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Impact of COVID-19 on Global Business Jet Market; Segmented By Model Type (Ownership, On-Demand Service, and Others) By Type(Large, Light, Medium, and other); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Business aviation is an important part of the commercial aviation industry. A commercial aircraft is a passenger aircraft built to accommodate small numbers of persons. Other functions, such as the evacuation of victims or specific package distribution, can be suited to business jets, and some of them are being used by public authorities, representatives of government, or the military. The new orders, deliveries, and high net order forecasts are in close association with business aircraft.
Fatpos Global anticipates the Business Jet market to surpass USD 37.97 Billion by 2030, which is valued at 24.58 billion in 2019 at a compound annual growth rate of 4%. In the forecast period, growing trends are expected to drive factors are the perpetual development in mature markets and an increase in the share of commercial air travel in the developing economies. New and technically advanced models of aircraft are anticipated to drive development further. Developing nations around the world are projected to see increased demand for business jets due to converging industry adoption. For example, the industry players implement new business models, fractional ownership, which provides customers with maximum aircraft ownership and drives the overall demand.
Global Business Jet market has been segmented based on a model and by type. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
By Type (in %), global Business Jet Market, 2019
The Light segment is anticipated to register XX% of the volume share Large segment is expected to grow at the highest CAGR.
Global Business Jet Market is segmented by type into Large, Light, Medium, and other. The jets in this category have comparatively low operating and purchase costs and a sufficient number of short-haul missions. Besides, the introduction of numerous new and multi-faceted models stimulates both demand and replacement acquisition decisions and thus speeds up growth. These aircraft have many advantages including cabin comfort, speed, and range that drive demand. Moreover, in recent years, many producers have added large business jets due to their earnings. New products of large business jets have unparalleled performance and versatility for extended flight times.
By Model (in %), Global Business Jet Market, 2019
Ownership accounted for XX% of the global volume in 2019. On-demand service is anticipated to grow at the highest CAGR.
The global Business Jet market is segmented by model type: Ownership, On-Demand Service, others. Rising global uncertainties have fuelled the market for defense Business Jet. Moreover, armed forces around major economies increasingly modernize their armaments and thus increase the sales of weapons. Due to its high accuracy, tremendous expansion, and excellent stopping capacity, hollow-point Business Jet is highly favored by the military and police forces. Because of its greater precision, the Air Force prefers to use hollow-point weapons, whereas full metal jacket bombs in military arms are used on a wider scale.
Drivers
Business jet manufacturers concentrate on enhancing the customer experience and increasing operating performance. Limiting carbon emissions, lowering running costs, and improving avionics, aircraft interiors and aircraft systems are some of the producer's focus areas. This led to the implementation of new technologies for the aircraft.
The long-term demand, exponentially rising individual purchasing power, and notable profits of multinationals and organizations are another important driver anticipated to promote the growth of the business aviation market. For example, new aircraft programs will create new orders and international growth will be seen in the projected timeline.
Restraints
The shortage of infrastructure in many countries is a significant obstacle for the business jet industry. The prospective business jet market in emerging nations such as India, China, Nigeria, and Malaysia, but the facilities of the countries concerned is not sufficient for business jets to expand. Several towns that are not very easily connected. In certain places, aerodromes and airports are not open, others do not have landing areas available and in some area’s city limits are not accessible easily.
North America was the largest market accounting for XX% of total market volume share in 2019
Due to constant economic development, particularly in the US, the area has become a platform for business aviation in recent years. Besides, the market for new and alternative aircraft in the area is expected to increase continuously. Rapid growth was seen in the regional aviation industry network, which included manufacturers, suppliers, airports, and fixed-base operators (FBOs), turning it one of the world's most profitable regions for Business aviation.
Asia Pacific: China, Japan, India, and Rest of Asia Pacific
Europe: Germany, the UK, France, and Rest of Europe
North America: The US, Mexico, and Canada
Latin America: Brazil and Rest of Latin America
Middle East & Africa: GCC Countries and Rest of Middle East & Africa
The jet industry consists of many prominent participants and is extremely competitive. None of the key players currently control the industry in terms of market share. Nevertheless, mid-size enterprises boost their market share by winning new contracts and entering new markets with technical development and product development.
Owing to air travel bans both domestically and globally on flights in countries, the COVID-19 outbreak has negatively affected the aviation industry as well as halting aircraft fleets and a substantial decline in aircraft orders and shipments by 2020. This is likely to adversely affect the jet market in the near term; in the first quarter of 2021 gradual recovery is likely. It could take a few years for the aviation industry to rebound from the COVID-19 financial impact that will lead to less air travel and passenger traffic than initial estimates.
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