PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1458518
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1458518
North America Business Jet Market, By Aircraft Type ; By System ; By Ownership ; By End User ; By Point of Sale ; By Country ; Trend Analysis, Competitive Landscape & Forecast, 2019-2030
North America Business Jet Market Size Booming at CAGR of 6.11% to Touch USD 2.65 Billion and 20,600 Units by 2030
North America Business Jet Market is flourishing due to the growing demand for private air travel driven by an increasing number of high net worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs), and a growing focus on the replacement of aging fleets.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the North America Business Jet Market size by value at USD 1.89 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the North America Business Jet Market size to expand at a CAGR of 6.11% reaching a value of USD 2.65 billion by 2030. The Business Jet Market in North America is propelled by the growing number of high net worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs). Enhanced regional air connectivity and the ability to reach remote destinations are heightening the appeal of light jets among customers, consequently boosting their market demand. Additionally, a robust economy coupled with the acquisition and utilization of business jets across diverse sectors and by individuals is propelling the expansion of the business jet market in North America. Business jets are increasingly being utilized for small group travel purposes. The growing population of high net worth individuals engaging in travel has significantly expanded, consequently driving up the demand for private aviation and bolstering sales of business aircraft worldwide.
By volume, BlueWeave estimated the North America Business Jet Market size at 15.3 thousand units in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the North America Business Jet Market size by volume is projected to grow at a CAGR of 5.75% reaching the volume of 20.6 thousand units by 2030. The fundamental pillars of business aviation persistently flourish due to the demand stemming from corporate and affluent clientele. It is also expected that fleet modernization initiatives in both established and emerging nations will enhance fleet capacities and generate demand for state of the art charter services featuring modern cabin interiors.
Opportunity - Increasing adoption of eVTOL technology
The escalating congestion of intracity travel has amplified traffic within urban areas, rendering traditional business jets impractical due to their reliance on airport facilities limited to urban perimeters. Vertical Takeoff and Landing (VTOL) aircraft present a promising solution for intracity transportation, capable of operating from multiple vertiports within cities. Urban air mobility, encompassing electric Vertical Takeoff and Landing (eVTOL) aircraft, offers a cost-effective and quieter alternative for urban travel. However, commercializing this concept hinges upon technological advancements in battery capacity, the development of infrastructure such as vertiports and charging stations, and the establishment of a robust regulatory framework. As the eVTOL technology becomes increasingly indispensable for urban travel, the business aircraft market is poised for expansion.
Impact of Escalating Geopolitical Tensions on North America Business Jet Market
Geopolitical tensions can have a multifaceted impact on the North America Business Jet Market. Declining aviation trade due to strained relations affects American aircraft exports, particularly to China, a significant market. Factors such as China's focus on developing domestic aircraft, exemplified by the C919, pose challenges to US aircraft manufacturers like Boeing. Uncertainty looms over future trade relations, potentially influencing the market's dynamics. Despite ongoing efforts to maintain civil aviation cooperation, the evolving geopolitical landscape underscores the importance of monitoring international trade dynamics for stakeholders in the North America Business Jet Market.
North America Business Jet Market
Segmental Information
North America Business Jet Market - By Type
By type, the North America Business Jet Market is divided into Light Jet, Mid-size Jet, Large Jet, and Airliner segments. The light jet segment holds the highest share in the North America Business Jet Market by type. The surge in business travel post-pandemic drove a heightened demand for regional business jets. Notably, during the COVID-19 outbreak in 2020, light jets experienced the least impact compared to mid-size and large jets, with only a 17.8% decline, whereas mid-size and large jets witnessed a decline of 35.3% and 21.5%, respectively. This resilience can be attributed to the steady demand for light jets, indicating a prioritization among clients for this category over mid-size and large alternatives. Meanwhile, the large jet segment is expected to hold the highest share of the North America Business Jet Market during the forecast period. It is primarily due to the growing population of wealthy individuals, including both high net worth and ultra-high net worth individuals.
