Global Business Jet Market 2021-2025 includes an elaborative summary of the market that provides in-depth knowledge of various segments of the market. The report focuses on the emerging trends in Global and regional spaces on all the significant components, such as market capacity, demand and supply, production, profit, and competitive landscape. The research evaluates the Global Business Jet market size, growth scenario, potential opportunities, trend analysis, and competitive analysis of the market. Also, the report presents the impact of the Covid-19 pandemic on the Business Jet market comparing it with the working of the market before covid-19 and suggestions related to growth Post-Covid-19.
The market for business jets is anticipated to reach a CAGR of over 1% during the forecast period (2020-2025).
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Market Overview: –
– The horizontal and directional wells account for the largest share in the Business Jet market, majorly due to the increasing number of horizontally drilled wells in the countries, such as the United States, Canada, China, and Russia.
– Alternative fracking technologies, such as waterless fracking, usage of green chemicals, propane gel, and other technologies, are expected to create substantial growth opportunities in the future.
– North America dominated the market across the world, with the largest consumption registered from the United States and Canada.
Competitive Landscape: –
The business jet market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets. For instance, starting in 2018, Pilatus delivered the first of six PC-24s to its launch customer PlaneSense. The PC-24, also known as Super Versatile Jet, has a range of about 1,188 nm. Likewise, Honda Aircraft Company introduced its HondaJet HA-420 with its first delivery in 2016. By the end of October 2018, the company built over 90 aircraft.
Key Market Trends: –
Growing Preference for Long-Range Business Jets
Procurement of ultra-long-range jets (> 5000 Nm) is on a rise and currently holds a major share in the business jet market, globally. Some of the prominent aircraft models in this range are Gulfstream G650/650ER, Dassault’s Falcon 7X, and Boeings BBJ 777/787. Bombardier Business Aircraft, Gulfstream Aerospace Corporation, and Textron Inc. are expected to have higher deliveries, with Dassault Aviation SA and Embraer Executive Jets following close behind.
Bombardier, Gulfstream, and other major players offer seats with varying capacities, based on the types of business jets. As business jets are being utilized by sportspersons, government officials, tourists, business people, etc., seating capacity differs according to the requirements of the people hiring the jet. Business jets opted for by tourists and business class passengers are anticipated to have higher seating capacity, compared to others. Apart from domestic and commercial applications, country-specific military bases and civilian operators deploy business jets for long and short hauls.
North America leading the Business Jet Market
Presently, North America dominates the business jet market and is one of the premium markets for business jet operations. However, the market is beginning to saturate, which has shifted the focus of OEMs toward the Middle East & Africa markets. The Middle East & Africa business jet market is evolving with rising investments in general aviation airport infrastructures. Also, the growth in the number of high net worth individuals, particularly in the Middle East, is turning the market into a lucrative one, for both the business jet service providers and the OEMs. Hence, the Middle East & Africa business jet market is anticipated to register the highest CAGR during the forecast period.
Significant Features that are under Offering and Key Highlights of the Reports:
– Detailed overview of Business Jet Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, Current, and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Business Jet Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth
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