Compound Annual Growth Rate Forecast To Be 3.14 Percent
A contract has been signed by Eviation with U.S regional cape Air in July 2019. This contract stated the purchase of their electric aircraft called Alice. Such innovations are likely to bode well for the global business jet market, says Fortune Business Insights in their new study.
The study by Fortune Business Insights is 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, 2015-2026". As per the report, the market, valued at $27.54 Billion in 2018 is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 3.41 percent and reach $36.21 Billion by 2026.
The report offers a comprehensive overview of the market, majorly emphasizing on growth drivers, restraints, trends and opportunities. The information presented in the report is extracted from primary and secondary research methods. Key players operating in the Business Jet Market are listed in the report along and are available for sale on the company website.
According to the report, the OEM systems segment is anticipated to dominate the global market for business jets. This is owing to the commercialization of hybrid and electric business air vehicles and the advent of new aircraft programs.
Various factors are responsible for the growth of the business jet market. These include the aging fleet size, and the rise in the number of high-net-worth individuals such as VVIPs and celebrities and the fact that their work over international and national borders are a high priority. This increases the need to provide transport facility within the minimum time span. Besides this, the introduction of new programs in the aviation industry is also promoting the growth of private jets in the market.
However, the market may face rough waters due to factors such as uncertainty of orders to fly depending on the schedule of the VVIPs and their schedule. This, coupled with the lengthy time taken to obtain product certification from aviation authorities may also hamper the market in future.
Geographically, the market for business jets is dominated by North America. This is because of the presence of a large number of players such as Bombardier, Gulfstream, Textron, and others. In addition, the rise in investments in research and development is also presumed to help this region generate high revenue in the forecast period as well.
On the other side, the surge in demand for private jets in the Middle East and Africa is anticipated to attract high revenue to the region. The increasing investments in the aviation industry will help this region experience a progressive growth rate in the forecast duration.
Furthermore, the rising investments in the aviation sector and geographical expansion of the aviation industry in the developing nations of Asia Pacific such as China and India are expected to help this region grow at a rapid pace in the forecast duration.
(Infographic provided with Fortune Business Insights news release)
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