Business aircraft are an integral part of the business aviation industry. A business aircraft is a jet aircraft designed for transporting small groups of people. Business jets can be adapted for other roles as per requirements by public bodies, government officials, or armed forces, such as evacuation of casualties or express parcel deliveries.. Business aircraft is strongly correlated with new orders, deliveries, and high net order expectations. There are about more than 30,000 business aircraft around the world. The rise in popularity of the need for long-range aircraft in the aviation industry is expected to drive the market during the forecast period. However, there are some shortcomings in the Business Aircraft Market, such as economic uncertainty and financial slowdown in the number of the operational business aircraft.
Business aircraft started out as a private jet, as the size of the aircraft could only accommodate maximum two individuals. Since the introduction of private jet, the private and charter jet industry have rapidly grown. For instance, Learjet built the first light purpose-built jet, the Learjet 23. It had a speed of 561 miles per hour and carried a heavy engine. Business aircraft have improved significantly in the past five decades, from gas-guzzling go-getters to today’s highly efficient, long-legged luxury liners and tiny personal jets. Business jets were always a strong part of a company brand image, which appeared even important to highly capitalized companies.
The global business aircraft market has been segmented on the basis of aircraft type, service and application. Based on type, the global business aircraft market has been segmented into fixed wing and rotary wing. The fixed wing segment has been sub-segmented into light jets, mid-size jets and heavy jets. Based on service, fractional ownership, charter and jet card programs. Based on application, the global business aircraft market has been segmented into tourism, VIP transportation and others.
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Geographically, the global business aircraft market has been segmented into five major regions such as North America., Europe, Asia Pacific, Middle East and Africa and South America. The North America region is forecasted to lead the global business aircraft market owing to the rapid technological development and high demand for business jets due to globalization industrialization in this region. The business aircraft market in the Europe region is expanding at a significant growth rate owing to the increased manufacturing of business jets supported by the presence of large pool of market players and improved aviation infrastructure in this region. The Asia Pacific region is anticipated to project noteworthy growth in the global business aircraft market during the forecast period owing to the development of various organizations on global level and increased expenditure for adoption of advanced business aircraft in this region. The Middle East and Africa region is projected to be a promising market for business aircraft during the forecast period.
The prominent players profiled by MRFR that are operating in the global business aircraft market are Bombardier Inc. (Canada), Gulfstream Aerospace Corporation (the U.S.), Cessna Aircraft Company (the U.S.), Dassault Aviation S.A. (France), Embraer S.A. (Brazil), Pilatus Aircraft Inc. (Switzerland), Saab AB (Sweden), Piper Aircraft (the U.S.), Honda Aircraft Company (the U.S.), Textron Aviation (the U.S.) and others.
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