Business Jet Market to Reach $41.4 Billion, Globally, by 2032 at 4.5% CAGR: Allied Market Research
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Prime Determinants of Growth
A growth in air travelers and the launch of new programs on private aircraft are the factors expected to drive the growth of the global business jet market in the forecast period from 2023 to 2032. However, the initial cost of purchasing a private jet can be in the millions of dollars, which may hamper the business jet market growth in the coming future. On the contrary, advances in technology have resulted in more fuel-efficient engines and the development of lightweight materials, which is expected to offer remunerative opportunities for the expansion of the business jet market during the forecast period.
Report Coverage & Details:
COVID-19 Scenario
Type: Heavy Jets Sub-segment to Hold Highest Share During the Forecast Period
The heavy jets sub-segment of the global business jet market accounted for the largest market share of 32.0% in 2022 and is expected to dominate the market during the forecast period. The prominent growth of the sub-segment is mainly because heavy jets are becoming increasingly popular as the longest-range private jets with large cabins that offer excellent comfort. Additionally, heavy jets can travel at great speeds throughout the entire world.
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Category: Pre-owned Sub-segment to Hold Majority of Market Share by 2032
The pre-owned sub-segment of the global business jet market accounted for the largest share of 54.1% in 2022 and is expected to dominate the market during the forecast period. The significant growth of the pre-owned sub-segment is mainly because pre-owned business jets are highly popular due to their low cost, owing to which people can profit from private jet travel without making a large initial investment. Furthermore, when compared to purchasing new business jets, purchasing a pre-owned plane offers a faster acquisition process.
Region: North America Market to Flourish Immensely by 2032
The business jet market in the North America region accounted for the largest share of 47.1% in 2022 and is expected to dominate the market during the forecast period. This growth is mainly due to continuous research and development in the United States in the field of noise-cancelling devices. Furthermore, advances in electric vertical takeoff and landing (eVTOL) aircraft can improve urban transportation by enhancing journey times.
Leading Players in the Business Jet Market:
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The report provides a detailed analysis of the key players of the global business jet market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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