Pune, India, July 05, 2021 (GLOBE NEWSWIRE) — The global business jet market size is set to gain impetus from the increasing demand for in-flight 4G & 5G networks in cabin interiors. Hence, several business jet operators are striving to procure Gogo Avance L5, a provider of excellent 4G inflight experience. In April 2021, for instance, Duncan Aviation announced that it is planning to install the 250th Gogo Avance L5 in-flight airborne connectivity system at its Lincoln facility. This information is given by Fortune Business Insights™ in a report, titled, “Business Jet Market, 2021-2028.” As per the report, the market size is projected to grow from USD 25.87 billion in 2021 to USD 36.94 billion by 2028 at a CAGR of 5.22% in the forecast period. It stood at USD 24.21 billion in 2020.
Manufacturers Strive to Establish Alternative Supply Chain to Lower Effects of COVID-19
The COVID-19 pandemic has severely impacted the aviation industry worldwide. To cope up with various challenges, manufacturers are planning to design new safety norms for maintaining social distancing even during the post-COVID-19 era. JSX Air, a private jet operator with fixed based operators (FBO), for instance, has started following stringent air travel guidelines to curb transmission. Besides, government bodies of various countries are articulating multiple solutions to prevent disruptions in supply chains. Quadrilateral Security Dialogue (QUAD/QSD), for instance, declared its plan to develop an alternative supply chain process to keep trade activities going smoothly in the business jet industry.
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List of Top 12 business jet market manufacturers operating globally are:
- Airbus SE (Leiden, the Netherlands)
- The Boeing Company (Illinois, the U.S.)
- Bombardier, Inc. (Montreal, Canada)
- Embraer SA (State of São Paulo, Brazil)
- Textron Inc. (Rhode Island, the U.S.)
- GulfstreamAerospace (Georgia, the U.S.)
- Dassault Aviation (Paris, France)
- Cessna Aircraft Company (Kansas, the U.S.)
- Hondajet (North Carolina, the U.S.)
- Eviation Aircraft (Israel)
- Joby Aviation (California, the U.S.)
- Zunum Aero (Washington, the U.S.)
Operators Segment to Dominate Fueled by High Demand for Service-based Operators
Based on the end-use, the market is segregated into private and operators. Out of these, the operators segment generated 66.34% in terms of the business jet market share in 2020. The high demand for service-based operators in countries, such as Singapore, China, U.A.E, and the U.S. would propel this segment's growth.
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