North America Business Jet Market Insights Forecasts to 2033

• The North America Business Jet Market Size was valued at USD 16.58 Billion in 2023.
• The Market is Growing at a CAGR of 1.75% from 2023 to 2033
• The North America Business Jet Market Size is Expected to Reach USD 19.72 Billion by 2033

The North America Business Jet Market Size is Anticipated to Reach USD 19.72 Billion by 2033, Growing at a CAGR of 1.75% from 2023 to 2033.

Market Overview

A business jet, also known as a private jet or bizjet, is a type of jet aircraft designed to transport small groups of people, usually business executives and high-level associates. Business jets are typically designed for faster air travel and greater personal comfort than commercial aircraft, and they can be modified for other purposes such as casualty evacuation or express parcel deliveries; some are used by public bodies, government officials, VIPs, and even the military. The stable economic conditions in North America have contributed significantly to the growth of the business jet market. The region's robust economy, which is characterized by strong GDP growth and low unemployment rates, has created a favorable environment for corporate expansion and investment. The region accounted for approximately 69% of global business jet deliveries, making it the world's largest general aviation market. A steady increase in air travel in both developing and developed countries is expected to increase demand for new airports in major cities. This is due to an increase in people's overall net worth and purchasing power in the post-pandemic period. The economy is gradually flourishing and returning to pre-pandemic levels, resulting in an increase in people's net worth and a growing demand for corporate jets. The North American business jets market has experienced robust growth and innovation in recent years.

Report Coverage

This research report categorizes for the North America business jet market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America business jet market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America business jet market.

Driving Factors

Fuel cost increases, stringent government regulations, and increased awareness of environmental issues have all contributed to an increase in the number of fuel-efficient aircraft sold. Hybrid electric propulsion is an appealing technology for decarbonizing the aviation industry. These aircraft use conventional engines (reciprocating or gas generators) to achieve greater range and payload than fully electric aircraft while lowering emissions and fuel consumption. Also, they use no hydrocarbon-fueled engines during critical phases of operation, such as take-off/climb-out or approach/landing, resulting in a significant reduction in noise emissions at low altitudes, where disruptions can be bothersome.

Restraining Factors

High aircraft maintenance costs are often a barrier for both new and existing business jet operators. Aircraft maintenance entails inspections, repairs, and part replacement, which can occur frequently or unexpectedly, resulting in financial challenges.

Market Segmentation

The North America business jet market share is classified into business jet type and system

• The large business jet segment is expected to hold the largest market share through the forecast period.

The North America business jet market is segmented by business jet type into light business jet, mid-sized business jet, and large business jet. Among these, the large business jet segment is expected to hold the largest market share through the forecast period. The high demand for business travel following the pandemic. In a post-pandemic scenario, once all air travel has resumed, companies and the global economy will begin to return to growth patterns, resulting in an increase in business air travel.

• The propulsion system segment is expected to dominate the North America business jet market during the forecast period.       

Based on the system, the North America business jet market is divided into propulsion systems, aerostructures, avionics, cabin interiors, and others. Among these, the propulsion system segment is expected to dominate the North America business jet market during the forecast period. This growth can be attributed to increased demand for new business aircraft, as well as an increase in the number of private jet service providers in developed and emerging economies.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America business jet market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Bombardier Inc.
• Cirrus Design Corporation
• Dassault Aviation
• Embraer
• General Dynamics Corporation
• Honda Motor Co., Ltd.
• Pilatus Aircraft Ltd
• Textron Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In June 2023, Gulfstream Aerospace Corp. announced an expansion of its completion and outfitting operations at St. Louis Downtown Airport. With this latest expansion, Gulfstream expects to increase operations at the site while modernizing its existing spaces with new, cutting-edge equipment and tooling, totaling USD 28.5 million.

Market Segment

This study forecasts revenue at North America, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the North America business jet market based on the below-mentioned segments:

North America Business Jet Market, By Business Jet Type

• Light Business Jet
• Mid-Sized Business Jet
• Large Business Jet

North America Business Jet Market, By System

• Propulsion System
• Aerostructure
• Avionics
• Cabin Interiors
• Others