North America Business Jet Market Size and Share Analysis – Growth Trends and Forecasts (2023)

North America Business Jet Market Size and Share Analysis – Growth Trends and Forecasts (2023)

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North America Business Jet Market North America Business Jet Market CAGR By Body Type 2022 2028

North America Business Jet Market North America Business Jet Market CAGR By Body Type 2022 2028North America Business Jet Market North America Business Jet Market CAGR By Body Type 2022 2028

North America Business Jet Market North America Business Jet Market CAGR By Body Type 2022 2028

Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) — The “North America Business Jet Market Size and Share Analysis – Growth Trends and Forecasts (2023 – 2028)” report has been added. ResearchAndMarkets.com offer.

The North America Business Jet Market size is valued at USD 12.71 Billion in 2023 and is expected to reach USD 14.41 Billion by 2028, growing at a CAGR of 2.54% during the forecast period (2023-2028).

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Key points

  • Overall aircraft deliveries in the business jet sector were affected during the COVID-19 pandemic, with growth falling by 14% between 2019 and 2021. Reduced economic activity and travel restrictions have affected the use and purchase of business jets in the region. However, as pandemic restrictions eased and aircraft production resumed in 2021, the business jet market in North America began to flex.

  • The increase in the number of high net worth individuals (HNWIs) and ultra-HNIs (UHNWI) is increasing the demand for large business jets. Regional air travel and access to remote airports/locations make light jets more attractive to customers and therefore increase their demand in the market. A strong economy and the purchase and use of business jets by various sectors/individuals are driving the growth of the business jet market in North America.

North American Business Jet Market Trends

  • The North American region accounted for approximately 66% of global business jet shipments in 2021, making it the largest general aviation market globally.

  • Among all jets, the light jet category accounted for the largest share of shipments in the North American region at over 52% in 2021. Post-pandemic increase in business travel flight hours has created high demand for business jets in the region.

  • During the COVID-19 pandemic, the light jet category was the least affected business aircraft category in the region, with a 17.8% decline compared to midsize 35.3% and large jets 21.5%. This is due to continued demand for light jets, with customers preferring light jets over other midsize and large jets.

  • Cessna was the leading player in deliveries during the historical period with 140 aircraft, followed by Gulfstream Aerospace in second place with 78 deliveries. Cirrus Aircraft, Embraer, Bombardier, Honda Group and Pilatus Aircraft were other major players in the North American business jet market. Most companies are showcasing and developing new business jet models to meet the growing demand for business jets during the forecast period.

  • Business jets make up about 34% of Cessna’s total business jet fleet in terms of OEMS, as of July 2022, followed by Bombardier and Gulfstream with about 21% and 14% of the fleet, respectively. As the economy recovers in 2021, deliveries in the business aviation sector are up 10.7%. Around 3,000+ units of global aircraft demand during the forecast period is expected to come from the North American region.

This report includes a selection of companies mentioned

For more information on this report, visit https://www.researchandmarkets.com/r/t7j3ve

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