Asia-Pacific Light And Very Light Jets Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.91 Billion |
| Market Size (2029) | USD 3.73 Billion |
| CAGR (2024 - 2029) | 14.32 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Light And Very Light Jets Market Analysis
The Asia-Pacific Light And Very Light Jets Market size is estimated at USD 1.91 billion in 2024, and is expected to reach USD 3.73 billion by 2029, growing at a CAGR of 14.32% during the forecast period (2024-2029).
Asia-Pacific is witnessing a surge in personal travel, driven by a growing number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs). This uptick notably boosts the sales of light and very light business jets. The region's tourism growth and a rise in unscheduled flights are amplifying charter activities, notably in nations like the Philippines and Indonesia, further fueling the regional market's expansion.
Forecasts suggest the jet market will remain robust over the next decade, buoyed by escalating demand for air travel services and increasingly affordable private jet charters. Manufacturers are actively crafting cutting-edge business jets, emphasizing fuel efficiency and passenger comfort. Notably, current aircraft boasts an impressive 80% reduction in fuel consumption compared to models produced a decade ago. Business jets offer passengers various benefits over commercial flights, which include convenience, schedule flexibility, and enhanced safety. In 2023, GAMA reported 730 deliveries in the business jet category, marking a 2.5% uptick from the previous year.
A growing appetite for luxury travel and corporate jet services is shaping the market's trajectory. However, while the business aviation industry in Asia-Pacific is expanding rapidly, infrastructure growth has to keep pace. The region needs more dedicated facilities, like private jet terminals, tailored to the unique needs of private jet customers, often necessitating the use of main airport facilities.
Asia-Pacific Light And Very Light Jets Market Trends
The Light Jet Segment is Expected to Dominate the Market During the Forecast Period
The light jets segment holds a dominant position in the market and is poised to maintain this lead through the forecast period. This is primarily attributed to the segment's higher deliveries and the premium pricing of light jets compared to very light jets. Notable models such as Citation XLS+, Citation CJ4, Citation M2, Pilatus PC-24, and Embraer Phenom 300E stand out as preferred choices in the region. Australia, Japan, and the Philippines have emerged as pivotal markets, with light jets reigning supreme in their business jet fleets.
Furthermore, heightened business jet deliveries entice new players and investors and bolster interest in segments like very light jets. For instance, Honda's ambitious plan, slated for 2028, involves the launch of a light business jet capable of seamless transcontinental flights across the United States. This fifth addition to Honda's lineup boasts an 11-passenger seating capacity, firmly positioning itself in the "light jet" category, weighing 5.7 to 9.1 tons.
Light jets, with an average flight distance of 1,400 to 2,500 nautical miles and a top speed of 500 miles per hour, outshine VLJs in performance. These attributes render them ideal for two- to three-hour flights, even on intracontinental routes. Their appeal extends to small businesses, offering a cost-effective means to shuttle multiple executives across the country or to neighboring nations. The end-user demand for light jets remains robust, as evidenced by JETNET LLC's data, which indicated that as of March 2022, light jets constituted 46% of the global business jet fleet.
Australia is Anticipated to Witness Highest Growth During the Forecast Period
Australia boasts Asia-Pacific's second-largest business jet fleet, predominantly light jets. In 2023, the Australian fleet expanded, driven by the addition of light and very light jets. These jets primarily cater to domestic tourism and corporate and private travel needs. Private jet demand has seen a sharp uptick, particularly from business executives and high-net-worth individuals, drawn to private air travel's efficiency and time-saving benefits. The burgeoning industries and corporate sectors in key cities like Sydney and Melbourne have further stoked this demand.
With a rising population of high-net-worth individuals, Australia stands out globally, ranking among the top nations for millionaires per adult. Regionally, it is a prominent choice for HNWIs in Asia-Pacific. Australia's allure as a premier tourism destination, along with its significance as a business hub, has heightened the demand for private aviation services. Bolstering this trend, the country has made substantial investments in airport infrastructure, and its landscape is dotted with numerous smaller airports, ideal for light and very light jet operations.