Competitive Landscape
The North America Business Jet Market is fragmented, with numerous players serving the market. The key players dominating the North America Business Jet Market include The Boeing Company, Honda Aircraft Company, Bombardier, Gulfstream Aerospace Corporation, Textron, Inc., XTI. Aircraft, Zunum Aero, Joby Aviation, Cirrus Design Corporation, Embraer, General Dynamics Corporation, and Pilatus Aircraft Ltd. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the North America Business Jet Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the North America Business Jet Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Aircraft Type Overview
- 1.3. Market Segmentation
2. Executive Summary
3. North America Business Jet Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Growing demand for private air travel
- 3.2.1.2. Increasing Number of High-Net-Worth Individuals
- 3.2.1.3. Replacement of aging fleets
- 3.2.2. Restraints
- 3.2.2.1. High initial cost and operating expenses
- 3.2.2.2. Stringent regulations regarding noise pollution, emissions, and airspace access
- 3.2.3. Opportunities
- 3.2.3.1. Advancements in engine technology, materials science, and avionics
- 3.2.3.2. Growing demand for new aircrafts with advanced features
- 3.2.3.3. Increasing usage of evTOL technology
- 3.2.4. Challenges
- 3.2.4.1. Skilled workforce shortage
- 3.2.4.2. Negative public perception
- 3.2.1. Growth Drivers
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. North America Business Jet Market: Marketing Strategies
5. North America Business Jet Market Overview
- 5.1. Market Size & Forecast, 2019-2030
- 5.1.1. By Value (USD Million)
- 5.2. Market Share and Forecast
- 5.2.1. By Aircraft Type
- 5.2.1.1. Light Jet
- 5.2.1.2. Mid-size Jet
- 5.2.1.3. Large Jet
- 5.2.1.4. Airliner
- 5.2.2. By System
- 5.2.2.1. Propulsion System
- 5.2.2.2. Aero structure
- 5.2.2.3. Avionics
- 5.2.2.4. Cabin Interiors
- 5.2.2.5. Others
- 5.2.3. By Ownership
- 5.2.3.1. Preowned
- 5.2.3.2. New-Deliveries
- 5.2.4. By End User
- 5.2.4.1. Operator
- 5.2.4.2. Private
- 5.2.5. By Point of Sale
- 5.2.5.1. OEM
- 5.2.5.2. Aftermarket
- 5.2.6. By Country
- 5.2.6.1. United States
- 5.2.6.2. Canada
- 5.2.1. By Aircraft Type
6. United States Business Jet Market
- 6.1. Market Size & Forecast, 2019-2030
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Aircraft Type
- 6.2.2. By System
- 6.2.3. By Ownership
- 6.2.4. By End User
- 6.2.5. By Point of Sale
7. Canada Business Jet Market
- 7.1. Market Size & Forecast, 2019-2030
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Aircraft Type
- 7.2.2. By System
- 7.2.3. By Ownership
- 7.2.4. By End User
- 7.2.5. By Point of Sale
8. Competitive Landscape
- 8.1. List of Key Players and Their Offerings
- 8.2. North America Business Jet Market Share Analysis, 2023
- 8.3. Competitive Benchmarking, By Operating Parameters
- 8.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
9. Impact of Escalating Geopolitical Tensions on North America Business Jet Market
10. Company Profiles (Company Overview, S Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- 10.1. The Boeing Company
- 10.2. Honda Aircraft Company
- 10.3. Bombardier
- 10.4. Gulfstream Aerospace Corporation
- 10.5. Textron, Inc.
- 10.6. XTI. Aircraft
- 10.7. Zunum Aero
- 10.8. Joby Aviation
- 10.9. Cirrus Design Corporation
- 10.10. Embraer
- 10.11. General Dynamics Corporation
- 10.12. Pilatus Aircraft Ltd
- 10.13. Other Prominent Players
11. Key Strategic Recommendations
12. Research Methodology
- 12.1. Qualitative Research
- 12.1.1. Primary & Secondary Research
- 12.2. Quantitative Research
- 12.3. Market Breakdown & Data Triangulation
- 12.3.1. Secondary Research
- 12.3.2. Primary Research
- 12.4. Breakdown of Primary Research Respondents, By Country
- 12.5. Assumptions & Limitations
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
- Figure 1 North America Business Jet Segmentation
- Figure 2 North America Business Jet Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2023
- Figure 4 North America Business Jet Market Size, By Value (USD Million), 2019-2030
- Figure 5 North America Business Jet Market Share, By Aircraft Type, By Value (USD Million), 2019-2030
- Figure 6 North America Business Jet Market Share, By System, By Value (USD Million), 2019-2030
- Figure 7 North America Business Jet Market Share, By Ownership, By Value (USD Million), 2019-2030
