Market Trends of North America Light And Very Light Jets Industry
Light Jet Segment Held Highest Shares in the Market
- As of 2023, the market share for light jet aircraft was more compared to the very light jet segment. The deliveries for the light jet aircraft were higher compared to the very light jets. A robust overall business jet market can stimulate investments in aviation infrastructure, such as airports and FBOs, making it more convenient for light jet operators and passengers.
- Moreover, increased deliveries of business jets attract new entrants and investors to the market, including the very light jet segment. According to Simplyfly, light jets constitute 36.5% of private aircraft in the US, 20.5% from mid-size offerings, and the last 5.5% are very light jets, such as the Embraer Phenom 100 and Cirrus Vision SF50.
- Furthermore, Honda plans to launch a light business jet by 2028 capable of non-stop transcontinental flights across the US. The new jet, Honda’s fifth model, has a seating capacity of 11 passengers. It’s a “light jet” weighing around 5.7 to 9.1 tons. According to the General Aviation Manufacturers Association (GAMA), business aircraft deliveries have reached 712 in 2022, an increase of 68 units from 2020. The very light jet models continue to expand their presence in the market, with a 23% share in total delivered aircraft.
United States Dominates the Market During the Forecast Period
The US accounted for a significant market share and is projected to dominate market share in the forecast period. The US is one of the premium markets for light jet operations. The region has one of the largest numbers of light and very light jet shipments by country, due to the high demand for corporate travel. The US experiences strong economic growth, which leads to increased business activity and demand for light and very light jets among businesses and high-net-worth individuals.
Moreover, the US boasts a well-developed aviation infrastructure, with numerous airports and FBOs, making it conducive for the operation of light and very light jets. For instance, as per Airbus Corporate Jets, there are nearly 15,000 business jets in the US in 2022 which accounts for 62.5% of the world’s fleet. Moreover, the US has 90% jets of the North American private aviation industry. The number of people performing intercontinental business travel is high in the US, who mostly prefer these light and very light jets. In April 2022, Textron Aviation announced it has entered into a purchase agreement with Exclusive Jets, LLC, operating as flyExclusive, for up to 30 Cessna Citation CJ3+ jets. Such developments will drive the market growth in coming years.
