The global business jet market was valued at approximately USD 42.14 billion in 2022 and is projected to grow from USD 43.97 billion in 2023 to USD 62.66 billion by 2030, with a compound annual growth rate (CAGR) of 5.19% during this period.
Business jets are designed for a limited number of passengers, and there has been a significant increase in high-net-worth travelers, driving up demand for private aviation and boosting sales of business aircraft worldwide. The traditional drivers of business aviation remain strong, especially among corporate clients and affluent individuals. Additionally, fleet modernization efforts in both developed and emerging economies are expected to enhance fleet capabilities and increase demand for new charter services featuring upgraded interiors and advanced avionics. This information comes from a report by Fortune Business Insights titled "Global Business Jet Market, 2023–2030."
Information Source:
https://www.fortunebusinessinsights.com/industry-reports/business-jet-market-101585
The pandemic caused severe disruptions in airport operations, leading to a decline in the market as travel restrictions impacted wealthy individuals. However, post-pandemic, there has been a notable surge in passenger numbers, which is expected to contribute to market growth in the coming years.
Some of the major companies in the business jet industry include: