Inkwood Research predicts the Global Business Jets Market to rise with a 3.9% CAGR during the assessment years 2023 and 2032.
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The market for the business jet has been witnessing growth in recent years. Various manufacturers are involved in manufacturing technologically-advanced business jets with a focus on fuel efficiency and enhanced passenger experience. Several manufacturers are vying to become more competitive by launching newer models and attracting new customers. Also, in recent years, several manufacturers have launched new business jet models that offer extra comfort to passengers. Focus on such improvements is expected to provide growth opportunities for the players during the forecast period.
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Increasing Number of High Net-Worth Individuals boosts the Global Market Growth
The past few years have seen a major rise in High-Net-Worth Individuals (HNWIs) and Ultra-High Net Worth Individuals (UHNWIs) across the globe. This surge in wealth has caused a spike in demand for private travel, prompting the acquisition of private jets with well-designed cabin interiors.
Additionally, the tourism sector’s growth in Latin America and Southeast Asia has led many charter operators to introduce new regional routes and extend their presence. Consequently, there has been a considerable rise in demand for fuel-efficient business jets that are lightweight and eco-friendly.
Midsize Jets lead Market by Class
For wealthy travelers with frequent requirements for long international trips, purchasing a jet provides an efficient and cost-effective solution. These jets come in mid-size varieties, super mid-size cabins, and smaller light jets. Each offers an average range of around 2,200 nautical miles or five hours of nonstop travel with varying headroom, luggage space, and standing capability, depending on size. The luxurious cabins provide maximum comfort to up to 10 passengers.
North America – Dominating Region
The United States market has seen notable investments into business jet development and a continued growth rate within the HNWI population over recent years. As such, the business jet market is projected to experience a steady high growth rate during the assessment period.
New entrants may also enter the market with innovative concepts and models; for example, trials are being carried out to create airports solely for private aircraft to sidestep busy runways & crowded terminals, thus further increasing competition throughout the forecast period.
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