US Business Jet Market – SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The US Business Jet Market is projected to register a CAGR of 2.32%. Key Highlights. Largest Market by Body Type – Large Jet : The increasing number of HNWIs and UHNWIs is driving the demand for large business jets.
New York, Jan. 17, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “US Business Jet Market – SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028” – https://www.reportlinker.com/p06381480/?utm_source=GNW
Fastest-growing Market by Body Type – Light Jet : Regional air travel and the capability to access remote airports/locations are making light jets more attractive to customers, therefore driving their demand in the market.
Key Market Trends
Large Jet is the largest segment by Body Type.
The US business aviation is part of general aviation that contributes around USD 150 billion annually to the US economy. The fleet of the US accounted for 58% of the world’s business aviation, and the country holds around 89% of the private jets in the North American region. In 2021, the number of UHNWI individuals surged to approximately 13% in the country and aided in procuring business jets.
Out of the business jet deliveries delivered over the historical period from 2016 to 2021, light jets constitute around 49%, when compared to mid-size jets and large jets with 29% and 22%, respectively.
During and after the COVID-19 pandemic, the safer way of traveling has become one of the major criteria for high net-worth individuals in the country, which resulted in the increased utilization of private jets. The same trend is expected to continue over the next few years. In terms of deliveries, in 2021, the US accounted for almost 91% of North America’s total business jet deliveries.
In 2021, Textron became the leading player in deliveries with 132 aircraft, while Gulfstream Aerospace was in the second position with 69 deliveries. Cirrus Aircraft, Bombardier, Embraer, Honda Group, and Pilatus Aircraft were the other major players, with 61, 49, 52, 34, and 21 deliveries in the country. Around 3500+ business jets are expected to be delivered in the country during the forecast period.
Competitive Landscape
The US Business Jet Market is fairly consolidated, with the top five companies occupying 92.21%. The major players in this market are Bombardier Inc., Dassault Aviation, Embraer, General Dynamics Corporation and Textron Inc. (sorted alphabetically).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06381480/?utm_source=GNW
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