The advent of globalization and rapid industrialization are inducing the need for frequent inter-continental travels for development of various organizations on global level. Business aircraft is a jet that is designed for transporting small group of individuals such as government officials, public bodies, armed forces and others. Market Research Future (MRFR) has published a report stating that the global business aircraft market is marked to expand at a noteworthy CAGR of 7% during the forecast period of 2018-2023.
Market Drivers and Restraints:
Recent improvements in aviation industry aided by rapid technological advancement and increasing popularity of long-range aircraft are some of the major factors that are propelling the growth of the global business aircraft market. Increasing emphasis on maintaining company’s brand image by large-scale organizations and increasing utilization of business aircraft for evacuation purposes and express parcel delivers are also fueling the growth of the global business aircraft market. However, financial slowdown and global economic uncertainty are likely to restrain the growth of the global business aircraft market during the forecast period.
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.
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.
In October 2018, General Electric Aviation, a subsidiary of General Electric and one of the top aircraft engine suppliers, has announced the initial design phase for its new supersonic Affinity engine has been completed and will be installed in Aeron AS2 business aircraft.
In October 2018, Bombardier, one of the leading players in business aircraft market, has announced that Latitude 33 Aviation, a private jet charter, aircrafts sales and executive jet management company, has taken the delivery of a new Challenger 350 business aircraft.
In October 2018, Embraer, a Brazilian aerospace conglomerate, has announced the launch of its new business aircraft, Praetor 500 midsize and Praetor 600 super-midsize business jets during a company event at Orlando Executive Airport.
In October 2018, Viasat, a global communication company, has entered an exclusive distributor agreement with StandardAero, a maintenance, repair and overhaul service provider, to offer a high-speed connectivity package for Bombardier Global business jets.
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.