Global Private Jet Market Growth & Trends
The global outbreak of COVID-19 caused not only a partial collapse of the air transport, but travelling has got even more complicated and many people are yet reluctant to travel. Covid-19 has changed the way for travelling. A huge population is now opting to fly through private jets as they are safer and minimize the risk of contracting any infectious disease. As number of commercial flights were cancelled by regulatory authorities, the private jets were in a huge demand. Several private jet charter companies, who are also amongst the strong consumers for private jet market manufacturers, are offering private jets through membership programs, wherein a huge population opted for these programs to travel safely. Moreover, governments of various countries had allowed private jets to fly domestically and internationally, to deliver vaccines for Covid-19 to various locations. The changing consumer preferences along with flexible charter options available is aiding the growth of private jet market.
In the last few years, people are looking forward to travel luxuriously to various international locations. The trend of owning a private jet is not only a symbol of luxury but more of a reason for convenience. There is an increased demand for better service and better flying experience which is proving to be a driving factor for the private jet market. Due to the upsurge in consumer lifestyle and increased spending capacity, people are looking forward to experience greater flexibility and personalized itinerary while flying, which is conveniently feasible through private jets. According to a study, it was projected that before the pandemic, only 10 % of people would prefer flying privately. However, as per the recent circumstances, the research highlighted that about 79% of people are more inclined to travel by private jets than before.
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Companies are incorporating advanced digital technologies in private jets to provide the customers a safe, comfortable and an enhanced flying experience. For instance, advancements such as in-flight technology, offering high speed WiFi is proving to be beneficial for the business travelers who can now effectively partake in video conferences or relax and stream their favorite shows while on flight. Furthermore, private jet manufacturers are investing towards incorporating automatic data surveillance broadcasting (ADS-B) technology in all private jets. This technology tracks aircraft using satellite signals rather than ground radar, conveying important information on location, altitude and airspeed via GPS with no manual input required. Similar investments towards technological advancement is anticipated to showcase positive growth prospects for global private jet market over the period of next eight years.
Global Private Jet Market Report Highlights
- Based on the private jet type, large private jets are estimated to accelerate with the highest growth rate in the global private jet market over the forecast period. The demand for private jet is high as it offers larger cabin space that can accommodate approximately 15 to 19 people.
- The new private jet segment is gaining traction in the global private jet market and is anticipated to surge with a substantial growth rate over the period of next eight years. The inventory of pre-owned private jets has reduced considerably. Business owners and individuals are compelled to procure new private jets, although there is a spike rise in the wait time for delivery.
- Individual and corporate consumers in the global private jet market are anticipated to witness fastest growth rate over the forecast period. The private jet manufacturers have reported to have received an increased interest from this sector to procure new private jets, irrespective of the long delivery timelines.
- Asia Pacific is anticipated to witness highest growth rate over the forecast period in the global private jet market. A huge population from these countries are looking forward to procure private jets for luxury travelling along with safety. Increasing demand from the corporate sector is another factor fueling the region’s growth in the global market.
- Investments towards development of all electric private jets is predicted to proliferate the growth of private jet market over the forecast period.
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Global Private Jet Market Segmentation
The global private jet market has been segmented on the basis of type, revenue model and region, which are further classified into countries:
Type Outlook (Revenue, USD Million, 2015 - 2029)
- Light Private Jets
- Mid-Sized Private Jets
- Large Private Jets
Revenue Model Outlook (Revenue, USD Million, 2015 - 2029)
- New
- Pre-owned
End Users Outlook (Revenue, USD Million, 2015 - 2029)
- Individuals and Corporate
- Operators
Private Jet Regional Outlook (Revenue, USD Million, 2015 - 2029)
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
List of Key Players in the Global Private Jet Market:
- Airbus
- Boeing
- Bombardier
- DASSAULT AVIATION
- Embraer
- Gulfstream Aerospace Corporation
- PILATUS AIRCRAFT LTD
- Textron Aviation Inc.
- Honda Aircraft Company
- PIAGGIO AERO INDUSTRIES S.p.A.
- Other Market Participants
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Our 402+ pages research study will include extensive information on the following pointers:
- Global Market size and forecast values (2015 – 2029), in terms of revenue (US$ Million) by segments/sub-segments; wherein 2015 to 2019 has been considered as historic years, 2020 as the base year, while 2021 to 2029 has been considered as the forecast period.
- Split of the market revenue (US$ Million) into all the relevant segments & sub-segments across all major regions/countries.
- Market determinants and Influencing Factors
- Market Dynamics (Drivers, Restraints, Opportunities and Challenges)
- Business, Technological & Regulatory Trends
- Analysis on Impact of Covid-19 on Global Private Jet Market
- Global and Regional Impact
- Potential Measures and Opportunities
- Strategic Initiatives and Developments
- Macro-Economic and Micro-Economic Indicators
- Porter’s Five Forces Analysis
- Competitive Benchmarking: Global Presence and Growth Strategies
- Mergers and Acquisitions
- Product Launches
- Investments Trends
- R&D Initiatives
- Market Share Analysis, 2020
- Detailed profiles of major market participants operating in the market, encompassing information on company details, company overview, product offerings, key developments, financial analysis, SWOT analysis and business strategies
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