Market Size of europe business jet Industry
| Icons | Lable | Value |
|---|---|---|
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 4.60 Billion |
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Market Size (2030) | USD 7.08 Billion |
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Largest Share by Body Type | Large Jet |
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CAGR (2024 - 2030) | 7.46 % |
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Largest Share by Country | UK |
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Market Concentration | High |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Europe Business Jet Market Analysis
The Europe Business Jet Market size is estimated at 4.60 billion USD in 2024, and is expected to reach 7.08 billion USD by 2030, growing at a CAGR of 7.46% during the forecast period (2024-2030).
4.6 B
Market Size in 2024 (USD)
7.1 B
Market Size in 2030 (USD)
797
Total Deliveries in the Historic Period (2017-2023)
1120
Total Deliveries during the Forecast Period (2024-2030)
Largest Market by Body Type
84.90 %
value share, Large Jet, 2023
The increasing popularity of large jets because of their comfort and convenience and ability to travel long distances is projected to drive the demand for large jets in the region.
Fastest-growing Market by Body Type
7.64 %
Projected CAGR, Large Jet, 2024-2030
Regional air travel and the capability to access remote airports/locations are making the mid-size jets more attractive to customers, therefore driving the demand for the market.
Largest Market by Country
13.44 %
value share, UK, 2023
The procurement of large jets by various companies or individuals across various sectors drives the market's growth in the country.
Leading Market Player
43.19 %
market share, Bombardier Inc., 2022
The company's focus on new product development in various types of business jet segments enables it to be one of the leading players.
Second Leading Market Player
20.17 %
market share, General Dynamics Corporation, 2022
The company's strongest and most advanced fleet of different types of business jets is prompting customers to procure more jets, enabling the company to gain the second-highest market share.
Increase in business travel flight hours after the pandemic generated a high demand for business jets
- Business jets offer European executives and corporations direct access to smaller airports and avoid the time-consuming processes associated with commercial flights. These jets enable busy executives to maximize their productivity and reduce travel-related disruptions. The COVID-19 pandemic adversely impacted business jet deliveries in the region, with a decline of 26% in 2020 compared to 2021. There has been a shift toward private flying as a safer mode of transportation among the HNWI population in the region, aiding in procuring business jets. However, the market gradually recovered from the pandemic, and in 2022, the region recorded 34% growth compared to 2020.
- In terms of deliveries, during 2017-2022, the large jet segment dominated the region with 53% of the share, followed by light and mid-size jets with 35% and 12%, respectively. During the same period, the OEM that delivered most of the business jets was Embraer, with 11% of the total jets delivered in the region, followed by Cessna with 10% of jets delivered, Bombardier delivered 9% of the jets, and Gulfstream delivered 7% of the jets.
- Cessna was the leading OEM, with 30% of the current operational fleet size, followed by Bombardier and Dassault, with 19% and 14%, respectively, in the European business jet fleet as of December 2022. The surge in UHNWI individuals in the region is expected to aid the business jet segment. Around 1,244 aircraft are expected to be delivered between 2023 and 2030.
Understand The Key Trends Shaping This Market
An increase in new memberships and rising HNWI wealth in the region is driving the demand for business jets in the region
- As a hub for global finance, commerce, and tourism, Europe's dynamic business landscape relies heavily on the efficiency, flexibility, and luxury that business jets provide. As of December 2022, Europe accounted for around 12% of the global business jet fleet, with Germany leading the region with 18% of the total European business jet fleet, followed by the United Kingdom and France, with around 11% and 9%. There has been a shift toward private flying as a safer mode of transportation among the HNWI population in the region, aiding in procuring business jets. However, with the rapid vaccination rates and opening of borders, in 2022, a growth of 28% was recorded compared to 2020.
- In 2023, air charter service providers witnessed high demand in the European region and a surge in new memberships for business aviation. In May 2023, VistaJet International recently introduced its VJ25 program to Europe, the Middle East, and Africa. Aimed at travelers with flexible schedules flying 25 to 49 hours per year and offered as a three-year subscription, VJ25 provides guaranteed on-demand access to the Vista fleet of more than 360 aircraft worldwide, including its flagship ultra-long-range Bombardier Global 7500.