- Figure 8 North America Business Jet Market Share, By End User, By Value (USD Million), 2019-2030
- Figure 9 North America Business Jet Market Share, By Point of Sale, By Value (USD Million), 2019-2030
- Figure 10 North America Business Jet Market Share, By Country, By Value (USD Million), 2019-2030
- Figure 11 United States Business Jet Market Size, By Value (USD Million), 2019-2030
- Figure 12 United States Business Jet Market Share, By Aircraft Type, By Value (USD Million), 2019-2030
- Figure 13 United States Business Jet Market Share, By System, By Value (USD Million), 2019-2030
- Figure 14 United States Business Jet Market Share, By Ownership, By Value (USD Million), 2019-2030
- Figure 15 United States Business Jet Market Share, By End User, By Value (USD Million), 2019-2030
- Figure 16 United States Business Jet Market Share, By Point of Sale, By Value (USD Million), 2019-2030
- Figure 17 Canada Business Jet Market Size, By Value (USD Million), 2019-2030
- Figure 18 Canada Business Jet Market Share, By Aircraft Type, By Value (USD Million), 2019-2030
- Figure 19 Canada Business Jet Market Share, By System, By Value (USD Million), 2019-2030
- Figure 20 Canada Business Jet Market Share, By Ownership, By Value (USD Million), 2019-2030
- Figure 21 Canada Business Jet Market Share, By End User, By Value (USD Million), 2019-2030
- Figure 22 Canada Business Jet Market Share, By Point of Sale, By Value (USD Million), 2019-2030
List of Tables
- Table 1 North America Business Jet Market Size, By Value (USD Million), 2019-2030
- Table 2 North America Business Jet Market Share, By Aircraft Type, By Value (USD Million), 2019-2030
- Table 3 North America Business Jet Market Share, By System, By Value (USD Million), 2019-2030
- Table 4 North America Business Jet Market Share, By Ownership, By Value (USD Million), 2019-2030
- Table 5 North America Business Jet Market Share, By End User, By Value (USD Million), 2019-2030
- Table 6 North America Business Jet Market Share, By Point of Sale, By Value (USD Million), 2019-2030
- Table 7 North America Business Jet Market Share, By Country, By Value (USD Million), 2019-2030
- Table 8 United States Business Jet Market Size, By Value (USD Million), 2019-2030
- Table 9 United States Business Jet Market Share, By Aircraft Type, By Value (USD Million), 2019-2030
- Table 10 United States Business Jet Market Share, By System, By Value (USD Million), 2019-2030
- Table 11 United States Business Jet Market Share, By Ownership, By Value (USD Million), 2019-2030
- Table 12 United States Business Jet Market Share, By End User, By Value (USD Million), 2019-2030
- Table 13 United States Business Jet Market Share, By Point of Sale, By Value (USD Million), 2019-2030
- Table 14 Canada Business Jet Market Size, By Value (USD Million), 2019-2030
- Table 15 Canada Business Jet Market Share, By Aircraft Type, By Value (USD Million), 2019-2030
- Table 16 Canada Business Jet Market Share, By System, By Value (USD Million), 2019-2030
- Table 17 Canada Business Jet Market Share, By Ownership, By Value (USD Million), 2019-2030
- Table 18 Canada Business Jet Market Share, By End User, By Value (USD Million), 2019-2030
- Table 19 Canada Business Jet Market Share, By Point of Sale, By Value (USD Million), 2019-2030
- Table 20 The Boeing Company Overview
- Table 21 The Boeing Company Company Overview
- Table 22 Honda Aircraft Company Company Overview
- Table 23 Honda Aircraft Company Company Overview
- Table 24 Bombardier Company Overview
- Table 25 Bombardier Company Overview
- Table 26 Gulfstream Aerospace Corporation Company Overview
- Table 27 Gulfstream Aerospace Corporation Company Overview
- Table 28 Textron, Inc. Company Overview
- Table 29 Textron, Inc. Company Overview
- Table 30 XTI. Aircraft Company Overview
- Table 31 XTI. Aircraft Company Overview
- Table 32 Zunum Aero Company Overview
- Table 33 Zunum Aero Company Overview
- Table 34 Joby Aviation Company Overview
- Table 35 Joby Aviation Company Overview
- Table 36 Cirrus Design Corporation Company Overview
- Table 37 Cirrus Design Corporation Company Overview
- Table 38 Embraer Company Overview
- Table 39 Embraer Company Overview
- Table 40 General Dynamics Corporation Company Overview
- Table 41 General Dynamics Corporation Company Overview
- Table 42 Pilatus Aircraft Ltd Company Overview
- Table 43 Pilatus Aircraft Ltd Company Overview
