Business jets are aircrafts generally used for the business purpose. According to the Federal Aviation Administration, all planes that are not operated by the military or any scheduled airline are categorized under business jets. Business jets include single-pilot airplanes and turbine aircrafts, which fly via all national as well as international routes.
The global business jet market is expected to witness steady growth in the near future. Growing economic recovery has resulted in increase in the trade and growth of businesses in several countries. This has augmented the global business jet market. Developing economies including India and China are anticipated to propel the demand for business jets in the near future.
Moreover, increase in the demand for replacement of old business jets with modern, supersonic jets to make the journey more fast and safe is anticipated to boost the global business jet market in the next few years. Increase in the demand for flexible schedules of air travel and rise in the availability of air taxi services have fueled the demand for business jets.
Furthermore, with commercial travel becoming more stressful along with increase in layovers, more number of passengers are shifting toward private business jets for added comfort, privacy, and convenience. However, stringent government policies and regulations regarding the production and sale of business jets are restraining the global business jet market. Additionally, longer lag time required for the product certification process from aviation authorities hampers the market.
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Moreover, high costs of business jets acts as a restraint for the market in developing countries. The business jet market is highly concentrated in North America and Europe. Surge in the demand for business jets in emerging markets such as Asia Pacific and South America led by increase in the trade is anticipated to offer growth opportunities to the business jet market in these regions during the forecast period.
Latest trends in the business jet market include enhancement of passenger experience through rapid and reliable connectivity and improvement in personalized entertainment systems, privacy, and comfort. They also include hands-free commands, cabins with good air quality, and in-built medical care facilities. Technological advancements such as ground and satellite-based in-flight Wi-Fi with speeds ranging from 15 Mbps to over 70 Mbps is also one of the latest trends in the global business jet market. This advancement is led by rise in the demand for streaming and conducting live video conferencing in the air. Additionally, the market is witnessing major transformation with the development of supersonic jets led by increase in the number of original equipment manufacturers (OEMs), which are actively pursuing development of a wide range of supersonic jet technologies while simultaneously meeting the regulatory requirements.
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The global business jet market can be segmented based on size, service type, and geography. In terms of size, the market can be segmented into very light, light, midsize, super-midsize, and large business jets. According to service type, the market can be segmented into fractional ownership, chartered flight service, and jet card programs. In terms of geography, the global business jet market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Some of the prominent players operating in the global business jet market are Bombardier, Inc. (Canada), Cessna Aircraft Company (the U.S.), Embraer S.A. (Brazil), Dassault Aviation S.A. (France), Gulfstream Aerospace Corporation (the U.S.), Airbus Group N.V. (the Netherlands), The Boeing Company (the U.S.), Honda Aircraft Company LLC (the U.S.), and Grafair (the U.S.). All these players compete with one another in terms of new product designs and technological advancements.
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