Market Size of north america business jet Industry
|
Study Period | 2017 - 2030 |
|
Market Size (2024) | USD 16.31 Billion |
|
|
Market Size (2030) | USD 18.05 Billion |
|
Largest Share by Body Type | Large Jet |
|
|
CAGR (2024 - 2030) | 1.70 % |
|
Largest Share by Country | United States |
Major Players |
||
|
||
|
*Disclaimer: Major Players sorted in no particular order |
North America Business Jet Market Analysis
The North America Business Jet Market size is estimated at 16.31 billion USD in 2024, and is expected to reach 18.05 billion USD by 2030, growing at a CAGR of 1.70% during the forecast period (2024-2030).
16.3 B
Market Size in 2024 (USD)
18.1 B
Market Size in 2030 (USD)
3482
Total Deliveries in the Historic Period (2017-2023)
3805
Total Deliveries during the Forecast Period (2024-2030)
Largest Market by Body Type
79.63 %
value share, Large Jet, 2023
The increasing number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) is driving the demand for large business jets.
Fastest-growing Market by Body Type
1.93 %
Projected CAGR, Mid-Size Jet, 2024-2030
Regional air travel and the capability to access remote airports/locations are making mid-size jets more attractive to customers, driving the demand.
Largest Market by Country
94.01 %
value share, United States, 2023
A strong economy and the procurement and usage of business jets by various sectors/individuals are leading to the growth of the business jet market in the country.
Leading Market Player
37.35 %
market share, General Dynamics Corporation, 2022
Gulfstream Aerospace, which is a subsidiary of General Dynamics, provides a wide range of business jets in the region, which makes it a leading player.
Second Leading Market Player
25.31 %
market share, Bombardier Inc., 2022
The company is the second leading player in the market with a wide range of technologically innovative and advanced products, along with a strong customer support network.
Increase in business travel flight hours after the pandemic generated a high demand for business jets
- The North American business jets market has experienced robust growth and innovation in recent years, particularly in large, light, and mid-size jets. The region accounted for around 69% of the global business jet deliveries in 2022, making it the biggest general aviation market globally.
- Among all the jets, the light jet category accounted for the largest share, with over 43% of the deliveries in 2022 in the North American region. An increase in business travel flight hours after the pandemic generated a high demand for regional business jets.
- During the COVID-19 pandemic in 2020, the light jet category was the least impacted business jets in this region, with a decline of 17.8% compared with the mid-size 35.3% and large jets 21.5%, respectively. This is due to the consistent demand for light jets, with clients prioritizing light jets over other mid-size and large jets.
- During the historic period, Textron Aviation became the leading player in deliveries with 980 aircraft, while Gulfstream Aerospace was in the second position with 591 deliveries. Cirrus Aircraft, Embraer, and Bombardier were the other major market players, accounting for 40% of the share in the historic period. Regarding the operational business jets, Textron Aviation became the leading player in deliveries with 6,693 aircraft, followed by Gulfstream Aerospace with 2,354 deliveries. Embraer, Dassualt Aviation, Bombardier, and Learjet were the other major market players, accounting for 35% of the fleet as of December 2022. Overall, the demand is anticipated to be driven by the North American market for businesses and individuals seeking efficient and customized air transportation solutions, and 1,749 large jets are expected to be procured to meet the demand for these jets during the forecast period.
Increasing preferences for private travel and the rising HNWI population are driving the demand for business jets in the region
- North America's stable economic conditions have played a crucial role in the growth of the business jet market. The region's robust economy, characterized by strong GDP growth and low unemployment rates, created a conducive corporate expansion and investment environment. North America’s HNWI wealth grew by almost 5% in 2022 compared to 2021. North America recorded the most significant rise in the ultra-wealthy population, which recorded 66% of the global HNWI population.
- The North American region accounts for the highest number of private jets globally, and the United States accounts for around 90% of the total jet fleet globally, making it the most dominating market in terms of volume and value. Mexico and Canada accounted for 6% and 3% of the operational fleet in the region, respectively, in December 2022.
