GCC Business Jet Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 0.65 Billion |
| Market Size (2029) | USD 1.14 Billion |
| CAGR (2024 - 2029) | 11.71 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
GCC Business Jet Market Analysis
The GCC Business Jet Market size is estimated at USD 0.65 billion in 2024, and is expected to reach USD 1.14 billion by 2029, growing at a CAGR of 11.71% during the forecast period (2024-2029).
The GCC countries boast a thriving business and private aviation market, primarily due to their substantial populations of high-net-worth and ultra-high-net-worth individuals (HNWIs/UHNWIs). Key sectors attracting these affluent individuals include financial services, basic materials, real estate, and transportation.
Customers' robust purchasing power, a penchant for larger, more advanced jets, and the region's strategic location, necessitating long-range jets for intercontinental travel, are the primary drivers behind the demand for large jets. Moreover, about a third of the existing business jet fleets are over a decade old, prompting operators and charter providers to embark on fleet modernization initiatives to bolster their capabilities.
As fuel prices surge, companies are bracing for heightened operating expenses. Fuel surcharges, ranging from USD 600 to over USD 1,000 per hour, are contingent on aircraft types and fuel price fluctuations. Consequently, companies are compelled to pass these costs on to consumers, raising trip prices or facing squeezed profit margins. Such dynamics pose challenges to the market's growth trajectory.
GCC Business Jet Market Trends
The Segment for Large Jets Dominates the Market During the Forecast Period
The business jet fleet in the GCC countries is dominated by long-range and ultra-long-range models, particularly in the large jet segment. This preference is primarily attributed to the region's affluent clientele, who favor the sophistication and capabilities of these large jets. Additionally, the geographical expanse of the GCC, nestled between continents, necessitates using long-range jets for seamless intercontinental travel, connecting to destinations in North America, South America, Europe, and Asia-Pacific.
Over the past three years, sales of long-range business jet models, including those from the Bombardier Global family, Gulfstream, and Boeing Business Jets, have surged in the GCC. Given the substantial fleet presence, MRO providers have reaped significant revenues from this segment. Furthermore, air charter services in the region have experienced a surge in demand for large jets over recent years. Leading business jet manufacturers, like Bombardier Inc., are capitalizing on this trend, bolstering their presence in the Middle East with offerings like the Global 7500.
Saudi Arabia is Expected to Witness Significant Growth During the Forecast Period
By December 2023, Saudi Arabia boasted the largest fleet of operational business jets in the GCC, a feat propelled by the increased number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) in the country. Notably, between 2017 and 2023, the number of UHNWIs in Saudi Arabia doubled.
As of December 2023, Saudi Arabia's business jets represented 11% of the total fleet in the Middle East and Africa. Gulfstream Aerospace Corporation, a subsidiary of General Dynamics, led the pack in terms of jet deliveries, with a 24% share, closely followed by Boeing at 21%, Airbus at 18%, and Hawker at 10%. Impressively, almost all business jets in Saudi Arabia were under full ownership.
Popular models included Gulfstream Aerospace Corporation's G650ER, Bombardier's Global 6000 and 7500, and Boeing's 737-800. With Saudi Arabia spearheading business jet activities in the GCC, the ongoing expansions at Riyadh and Jeddah airports are set to create more room for private jets, benefiting local maintenance, repair, and overhaul (MRO) and fixed base operators (FBOs). Consequently, the surge in aviation infrastructure investments is poised to enhance market prospects in the coming years.
GCC Business Jet Market Industry Overview
The GCC business jet market is moderately fragmented, with several players offering MRO, FBO, and charter services in the region, in addition to the OEMs. Gulfstream Aerospace Corporation, The Boeing Company, Bombardier Inc., Embraer SA, and Dassault Aviation SA are some of the prominent OEMs in the market. The GCC stands out as an up-and-coming market for business aviation. Notably, foreign charter providers, exemplified by NetJets Inc., are actively seeking entry, intensifying competition for local players. Market players are strategically leveraging technological advancements, spanning aircraft manufacturing, navigation, and flight support, to bolster their growth prospects. Notably, there is a rising appetite among GCC nations for new business jet models, particularly those emphasizing enhanced cabin space and extended range. Qatar Executive emerged as the global leader in operating two new Gulfstream models, the G500 and G650ER. Given the GCC's penchant for luxury, leading manufacturers such as Gulfstream, Bombardier, and Embraer are elevating their flagship offerings in terms of luxury, technology, and performance, a move poised to attract a fresh wave of customers in the coming years.
