A market research and strategy consulting company has estimated that the scale of the business jet market will total $41.89 billion by 2030.
The most recent evaluation, by Canadian based Emergen Research, revealed that revenues reached $28.73 billion in 2021 and are expected to register a Compound Annual Growth Rate (CAGR) of 4.2% in the course of the forecast period.
Increasing demand for sustainable aviation fuel, plus significant investments in replacing old aircraft fleets, are major aspects driving this market revenue growth.
The research revealed that manufacturer Bombardier Inc. anticipates 2,000 business jets will likely be taken out of service between 2016 and 2025, with the common age of business jets being 17 years.
Aging jets might also get replaced in the event that they are unable to maintain up with environmental rules and the efforts of many governing agencies to create a cleaner ecology.
Increasing give attention to sustainable business aviation can also be a key factor currently driving the market revenue growth.
For instance, on 18 December 2022, Rolls Royce and Gulfstream Aerospace Corp. announced that they’d taken the primary original equipment manufacturer test flight of an ultralong-range business aircraft fueled by 100% sustainable Aviation Fuel (SAF).
Despite the optimism, Emergen Research indicates there are still aspects which are restraining potential growth, including recent manufacturing challenges and delays partly production.
Since 2019, there was much uncertainty when it comes to orders for business aircraft. This market is subject to quite a few risks on account of aspects similar to the worldwide economy, the variety of hight-net-worth individuals and fuel prices, amongst others.