- The overall aircraft deliveries in the business aviation sector were affected during the COVID-19 pandemic, and the growth in 2020 declined by 22%. The reduction in North America's economic activities and travel-related restrictions affected the demand for business jets in the region. There has been a shift toward private flying as it is considered a safer means of transportation among the ultra-wealthy population, which aided in procuring business jets in the region. However, the region’s economic recovery was faster than expected, and in 2022, the region recorded a growth of 8% compared to 2020. This led to an increase in the purchase plans of first-time buyers and is anticipated to double the region's business jet fleet size during the forecast period. The change in purchasing habits driven by the COVID-19 pandemic is expected to drive the growth of the market, and during 2023-2030, the procurement of business jets is expected to rise by 4,314.
North America Business Jet Industry Segmentation
Large Jet, Light Jet, Mid-Size Jet are covered as segments by Body Type. Canada, Mexico, United States are covered as segments by Country.
- The North American business jets market has experienced robust growth and innovation in recent years, particularly in large, light, and mid-size jets. The region accounted for around 69% of the global business jet deliveries in 2022, making it the biggest general aviation market globally.
- Among all the jets, the light jet category accounted for the largest share, with over 43% of the deliveries in 2022 in the North American region. An increase in business travel flight hours after the pandemic generated a high demand for regional business jets.
- During the COVID-19 pandemic in 2020, the light jet category was the least impacted business jets in this region, with a decline of 17.8% compared with the mid-size 35.3% and large jets 21.5%, respectively. This is due to the consistent demand for light jets, with clients prioritizing light jets over other mid-size and large jets.
- During the historic period, Textron Aviation became the leading player in deliveries with 980 aircraft, while Gulfstream Aerospace was in the second position with 591 deliveries. Cirrus Aircraft, Embraer, and Bombardier were the other major market players, accounting for 40% of the share in the historic period. Regarding the operational business jets, Textron Aviation became the leading player in deliveries with 6,693 aircraft, followed by Gulfstream Aerospace with 2,354 deliveries. Embraer, Dassualt Aviation, Bombardier, and Learjet were the other major market players, accounting for 35% of the fleet as of December 2022. Overall, the demand is anticipated to be driven by the North American market for businesses and individuals seeking efficient and customized air transportation solutions, and 1,749 large jets are expected to be procured to meet the demand for these jets during the forecast period.
| Body Type | |
| Large Jet | |
| Light Jet | |
| Mid-Size Jet |
| Country | |
| Canada | |
| Mexico | |
| United States | |
| Rest of North America |
North America Business Jet Market Size Summary
The North America Business Jet Market has shown significant growth and innovation, particularly in the large, light, and mid-size jet segments. This region dominates the global business aviation sector, accounting for a substantial portion of worldwide jet deliveries. The light jet category, in particular, has emerged as the most popular choice among buyers, driven by its consistent demand and preference over mid-size and large jets. The market's expansion is fueled by the resurgence of business travel post-pandemic, with North America's stable economic conditions and the increasing wealth of high-net-worth individuals (HNWIs) further propelling demand. The United States, in particular, plays a pivotal role, housing the majority of the region's jet fleet and contributing significantly to the global HNWI population.
The market landscape is fairly consolidated, with major players like Textron Aviation, Gulfstream Aerospace, Bombardier Inc., Dassault Aviation, and Embraer leading the charge. These companies have been instrumental in driving aircraft deliveries and expanding operations to meet the growing demand. The pandemic has shifted purchasing habits, with a notable increase in first-time buyers and a preference for private flying due to safety concerns. This trend, coupled with the region's rapid economic recovery and rising equity markets, is expected to double the business jet fleet size in North America over the forecast period. Sustainable investing is also gaining traction among ultra-HNWIs, adding another layer of complexity and opportunity to the market dynamics.
North America Business Jet Market Size - Table of Contents
-
1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
-
1.1 Body Type
-
1.1.1 Large Jet
-
1.1.2 Light Jet
-
1.1.3 Mid-Size Jet
-
-
1.2 Country
-
1.2.1 Canada
-
1.2.2 Mexico
-
1.2.3 United States
-
1.2.4 Rest of North America
-
-
North America Business Jet Market Size FAQs
How big is the North America Business Jet Market?
The North America Business Jet Market size is expected to reach USD 16.31 billion in 2024 and grow at a CAGR of 1.70% to reach USD 18.05 billion by 2030.
What is the current North America Business Jet Market size?
In 2024, the North America Business Jet Market size is expected to reach USD 16.31 billion.
