Businesses and corporate houses have been undergoing considerable growth and revival in recent times owing to the slow recovery of the global economy. This in turn urges companies to invest in resources that aid business persons to undertake business trips to various places and reach in the least time possible, i.e. in business jets. While business jets help in corporate travels, they are also a measure of the company’s success, and are thus seen as a valuable investment by many.
Valued at US$ XX in 2017, the global business jet market is anticipated to grow to a valuation worth US$ XX by the end of 2022, registering a CAGR of XX% over the period 2017-2022.
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The emergence of additive manufacturing, i.e. laser sintering and industrial 3D printing, has significantly spurred the prospects for the market’s growth in the forthcoming years. With 3D printing, manufacturers can now design and create components one layer at a time using a computer-controlled interface.
Seeing how this technology helps suppliers in producing small micro-components of almost any shape/geometry, demand among end-users have reached an all-time high as it allows manufacturers to reduce the overall size of the aircrafts’ components.
The global business jet market is expected to register a healthy growth in revenue over the forecast period. This comes as a result of many factors, chief ones being the rise in the number of corporate businesses worldwide, newer manufacturing technologies, and the advent of new development programmes and financing techniques. While the aviation industry remains in a slowdown, the slow recovery of the global economy is expected to aid an increase in the number of business jets delivered globally. With growing demand and stiff competition comes better financing and interest options to the customers. Banks and financial institutions are targeting prospective customers through attractive financing terms and lowered interest rates.
The market is segmented into light business jets, mid-size business jets, and large business jets on the basis of aircraft type. Amongst these, the mid-size business jets emerged to be the dominant segment in terms of total market share. Owing to the increasing number of strategic business units under corporates and rising M&As among companies, the number of business corporations have increased worldwide, thus augmenting the need to transport business persons to various places in less time. This in turn ensures the retention of the mid-size segment’s dominance in the forthcoming years.
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Geographically, the market is segregated into the Americas, Asia-Pacific, and EMEA (Europe, Middle-East, and Africa). The Americas dominated the global market in 2017 in terms of total units delivered. The Americas are also envisaged to be the largest market for business jets over the forecast period. This comes as a result of many present-day conditions, including the fact that the US alone has over 15,000 business jets including both piston-twin general aircrafts and fixed wing turbine jets.
Key players in the global business jet market include Airbus, Boeing, Gulfstream Aerospace, Bombardier,Embraer, Dassault Aviation, Beechcraft, Diamond Aircraft, Eclipse Aerospace, and Honda Aircraft.
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