The Nation Newspaper Reports –
The global business jet market by equipment type, systems, end user classification, point of sale, services, range and region is projected to grow from its current value of $30.1 billion to $41.8 billion in the next eight years.
Major players operating in the business jets market include Textron Incorporated in the US, Embraer SA , in Brazil, Gulfstream Aerospace, in the US, Bombardier Incorporated in Canada and Dassault Aviation, in France among others.
These companies have well-equipped manufacturing facilities and strong distribution networks across North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Findings indicate that the market is projected to grow at a Cumulative Annual Growth Rate (GAGR), of 4.2 percent in eight years. The triggers for the projected spike investigations reveal is occasioned by rise in demand of improved in- flight passenger comfort.
Other factors to propel growth, findings also reveal is the emergence of e- VTOL aircraft and high demand for private jets and chartered airplanes. Based on end use, the operators segment is expected to grow at the highest CAGR in the business jets market during the forecast period.The growth of this segment, experts say, could be attributed to the introduction of a variety of business jet programs like charter flight services and jet card services.
Based on aircraft type, the light airplane segment is expected to grow at the highest CAGR in the business jets market during the forecast period. Rise in demand for intercity and short-haul travel is expected to drive the overall demand in the business jets market. The Middle East Region is expected to be the fastest-growing region for the business jets market during the forecast period.
The growth of the market in the Middle East Region is driven by the increase in air travel in the region. An increase in aircraft orders for light aircraft across the globe is a major driver for the rise in business aircraft deliveries from the Middle East. In addition, considerable growth in trade and tourism and VVIP travel are among the crucial factors anticipated to fuel the regional demand for the business aircraft.
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