North America Business Jet Market Growth, Size, Trends, Demand, Revenue and Future Outlook
North America Business Jet Market Size- By Business Jet Type, By System- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Jan-2024 | Report ID: AERO2404 | Pages: 1 - 160 | Formats*: |
| Category : Aerospace and Defence | |||
North America Business Jet Market Introduction and Overview
According to SPER Market Research, the North America Business Jet Market is estimated to reach USD 17.22 billion by 2033 with a CAGR of 3.63%.
The report includes an in-depth analysis of the North America Business Jet Market, including market size and trends, product mix, distribution channels, and supplier analysis. Small groups of people are intended to be transported by business jets. The demand for private aviation and the purchase of improved business aircraft sales globally has increased due to the remarkable rise in high-net-worth travelers in recent years. Furthermore, the traditional pivots and core of business aviation continue to be buoyant due to demand from high net worth individuals and corporate customers. Furthermore, it is anticipated that developed and emerging economies' fleet modernization initiatives will increase fleet capabilities and create demand for new charter services with improved cabin interiors and cutting-edge
- April 2022: A sales agreement for a maximum of thirty Cessna Citation CJ3+ aircraft has been inked by Exclusive Jets LLC and TEXTRON AVIATION.
- February 2022: The Gulfstream G600, the company's first aircraft, was ordered by private-charter owner/operator Thrive Aviation in February 2022. It is anticipated that the aircraft will be delivered in the 2022 summer.
Market Opportunities and Challenges
Opportunities: The demand for large business jets is being driven by the rise in the number of ultra-HNIs (UHNWIs) and high-net-worth individuals (HNWIs). Light jets' increased appeal to consumers due to their ability to reach remote airports and locations and their capacity for regional travel is fueling their demand in the market. The North American business jet market is expanding due to a robust economy and the purchase and use of business jets by numerous industries and individuals. Furthermore, The market is expanding because to the growing urbanization of Asia as well as rising demand from nations like North America, China and India. The market is expanding due to the booming aviation industry and millionaires' growing demand for sophisticated business aircraft. Furthermore, with the economy recovering from the pandemic, business travel has resumed, contributing to an overall uptick in market growth. The market will grow during the forecast period due to a rise in demand for suitable jet interiors and related services.
Challenges: Private jet procurement is too expensive and time-consuming for the average person to afford. Private jets are only affordable for those with substantial net worth and purchasing power, such as celebrities and rich business owners. Pre-owned aircraft customization raises the total cost because it necessitates additional spending for new interiors in addition to general maintenance and repairs. Obtaining a private jet also involves a number of government processes, which require processing time. Thus, the cost and time associated with acquiring a business aircraft restrict the growth of the business jet market beyond a certain point, even in the face of increasing demand and technological advancements.
Market Competitive Landscape
The top five companies hold 94.23% of the market for business jets in North America, which is fairly consolidated. Bombardier Inc., Dassault Aviation, Embraer, General Dynamics Corporation, and Textron Inc. are the leading companies in this market (arranged alphabetically).
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Business Jet Type, By System |
| Regions covered | Eastern Region, Western Region, Southern Region, Northern Region |
| Companies Covered | Honda Motor Co., Ltd., Bombardier Inc., Cirrus Design Corporation, Dassault Aviation, Embraer, General Dynamics Corporation, Pilatus Aircraft Ltd, Textron Inc. |
COVID-19 Impact on North America Business Jet Market
The COVID-19 pandemic had an impact on business jet sector aircraft deliveries overall, and growth between 2019 and 2021 fell by 14%. The region's use and acquisition of business jets were impacted by the decline in economic activity and travel restrictions. But as the pandemic restrictions eased and aircraft manufacturing returned in 2021, the North American business jet market began to tighten up.