GCC Business Jet Market Leaders
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Gulfstream Aerospace Corporation
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The Boeing Company
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Bombardier Inc.
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Embraer S.A
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Dassault Aviation SA
*Disclaimer: Major Players sorted in no particular order
GCC Business Jet Market News
May 2024: Qatar Executive (QE), the business aircraft division of Qatar Airways Group, added two new Gulfstream G700 planes to its fleet. Qatar Executive became the sole global user of the state-of-the-art G700.
December 2022: Private jet service provider Alpha Star Aviation in Saudi Arabia signed a Honeywell maintenance service plan (MSP) for auxiliary power units, avionics, and mechanical components on its Gulfstream G450 fleet. Honeywell will maintain Alpha Star’s five G450s over the next five years. The company utilizes Honeywell Forge to provide a continuous flow of cabin network, satcom equipment, and ground network data.
GCC Business Jet 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 Range
5.1.1 < 3,000 nm
5.1.2 3,000 - 5,000 nm
5.1.3 > 5000 nm
5.2 Aircraft Type
5.2.1 Light Jet
5.2.2 Mid-size Jet
5.2.3 Large Jet
5.3 Country
5.3.1 Saudi Arabia
5.3.2 United Arab Emirates
5.3.3 Qatar
5.3.4 Kuwait
5.3.5 Bahrain
5.3.6 Oman
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Airbus SE
6.1.2 The Boeing Company
6.1.3 Bombardier Inc.
6.1.4 Dassault Aviation SA
6.1.5 Embraer SA
6.1.6 Gulfstream Aerospace Corporation
6.1.7 Textron Inc.
6.1.8 Empire Aviation Group
6.1.9 DC Aviation Al-Futtaim
6.1.10 Falcon Aviaton
6.1.11 Royal Jet
6.1.12 ExecuJet Aviation Group
6.1.13 Saudia Private Aviation (SPA)
6.1.14 Qatar Executive
6.1.15 VistaJet
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
GCC Business Jet Market Industry Segmentation
A business jet is specifically designed to carry limited numbers of individuals. Lately, wealthy travelers have seen a noticeable increase, leading to a strong need for private aviation services and the purchase of upgraded business aircraft globally. Moreover, fleet modernization initiatives from both advanced and developing nations are expected to boost fleet capabilities and create a need for new charter services.
The GCC business jet market is segmented by range, aircraft type, and geography. By range, the market is segmented into less than 3,000 nm, between 3,000 and 5,000 nm, and above 5,000 nm. By aircraft type, the market is segmented into light jet, mid-sized jet, and large jet. The report also offers the market sizes and forecasts for six countries across the region. For each segment, the market size is provided in terms of value (USD).
| Range | |
| < 3,000 nm | |
| 3,000 - 5,000 nm | |
| > 5000 nm |
| Aircraft Type | |
| Light Jet | |
| Mid-size Jet | |
| Large Jet |
| Country | |
| Saudi Arabia | |
| United Arab Emirates | |
| Qatar | |
| Kuwait | |
| Bahrain | |
| Oman |
GCC Business Jet Market Research FAQs
How big is the GCC Business Jet Market?
The GCC Business Jet Market size is expected to reach USD 0.65 billion in 2024 and grow at a CAGR of 11.71% to reach USD 1.14 billion by 2029.
What is the current GCC Business Jet Market size?
In 2024, the GCC Business Jet Market size is expected to reach USD 0.65 billion.
Who are the key players in GCC Business Jet Market?
Gulfstream Aerospace Corporation, The Boeing Company, Bombardier Inc., Embraer S.A and Dassault Aviation SA are the major companies operating in the GCC Business Jet Market.
What years does this GCC Business Jet Market cover, and what was the market size in 2023?
In 2023, the GCC Business Jet Market size was estimated at USD 0.57 billion. The report covers the GCC Business Jet Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the GCC Business Jet Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
GCC Business Jet Industry Report
Statistics for the 2024 GCC Business Jet market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. GCC Business Jet analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
GCC Business Jet Market Report Snapshots
