US Business Jet Market Size Likely to Surpass at a CAGR of 4.1% By 2033

As per the current market research conducted by the CMI Team, the US Business Jet Market size is expected to record a CAGR of 4.1% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 12,654.6 Million. By 2033, the valuation is anticipated to reach USD 18,167.9 Million.

US Business Jet Market: Growth Factors and Dynamics

• Soaring High Net Worth Individuals: The US boasts a significant population of High-Net-Worth Individuals (HNWIs), whose rising disposable income fuels demand for luxury goods and services like business jets. These individuals value the time-saving benefits, increased flexibility, and enhanced privacy that private jets offer for business trips and personal getaways.

• Aging Fleet Spurs Replacement Cycle: As existing business jets reach the end of their operational lifespan, they need to be replaced with newer models. This ongoing replacement cycle drives consistent demand for new aircraft orders, keeping the US business jet market in a state of perpetual growth.

• Technological Advancements Take Flight: Continuous advancements in technology for business jets are a major growth factor. These include extended range capabilities, allowing for non-stop travel between continents; improved fuel efficiency, reducing operating costs; and enhanced in-cabin comfort features, creating a productive and luxurious work or relaxation environment.

• Evolving Ownership Models Expand Access: The traditional model of full ownership of a business jet is no longer the only option. Fractional ownership programs allow individuals and companies to co-own a jet, sharing the costs and benefits. Similarly, jet card programs offer pre-paid hours of flight time, providing access to business jets without the commitment of ownership. These flexible ownership models are expanding the customer base for business jet travel.

• Efficiency in the Skies: Business jets are increasingly viewed as essential productivity tools. Executives can maximize their time by flying directly to their destinations, avoiding airport delays and layovers. This allows them to attend meetings, close deals, and conduct business on their schedule, significantly boosting efficiency.

• Deregulation and Infrastructure Enhancements: Streamlined regulations and improved airport infrastructure catering specifically to business jets can significantly improve travel efficiency and convenience. This includes dedicated runways, faster security clearances, and shorter wait times for take-off and landing, all contributing to the attractiveness of business jet travel.

• Turbulence in Commercial Travel: Uncertainty and disruptions in commercial travel, such as flight delays, cancellations, and security concerns, can incentivize businesses and individuals to seek alternatives.  Business jets offer a level of control, convenience, and predictability that is often lacking in commercial travel, driving demand in the private jet market.

US Business Jet Market: Partnership and Acquisitions

• In 2023, Gulfstream Aerospace is doubling down on its St. Louis presence! They announced a $28.5 million expansion of their completions and outfitting facilities at the Downtown Airport. This investment will allow them to ramp up operations while modernizing the space with cutting-edge equipment and tools. This move positions Gulfstream to deliver a wider range of services and cater to a growing customer base in St. Louis.

• In 2021, Airbus Corporate Jets inked a deal with Alpha Star Aviation to equip their business jets with a brand new In-Flight Entertainment system. This innovative technology promises a unique experience for passengers.

Report Scope

US Business Jet Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the US Business Jet Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Travel Restrictions and Reduced Demand: The global pandemic led to travel restrictions, border closures, and a decline in business activity. This significantly impacted demand for business jet travel, as corporations limited non-essential travel and individuals stayed grounded.

• Supply Chain Disruptions and Production Slowdowns: COVID-19 caused disruptions in global supply chains, impacting the production of new business jets. Labor shortages and factory shutdowns led to delays in deliveries and cancellations of existing orders.

• Surge in Private Travel: As travel restrictions eased, there was a noticeable shift towards private travel. Individuals and businesses, seeking to avoid the uncertainties and limitations of commercial airlines, turned to business jets for safe and reliable travel options.

• Focus on Hygiene and Safety Protocols: Business jet operators implemented stringent hygiene protocols, enhanced cleaning procedures, and adopted safety measures like pre-flight health checks. This focus on passenger well-being helped rebuild confidence and encourage travel.

• Increased Utilization of Fractional Ownership and Jet Cards: The flexibility offered by fractional ownership and jet card programs became even more attractive. This allowed businesses and individuals to access private travel without the commitment of full ownership, catering to the evolving travel needs in a post-pandemic world.

• Tech-Enabled Remote Operations and Virtual Meetings: Advancements in communication technology facilitated remote work and virtual meetings. This trend, while potentially reducing some business travel needs, also created a demand for time-sensitive in-person meetings, further supporting the use of business jets.

• Continued Appeal for Efficiency and Productivity: The time-saving benefits of business jets remain a key driver of the market. As businesses navigate a dynamic economic landscape, the ability to travel quickly and efficiently to close deals, attend meetings, and maximize productivity continues to be a significant advantage.

In conclusion, the COVID-19 pandemic has had a mixed impact on the US Business Jet Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the US Business Jet Market:

• Textron Aviation Inc.
• Gulfstream Aerospace Corporation
• Bombardier Inc.
• Dassault Aviation
• Embraer S.A.
• Airbus SE
• The Boeing Company
• Honda Aircraft Company LLC
• Pilatus Aircraft Ltd.
• Cirrus Aircraft Corporation
• Beechcraft Corporation
• Eclipse Aerospace
• Sino Soar Aviation Limited
• Nextant Aerospace LLC
• Airbus Corporate Jets
• Others

The US Business Jet Market is segmented as follows:

By Aircraft Type

• Small Sized Business Jet
• Mid Sized Business Jet
• Large Business Jet
• Airliner

By Range

• Less than 3000nm
• 3000 nm to 5000 nm
• More than 5000nm

By Point of Sale

• OEM
• Aftermarket