Key Target Audience:
- Aerospace Manufacturers
- Aircraft Component Suppliers
- Aviation Investors
- Business Jet Operators
- Aviation Associations and Organizations
Our in-depth analysis of the North America Business Jet Market includes the following segments:
| By Business Jet Type: |
|
| By System: |
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| By Region: |
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Key Topics Covered in the Report:
- North America Business Jet Market Size (FY’2023-FY’2033)
- Overview of North America Business Jet Market
- Segmentation of North America Business Jet Market By Business Jet Type (Light Business Jet, Mid-Sized Business Jet, Large Business Jet)
- Segmentation of North America Business Jet Market By System (Propulsion System, Aero Structure, Avionics, Others)
- Expansion Analysis of North America Business Jet Market
- Problems and Obstacles in North America Business Jet Market
- Competitive Landscape in the North America Business Jet Market
- Impact of COVID-19 and Demonetization on North America Business Jet Market
- Details on Current Investment in North America Business Jet Market
- Competitive Analysis of North America Business Jet Market
- Prominent Players in the North America Business Jet Market
- SWOT Analysis of North America Business Jet Market
- North America Business Jet Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the North America Business Jet Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. North America Business Jet Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in North America Business Jet Market
7. North America Business Jet Market, By Business Jet Type (USD Million)
7.1. North America Business Jet Market Value Share and Forecast, By Business Jet Type, 2023-20337.2. Light Business Jet7.3. Mid-Sized Business Jet7.4. Large Business Jet
8. North America Business Jet Market, By System (USD Million)
8.1. North America Business Jet Market Value Share and Forecast, By System, 2023-20338.2. Propulsion System8.3. Aero Structure8.4. Avionics8.5. Others
9. North America Business Jet Market Forecast, 2019-2033 (USD Million)
9.1. North America Business Jet Market Size and Market Share
10. North America Business Jet Market, By Business Jet Type, 2019-2033 (USD Million)
10.1. North America Business Jet Market Size and Market Share By Business Jet Type (2019-2026)10.2. North America Business Jet Market Size and Market Share By Business Jet Type (2027-2033)
11. North America Business Jet Market, By System, 2019-2033 (USD Million)
11.1. North America Business Jet Market Size and Market Share By System (2019-2026)11.2. North America Business Jet Market Size and Market Share By System (2027-2033)
12. North America Business Jet Market, By Region, 2019-2033 (USD Million)
12.1. North America Business Jet Market Size and Market Share By Region (2019-2026)12.2. North America Business Jet Market Size and Market Share By Region (2027-2033)12.3. Canada12.4. Mexico12.5. United States12.6. Rest of North America
13. Company Profile
13.1. Honda Motor Co., Ltd.13.1.1. Company details13.1.2. Financial outlook13.1.3. Product summary13.1.4. Recent developments13.2. Bombardier Inc.13.2.1. Company details13.2.2. Financial outlook13.2.3. Product summary13.2.4. Recent developments13.3. Cirrus Design Corporation13.3.1. Company details13.3.2. Financial outlook13.3.3. Product summary13.3.4. Recent developments13.4. Dassault Aviation13.4.1. Company details13.4.2. Financial outlook13.4.3. Product summary13.4.4. Recent developments13.5. Embraer13.5.1. Company details13.5.2. Financial outlook13.5.3. Product summary13.5.4. Recent developments13.6. General Dynamics Corporation13.6.1. Company details13.6.2. Financial outlook13.6.3. Product summary13.6.4. Recent developments13.7. Pilatus Aircraft Ltd13.7.1. Company details13.7.2. Financial outlook13.7.3. Product summary13.7.4. Recent developments13.8. Textron Inc.13.8.1. Company details13.8.2. Financial outlook13.8.3. Product summary13.8.4. Recent developments
14. Reference Links
15. Conclusion
16. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
North America Business Jet Market is projected to reach USD 17.22 billion by 2033, growing at a CAGR of 3.63% during the forecast period.
North America Business Jet Market size from 2022. The Market is expected to reach USD 17.22 billion by 2033, at a CAGR of 3.63% during the forecast period.
North America Business Jet Market CAGR of 3.63% during the forecast period.
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North America Business Jet Market size is USD 17.22 billion from 2023 to 2033.
North America Business Jet Market Segment is covered By Business Jet Type, By System.
The North America and Africa is anticipated to have the highest market share in the North America Business Jet Market.
"The key players in the market include Companies Covered Honda Motor Co., Ltd., Bombardier Inc., Cirrus Design Corporation, Dassault Aviation, Embraer, General Dynamics Corporation, Pilatus Aircraft Ltd, Textron Inc."
Thus, the cost and time associated with acquiring a business aircraft restrict the growth of the business jet market beyond a certain point, even in the face of increasing demand and technological advancements.
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