- Business jet demand in Europe continued to be affected by the COVID-19 pandemic and the Russia-Ukraine conflict, especially for medium and long-haul flights, as travel restrictions to many regions and countries remained in place during much of 2022. The Y-o-Y fleet growth and an increasing number of long-range and very light jets are signs of increased demand for European operators to use business jets inside Europe and on flights to destinations outside the region. During the forecast period, around 1,244 jets are expected to be procured.
Europe Business Jet Industry Segmentation
Large Jet, Light Jet, Mid-Size Jet are covered as segments by Body Type. France, Germany, Italy, Netherlands, Russia, Spain, UK are covered as segments by Country.
- Business jets offer European executives and corporations direct access to smaller airports and avoid the time-consuming processes associated with commercial flights. These jets enable busy executives to maximize their productivity and reduce travel-related disruptions. The COVID-19 pandemic adversely impacted business jet deliveries in the region, with a decline of 26% in 2020 compared to 2021. There has been a shift toward private flying as a safer mode of transportation among the HNWI population in the region, aiding in procuring business jets. However, the market gradually recovered from the pandemic, and in 2022, the region recorded 34% growth compared to 2020.
- In terms of deliveries, during 2017-2022, the large jet segment dominated the region with 53% of the share, followed by light and mid-size jets with 35% and 12%, respectively. During the same period, the OEM that delivered most of the business jets was Embraer, with 11% of the total jets delivered in the region, followed by Cessna with 10% of jets delivered, Bombardier delivered 9% of the jets, and Gulfstream delivered 7% of the jets.
- Cessna was the leading OEM, with 30% of the current operational fleet size, followed by Bombardier and Dassault, with 19% and 14%, respectively, in the European business jet fleet as of December 2022. The surge in UHNWI individuals in the region is expected to aid the business jet segment. Around 1,244 aircraft are expected to be delivered between 2023 and 2030.
| Body Type | |
| Large Jet | |
| Light Jet | |
| Mid-Size Jet |
| Country | |
| France | |
| Germany | |
| Italy | |
| Netherlands | |
| Russia | |
| Spain | |
| UK | |
| Rest of Europe |
Need A Different Region Or Segment?
Europe Business Jet Market Size Summary
The European business jet market is poised for significant growth, driven by the region's robust economic landscape and the increasing demand for efficient, flexible travel solutions. Business jets offer a strategic advantage for European executives and corporations by providing direct access to smaller airports and minimizing the time-consuming processes associated with commercial flights. This mode of transportation has become particularly appealing to high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) in the region, who seek safer and more convenient travel options. The market experienced a temporary setback due to the COVID-19 pandemic, which led to a decline in business jet deliveries. However, the market has shown resilience, with a notable recovery and growth in subsequent years. The large jet segment has dominated deliveries, with key original equipment manufacturers (OEMs) like Embraer, Cessna, Bombardier, and Gulfstream leading the market.
Europe's position as a global hub for finance, commerce, and tourism underscores the importance of business jets in facilitating seamless travel across the continent and beyond. The region accounts for a significant portion of the global business jet fleet, with Germany, the United Kingdom, and France being the leading countries in terms of fleet size. The presence of a substantial number of HNWIs and UHNWIs, particularly in these countries, is a major driver of demand for business jets. The market is characterized by a high level of consolidation, with a few major players dominating the landscape. Recent developments, such as new aircraft deliveries and expansions in completions and outfitting operations, highlight the ongoing investment and innovation within the industry. Despite challenges posed by geopolitical tensions and economic uncertainties, the European business jet market is expected to continue its growth trajectory, supported by the increasing need for private and efficient travel solutions.
Europe Business Jet Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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1.1 Body Type
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1.1.1 Large Jet
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1.1.2 Light Jet
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1.1.3 Mid-Size Jet
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1.2 Country
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1.2.1 France
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1.2.2 Germany
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1.2.3 Italy
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1.2.4 Netherlands
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1.2.5 Russia
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1.2.6 Spain
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1.2.7 UK
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1.2.8 Rest of Europe
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Europe Business Jet Market Size FAQs
How big is the Europe Business Jet Market?
The Europe Business Jet Market size is expected to reach USD 4.60 billion in 2024 and grow at a CAGR of 7.46% to reach USD 7.08 billion by 2030.
What is the current Europe Business Jet Market size?
In 2024, the Europe Business Jet Market size is expected to reach USD 4.60 billion.
