The global business jets market size is expected to grow by $11.7 billion by 2030, which was $30.1 billion in 2022, at a CAGR (compound annual growth rate) of 4.2% during the forecast period.
The rising market for business jets is driven by various factors, such as increasing demand for improved passenger experience and the replacement of old aircraft fleets. The business jets manufacturers are primarily focused on improving passengers’ experience and enhancing operational efficiency.
Based on the aircraft type, the light aircraft segment of the business jets market is expected to register the highest CAGR from 2022 to 2030. According to the reports, the high demand for intercity travel drives the growth of light aircraft-type business jets. However, these aircraft are affordable and comfortable for short-haul distances, adding to the demand and growth of the business jets market.
Considering end use, the private user segment is expected to hold the largest business jets market in 2022. In recent years, the demand for ease of air travel has risen. These are the significant factors that are leading to the increasing number of private users of the business jets market.
According to the reports, North America is expected to record the largest share of business jets in 2022. Aviation and aerospace are two steadily growing sectors in the region. The significant reason behind the growth of the business jets market in these two regions is growth in aircraft manufacturing, technological advancement, and travel & tourism.