Business Jet Market Size, Share, Growth, Trends, Industry Forecast and Outlook Report
by Susan Hill Business ConsultantThe global business jet market size is expected to reach USD
29.32 billion by 2025, registering a CAGR of over 3% from 2019 to 2025,
according to a new report by Grand View Research, Inc. The global business jet
deliveries are expected to reach 919 units by 2025. A rising number of
high net worth individuals, especially in the mature economies, has fueled the
growth. Moreover, increased access to private aviation has resulted in a
significant surge in the demand for charter services, thereby supporting the
revenue generation.
Passenger safety is the top priority in the business
aviation industry. Aircraft operators seek safety approvals via independent
auditing systems. The companies operating in the marketplace focus on adopting
advanced technologies for the utmost safety of the customers. They are
incorporating various technological advancements, such as ground and
satellite-based Wi-Fi, in-flight video conferencing, and charter booking
systems. These advancements are expected to act as a driving force for the
business jet market over the forecast period.
The OEMs are increasingly replacing mechanical
flight control systems with lightweight digital flight systems. Reducing an
aircraft’s weight increases its payload capacity, as well as the ability to fly
greater distances with the same payload. The OEMs are also implementing new
engine designs that focus on improving propulsion efficiency while reducing
emission and noise levels. Such innovations by the business jet OEMs are
expected to induce immense potential to the market size till 2025.
Further
key findings from the report suggest:
- Growing popularity of long-range aircraft, which offer optimum
performance and comfort, is driving the market
- Companies in the business jet market are shifting their focus toward
membership programs, including preferred charter accounts and member
plans, which offer additional fleet options and reduced rates to the
customers
- Middle East and Africa is witnessing a rising demand for large and
medium jets owing to long distances between cities and difficult ground
transportation, thereby is expected to emerge as the fastest growing
region over the forecast period
- Large business jets are expected to exhibit approximately 5% CAGR
from 2019 to 2025 owing to numerous benefits of these aircrafts, such as
better comfort, range, and speed as compared to the counterparts
Access
full research report on global business jet market:
www.grandviewresearch.com/industry-analysis/business-jet-market
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Created on Jan 10th 2020 09:05. Viewed 424 times.