light Jet
         2.  Mid-size Jet
         3.  Large Jet
         4.  Airliner
      2. By System
         1. Propulsion System
         2.  Aero structure
         3.  Avionics
         4. Cabin Interiors
         5. Others
      3. By Ownership
         1. Preowned
         2. New-Deliveries
      4. By End User
         1. Operator
         2.  Private
      5. By Point of Sale
         1. OEM
         2. Aftermarket
      6. By Country
         1. United States
         2. Canada
6. United States Business Jet Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Aircraft Type
      2. By System
      3. By Ownership
      4. By End User
      5. By Point of Sale
7. Canada Business Jet Market
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Aircraft Type
      2. By System
      3. By Ownership
      4. By End User
      5. By Point of Sale
8. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. North America Business Jet Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
9. Impact of Escalating Geopolitical Tensions on North America Business Jet Market
10. Company Profiles (Company Overview, S Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. The Boeing Company
    2. Honda Aircraft Company
    3. Bombardier
    4. Gulfstream Aerospace Corporation
    5. Textron, Inc.
    6. XTI. Aircraft
    7. Zunum Aero
    8. Joby Aviation
    9. Cirrus Design Corporation
    10. Embraer
    11. General Dynamics Corporation
    12. Pilatus Aircraft Ltd
    13. Other Prominent Players
11. Key Strategic Recommendations
12. Research Methodology
    1.    Qualitative Research
       1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.    Breakdown of Primary Research Respondents, By Country
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       North America Business Jet Segmentation

Figure 2       North America Business Jet Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       North America Business Jet Market Size, By Value (USD Million), 2019–2030

Figure 5       North America Business Jet Market Share, By Aircraft Type, By Value (USD Million), 2019–2030

Figure 6       North America Business Jet Market Share, By System, By Value (USD Million), 2019–2030

Figure 7       North America Business Jet Market Share, By Ownership, By Value (USD Million), 2019–2030

Figure 8       North America Business Jet Market Share, By End User, By Value (USD Million), 2019–2030

Figure 9       North America Business Jet Market Share, By Point of Sale, By Value (USD Million), 2019–2030

Figure 10     North America Business Jet Market Share, By Country, By Value (USD Million), 2019–2030

Figure 11     United States Business Jet Market Size, By Value (USD Million), 2019–2030

Figure 12     United States Business Jet Market Share, By Aircraft Type, By Value (USD Million), 2019–2030

Figure 13     United States Business Jet Market Share, By System, By Value (USD Million), 2019–2030

Figure 14     United States Business Jet Market Share, By Ownership, By Value (USD Million), 2019–2030

Figure 15     United States Business Jet Market Share, By End User, By Value (USD Million), 2019–2030

Figure 16     United States Business Jet Market Share, By Point of Sale, By Value (USD Million), 2019–2030

Figure 17     Canada Business Jet Market Size, By Value (USD Million), 2019–2030

Figure 18     Canada Business Jet Market Share, By Aircraft Type, By Value (USD Million), 2019–2030

Figure 19     Canada Business Jet Market Share, By System, By Value (USD Million), 2019–2030

Figure 20     Canada Business Jet Market Share, By Ownership, By Value (USD Million), 2019–2030

Figure 21     Canada Business Jet Market Share, By End User, By Value (USD Million), 2019–2030

Figure 22     Canada Business Jet Market Share, By Point of Sale, By Value (USD Million), 2019–2030

List of Tables

Table 1        North America Business Jet Market Size, By Value (USD Million), 2019–2030

Table 2        North America Business Jet Market Share, By Aircraft Type, By Value (USD Million), 2019–2030

Table 3        North America Business Jet Market Share, By System, By Value (USD Million), 2019–2030

Table 4        North America Business Jet Market Share, By Ownership, By Value (USD Million), 2019–2030

Table 5        North America Business Jet Market Share, By End User, By Value (USD Million), 2019–2030

Table 6        North America Business Jet Market Share, By Point of Sale, By Value (USD Million), 2019–2030

Table 7        North America Business Jet Market Share, By Country, By Value (USD Million), 2019–2030

Table 8        United States Business Jet Market Size, By Value (USD Million), 2019–2030

Table 9        United States Business Jet Market Share, By Aircraft Type, By Value (USD Million), 2019–2030

Table 10      United States Business Jet Market Share, By System, By Value (USD Million), 2019–2030

Table 11      United States Business Jet Market Share, By Ownership, By Value (USD Million), 2019–2030

Table 12      United States Business Jet Market Share, By End User, By Value (USD Million), 2019–2030

Table 13      United States Business Jet Market Share, By Point of Sale, By Value (USD Million), 2019–2030

Table 14      Canada Business Jet Market Size, By Value (USD Million), 2019–2030

Table 15      Canada Business Jet Market Share, By Aircraft Type, By Value (USD Million), 2019–2030

Table 16      Canada Business Jet Market Share, By System, By Value (USD Million), 2019–2030

Table 17      Canada Business Jet Market Share, By Ownership, By Value (USD Million), 2019–2030

Table 18      Canada Business Jet Market Share, By End User, By Value (USD Million), 2019–2030

Table 19      Canada Business Jet Market Share, By Point of Sale, By Value (USD Million), 2019–2030

Table 20      The Boeing Company Overview 

Table 21      The Boeing Company Company Overview     

Table 22      Honda Aircraft Company Company Overview

Table 23      Honda Aircraft Company Company Overview

Table 24      Bombardier Company Overview

Table 25      Bombardier Company Overview

Table 26      Gulfstream Aerospace Corporation Company Overview     

Table 27      Gulfstream Aerospace Corporation Company Overview     

Table 28      Textron, Inc. Company Overview        

Table 29      Textron, Inc. Company Overview        

Table 30      XTI. Aircraft Company Overview

Table 31      XTI. Aircraft Company Overview

Table 32      Zunum Aero Company Overview

Table 33      Zunum Aero Company Overview

Table 34      Joby Aviation Company Overview       

Table 35      Joby Aviation Company Overview       

Table 36      Cirrus Design Corporation Company Overview        

Table 37      Cirrus Design Corporation Company Overview        

Table 38      Embraer Company Overview     

Table 39      Embraer Company Overview     

Table 40      General Dynamics Corporation Company Overview 

Table 41      General Dynamics Corporation Company Overview 

Table 42      Pilatus Aircraft Ltd Company Overview

Table 43      Pilatus Aircraft Ltd Company Overview