Pune, May 14, 2020 (GLOBE NEWSWIRE) -- The global business jet market size is expected to reach USD 36.21 billion by 2026, exhibiting a CAGR of 3.41% during the forecast period. The increasing technological advancement in aircrafts such as all-electric vertical take-off and landing (eVTOL), optimum Speed Tiltrotor (OSTR) technology, and hybrid-electric propulsion system will spur lucrative sales openings for the market in the forthcoming years. The rising focus of OEMs to enhance, safety, security, convivence and comfort for passengers will boost the growth of the market, states Fortune Business Insights in a report, titled “Business Jet Market Size, Share & Industry Analysis, By Aircraft Type (Light, Mid-sized, Large, and Airliner), Point of Sale (OEMs, and Aftermarket), Systems (Aerostructures, Avionics, Propulsion Systems, Aircraft Systems, Cabin Interiors, Landing Gears and others), By End User (Private and Operator), and Regional Forecast 2019-2026” the market size stood at USD 27.54 billion in 2018.
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List of Key Companies Operating in the Business Jet Market are:
- Airbus SE
- Boeing
- Bombardier, Inc.
- Embraer SA
- Textron, Inc.
- Gulfstream
- Dassault Aviation
- Cessna Aircraft Company
- HondaJet
- Eviation Aircraft (Start-ups)
- XTI Aircraft (Start-ups)
Market Driver:
Colossal Investments in R&D by Eminent Players to Boost Growth
The increasing R&D investments by OEMs for the development of advanced supersonic business jets will spur new opportunities for the market in the forthcoming years. For instance, Boeing and JetBlue invested in Zunum Aero, an electric aircraft startup, for the development of eco-friendly aircraft with Zunum’s hybrid-electric technology. Zunum Aero founder and CEO Ashish Kumar said in a statement of Business Insider. “We have been engaged with both companies for about a year and both are as passionate as we are in this opportunity to reinvent regional air travel."
Browse Summary of This Research Insights with Detailed TOC:
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Furthermore, The introduction of new programs and business models by leading players will further enhance business jet market development. The emergence of start-up companies in the industry will augur well for the market. Furthermore, the rising economies and disposable income will influence the healthy growth of the market. The progression in the avionics system and cabin interiors for aesthetics and comfort will promote the development of the market. For instance, Hanwha Systems (South Korea) invested USD 25 Billion in Karem Aircraft Inc. (US) to develop the Electric Vertical Takeoff and Landing (eVTOL) aircraft.
Regional Analysis:
Accessibility of Robust Airports to Aid Expansion in North America.
North America generated a revenue of USD 17.93 billion in 2018 ad is likely to remain dominant in the forthcoming years. The growth in the region is attributed to the presence of rich individuals along with the demand for advanced jets. The presence of leading OEMs such as Gulfstream, Textron, Bombardier, and among others will enable growth in the region. The growing improvement in manufacturing techniques, as well as vast R&D spending, will further enhance the potential of the market in the region. The disposal of robust airports and runways throughout the region will create opportunities for the market in the foreseeable future. The Middle East and Africa will hold a significant share in the market owing to the rising demand for aircraft in the region.
Moreover, the increasing inclination towards private jets along with huge investments in the aviation sector will encourage growth in the region. The market in Asia Pacific is likely to expand during the forecast period. The growth in the region is attributed to the booming aviation industry in countries such as China and India. The growing government initiatives towards building and modernizing airports will have a positive impact on the market in Asia Pacific. in addition, the existing OEMs in China, Korea, and India will further improve the scope of the market. For instance, COMAC (China), announced that it will start manufacturing business aircraft for China Eastern Airlines.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Value Chain Analysis
- Global Business Jets Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Aircraft Type
- Light Business Aircraft
- Mid-sized Business Aircraft
- Large Business Aircraft
- Airliner
- Market Analysis, Insights and Forecast – By Point of Sale
- OEMs
- Aftermarket
- Market Analysis, Insights and Forecast – By Systems
- Aerostructures
- Avionics
- Propulsion Systems
- Aircraft Systems
- Cabin Interiors
- Landing Gears
- Others
- Market Analysis, Insights and Forecast – By
- Private
- Operator
- Market Analysis, Insights and Forecast – By Country
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- North America Business Jets Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Aircraft Type
- Light Business Aircraft
- Mid-sized Business Aircraft
- Large Business Aircraft
- Airliner
- Market Analysis – By Point of Sale
- OEMs
- Aftermarket
- Market Analysis – By Systems
- Aerostructures
- Avionics
- Propulsion Systems
- Aircraft Systems
- Cabin Interiors
- Landing Gears
- Others
- Market Analysis – By
- Private
- Operator
- Market Analysis – By Country
- U.S.
- Canada
- Mexico
TOC Continued…!
Key Development:
May 2019: Boeing announced a collaboration with Metrojet, a business jet operator based in Hong Kong for the delivery of new Boeing Business Jet Services.
May 2019: Embraer signed an agreement with SkyWest, Inc. for Nine E175 Jets for USD 422 Billion.
July 2019: Karem Aircraft announced a partnership with Hanwha Systems with an investment of $25 Billion, which will be dedicated to production its eVTOL air taxi.
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