Research and consulting firm MarketsandMarkets has released a forecast projecting the global business jet market to grow from an estimated $95.80 billion in 2024 to $156.99 billion by 2032.
According to MarketandMarkets’ report published Wednesday, the business jet market is projected to see a compound annual growth rate (CAGR) of 6.4 percent over the forecast period. Most of this global growth is expected to come from the North America region.
The report comes during a cooling-off period in the 2025 business jet market attributed to a drop in post-pandemic volatility.
MarketsandMarkets stated that North America saw the highest market share of business jets in 2024, followed by Latin America.
The report stated that most point-of-sale volume in North America that year came from pre-owned jets, followed by aftermarket, then OEMs. Light aircraft made up the largest share of the categories generating value in the North American market.
Light aircraft types seeing ongoing popularity is forecasted to continue trending.
“Light aircraft is expected to have the second highest CAGR in the business jet market, which is largely attributed to the lower acquisition and operating cost,” MarketsandMarkets said in a news release. “The light private jets are ideally used for short regional flights due to their balance between cost and convenience…The growing interest in hybrid [and] electric aircraft will further increase the demand for light business jets, [and] most of the aircraft have a seating capacity less than [four] passengers.”
By point of sale, the OEM segment is also projected to have the second-highest CAGR during the forecast period. Leading companies named in the report include Gulfstream Aerospace (U.S.), Bombardier (Canada), Textron Aviation (U.S.), Embraer (Brazil), and Dassault Aviation (France).
“[The] OEM segment [forecast]…is largely attributed to the high demand for customization, need for latest technology, and comprehensive warranties,” MarketsandMarkets said. “Business jet manufacturers have been [developing] new models with latest avionics, design, and state-of-art technology to attract the [high net worth individuals], corporations, and governments…Launch of newer models by the manufacturers, such as Falcon 10X by Dassault Aviation, expected to be in service by 2025, Bombardier Global 8000, expected to be service in 2025, and Gulfstream G800, expected to be in service in 2024, are also boosting the growth of OEM market segment.”
