Published on : May 17, 2016
ALBANY, New York, May 16, 2016: This report states that expanding at a healthy CAGR of 6.86% from 2014 to 2020, the value of the global business jets market is anticipated to rise from US$20.9 bn in 2013 to US$33.8 bn by 2020.
The report studies the global business jets market based on geography and segments the overall market into North America, Europe, India, China, and the Middle East. Among these, North America has dominated the worldwide market and is likely to continue doing so through the course of the forecast period. Europe and Africa are the next big markets for business jets. Even though the size of the economy in Europe and North America are comparable, the private jet flight activity in the latter is 3.5 times higher. In 2008, North America accounted for an estimated 45.0% share in the global deliveries by private jet, which rose to 66.0% by the end of the third quarter of 2015. Over the past three years, the business jets market in North America has gained steam owing to the growing pressure from emerging markets.
The report indicates that new aircraft deliveries in Europe are going to be offset by older jets exiting the scene, which means that by 2020, the net fleet growth in the region will be almost zero. The business aviation industry in India is projected to grow three times the size in the next decade than it is now, emerging as the third largest aviation industry by that time. China, on the other hand, has been going through turbulent times owing to the policies of the new government and the crackdown on the ongoing corruption scandals. The report, however, states that the outlook of this market is still bright.
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The business jets market in the Middle East presently holds just a 3.0% share in the overall scenario based on the fleet size. However, the report states that this market has a promising outlook. The prospects of the business jets market in the Middle East is dependent on the GDP of the region, which is predicted to rise at a 3.80% average over the next two decades. Saudi Arabia, Turkey, and UAE presently boast of the largest business jet fleets in the region.
The report highlights the prominent players competing in the global business jets market and contributing toward the development of this market. Honeywell International Inc., Boeing, Bombardier Inc., Dassault Aviation, Embraer S.A., Cessna Aircraft, and Gulfstream Aerospace Corp. are the players profiled in the research report, with details pertaining to the number and production value of business jet deliveries provided for clients.
The 70-page research study has been collated with data derived from primary and secondary research as well as key insights from industry experts. Information gathered from various publications and public sources have been impartially evaluated and presented to give clients a clear picture of the business jets market.
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