Asia-Pacific Light And Very Light Jets Industry Overview
The market for light and very light jets is highly consolidated, with few manufacturers having the majority market share. Some of the prominent players in the market are Honda Aircraft Company, LLC, Embraer SA, Textron Inc., Pilatus Aircraft Ltd, and Bombardier Inc. Business jet manufacturers are rolling out new and advanced models, aiming to both entice fresh clientele and bolster their regional foothold. Concurrently, strategic alliances are on the rise, with companies expanding their fleets to cater to the escalating regional demand. A prime example is Luxaviation Group's collaboration with Thien Minh Group (TMG) and its subsidiary, Hai Au Aviation (HAA). Under this partnership, Luxaviation and TMG are set to share their expertise in aviation, travel, and hospitality services. Luxaviation, in turn, is expected to pledge operational support, leveraging its networks and relationships with air traffic control authorities, not just for TMG and HAA but also for its other subsidiaries.
The trend toward private and business aviation solutions is notably robust in key economic centers like Australia. Here, economic stability and a surging appetite for efficient travel options are propelling market growth. In 2022 alone, Embraer delivered 59 of these light jets globally, with a solid showing in the Asia-Pacific market.
Asia-Pacific Light And Very Light Jets Market Leaders
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Embraer SA
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Textron Inc.
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Pilatus Aircraft Ltd
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Bombardier Inc.
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Honda Aircraft Company, LLC
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Light And Very Light Jets Market News
January 2024: Adani Group announced its plans to double its business jet fleet by purchasing six Pilatus PC-24 aircraft. This strategic move is designed to bolster the conglomerate's capacity to transport its senior executives.
June 2023: Honda Aircraft Company announced the commercialization of the HondaJet 2600 Concept, an all-new light jet targeting type certification by 2028. This project aims to expand Honda's footprint in the light jet market, predominantly Asia-Pacific.
Asia-Pacific Light And Very Light Jets Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Very Light Jet
5.1.2 Light Jet
5.2 Geography
5.2.1 Asia-Pacific
5.2.1.1 China
5.2.1.2 India
5.2.1.3 Japan
5.2.1.4 Australia
5.2.1.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Honda Aircraft Company LLC
6.1.2 Cirrus Design Corporation
6.1.3 Embraer SA
6.1.4 Textron Inc.
6.1.5 ONE Aviation Corporation
6.1.6 Bombardier Inc.
6.1.7 Pilatus Aircraft Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Asia-Pacific Light And Very Light Jets Industry Segmentation
A very light jet (VLJ), or personal jet, also known as a microjet, is a category of small business jets that seat four to eight people. The Asia-Pacific light and very light jets market covers the latest trends and technological developments and analyzes various market aspects. The report includes only new deliveries of light and very light jets.
The Asia-Pacific light and very light jets market is segmented by type and geography. By type, the market is segmented into very light and light jets. The report covers the market sizes and forecasts for light and very light jets in major countries across Asia-Pacific. For each segment, the market sizes and forecasts are provided in terms of value (USD).
| Type | |
| Very Light Jet | |
| Light Jet |
| Geography | |||||||
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Asia-Pacific Light And Very Light Jets Market Research FAQs
How big is the Asia-Pacific Light And Very Light Jets Market?
The Asia-Pacific Light And Very Light Jets Market size is expected to reach USD 1.91 billion in 2024 and grow at a CAGR of 14.32% to reach USD 3.73 billion by 2029.
What is the current Asia-Pacific Light And Very Light Jets Market size?
In 2024, the Asia-Pacific Light And Very Light Jets Market size is expected to reach USD 1.91 billion.
Who are the key players in Asia-Pacific Light And Very Light Jets Market?
Embraer SA, Textron Inc., Pilatus Aircraft Ltd, Bombardier Inc. and Honda Aircraft Company, LLC are the major companies operating in the Asia-Pacific Light And Very Light Jets Market.
What years does this Asia-Pacific Light And Very Light Jets Market cover, and what was the market size in 2023?
In 2023, the Asia-Pacific Light And Very Light Jets Market size was estimated at USD 1.64 billion. The report covers the Asia-Pacific Light And Very Light Jets Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Light And Very Light Jets Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Light And Very Light Jets Industry Report
Statistics for the 2024 Asia-Pacific Light and Very Light Jets market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Light and Very Light Jets analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
