Light And Very Light Jets Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 7.20 Billion |
| Market Size (2029) | USD 12.62 Billion |
| CAGR (2024 - 2029) | 11.90 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Light And Very Light Jets Market Analysis
The Light And Very Light Jets Market size is estimated at USD 7.20 billion in 2024, and is expected to reach USD 12.62 billion by 2029, growing at a CAGR of 11.90% during the forecast period (2024-2029).
The Light and Very Light Jets Market was valued at USD 6.43 billion in 2023, and it is expected to reach USD 11.28 billion by 2028, witnessing a CAGR of 11.90% during the forecast period.
One of the key drivers is the increasing demand for cost-effective and efficient transportation options. Light and very light jets offer a more affordable alternative to traditional private jets, making them attractive to both individual buyers and commercial operators. Another driver is the growing popularity of air taxi services and on-demand charter flights. Light and very light jets are well-suited for these services, as they can operate from smaller airports and have the ability to land on shorter runways. This flexibility allows for more convenient and efficient travel, particularly in congested urban areas.
However, there are also some restraints that may hinder the growth of the light and very light jets market. One of the main challenges is the high cost of acquisition and maintenance. While these jets are cheaper than larger private jets, they still require a significant investment, which may deter some potential buyers. Additionally, regulatory restrictions and airspace congestion can limit the growth of the market.
Light And Very Light Jets Market Trends
Light Jet Segment Recorded the Highest Share
As of 2023, the market share for light jet aircraft was higher compared to the very light jet segment. The deliveries for the light jet aircraft were higher compared to the very light jets. In addition, the low price for light jets is more than USD 9 million, which is also about 2.5 times the mean price of very light jets. All these factors are responsible for the high share of the segment in the year studied. A robust overall business jet market can stimulate investments in aviation infrastructure, such as airports and FBOs, making it more convenient for light jet operators and passengers. Moreover, increased deliveries of business jets attract new entrants and investors to the market, including the very light jet segment. The larger market share of light jets can also be attributed to the evolving nature of business travel. With an emphasis on speed and convenience, businesses find light jets to be a practical solution for short to medium-haul journeys, further driving the demand for this segment. Light jets constitute 36.5% of private aircraft in the United States, 20.5% from mid-size offerings, and the last 5.5% are very light jets, such as the Embraer Phenom 100 and Cirrus Vision SF50. For instance, in June 2023, Honda planned to launch a light business jet by 2028 capable of non-stop transcontinental flight across the United States. The new jet, Honda’s fifth model, has a seating capacity of 11 passengers. It is a “light jet” weighing around 5.7 to 9.1 tons. According to the General Aviation Manufacturers Association (GAMA), business aircraft deliveries have reached 712 in 2022, an increase of 68 units from 2020. In terms of new private jets, for 2022, Textron Aviation (178) led the way, followed by Bombardier (123), Gulfstream Aerospace (120), Embraer Business Jets (102), Cirrus Aircraft (90), Pilatus Aircraft (40), Dassault Aviation FalconJet (32), Honda Aircraft Company (17), Airbus Corporate Jets (8), and Boeing Business Jets (2). The very light jet models continue to expand their presence in the market, with a 23% share in total delivered aircraft.
North America to Dominate Market Share During the Forecast Period
North America accounted for a significant market share in the forecasted period. North America is one of the premium markets for light jet operations. The region has one of the largest numbers of light and very light jet shipments by geography due to the high demand for corporate travel from the United States and Canada. North America experiences strong economic growth, which leads to increased business activity and demand for light and very light jets among businesses and high-net-worth individuals. Moreover, the United States boasts a well-developed aviation infrastructure, with numerous airports and FBOs, making it conducive for the operation of light and very light jets. For instance, as per Airbus Corporate Jets, there were to be nearly 15,000 business jets in the United States in 2022, accounting for 62.5% of the world’s fleet. Moreover, the United States has 90% jest of the North American private aviation industry. The number of people performing intercontinental business travel is high in the United States, who mostly prefer these light and very light jets. For instance, Textron Aviation announced it has entered into a purchase agreement with Exclusive Jets, LLC, operating as flyExclusive, for up to 30 Cessna Citation CJ3+ jets.
Light And Very Light Jets Industry Overview
Embraer SA, Honda Aircraft Company, Cirrus Design Corporation, Textron Inc., and Pilatus Aircraft Ltd are some of the major players in the market. The market comprises only a few players developing light and very light jets in the industry. For instance, Flexjet Inc. acquired Flying Colours Corp., an aviation maintenance, repair, and overhaul company. This acquisition expands the private jet travel industry’s most significant maintenance and product support network, with facilities in the US, Canada, and Europe supporting Flexjet’s rapidly growing fleet. New players, like Stratos Aircraft, are about to enter the market with new aircraft models, like Strats 714 and 716X. In this market, efficiency, comfort, and reliability are the main aspects that customers seek before purchasing jets. Hence, the players are working to develop new aircraft with upgraded features in this regard. For instance, in 2022, Embraer delivered 66 light jets, and Embraer increased the aircraft deliveries by 12.7% compared to 2021.
Light And Very Light Jets Market Leaders
-
Textron Inc.
-
Honda Aircraft Company, LLC
-
Cirrus Design Corporation
-
Embraer SA
-
Pilatus Aircraft Ltd.
*Disclaimer: Major Players sorted in no particular order
Light And Very Light Jets Market News
May 2023: Volato signed an agreement with Honda Aircraft Co., HACI, to deliver 23 HondaJets. This will lead to a total of 25 new aircraft for the company, in addition to the two existing jets already ordered. By the end of 2025, new HondaJets will be in service. Volato has 17 HondaJets in its fleet, which makes it one of the most technologically advanced private fleets on the market. In 2024, Volato will increase its fleet to include four G280 Gulfstream aircraft, enabling it to provide a wide range of flight options for its increasing membership and customer base.
May 2023: NetJets has given a USD 5 billion contract to Embraer for 250 Embraer Praetor 500s, along with comprehensive services and support. Deliveries of the fly-by-wire midsize jets are expected to start in 2025. Powered by a pair of Honeywell HTF7500E turbofan engines, the nine-passenger Praetor 500 has a range of 3,450 nautical miles.
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 Industry Attractiveness - 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 Aircraft Type
5.1.1 Very Light Jet
5.1.2 Light Jet
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.2 France
5.2.2.3 Germany
5.2.2.4 Italy
5.2.2.5 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.3.4 South Korea
5.2.3.5 Rest of Asia-Pacific
5.2.4 Latin America
5.2.4.1 Brazil
5.2.4.2 Mexico
5.2.4.3 Rest of Latin America
5.2.5 Middle East and Africa
5.2.5.1 United Arab Emirates
5.2.5.2 Saudi Arabia
5.2.5.3 Qatar
5.2.5.4 South Africa
5.2.5.5 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Textron Inc.
6.2.2 Embraer SA
6.2.3 Honda Aircraft Company, LLC
6.2.4 Cirrus Design Corporation
6.2.5 Pilatus Aircraft Ltd.
6.2.6 Bombardier Inc.
6.2.7 Diamond Aircraft Industries GmbH
6.2.8 Constant Aviation
6.2.9 Stratos Aircraft
6.2.10 MSC Aerospace LLC
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Light And Very Light Jets Industry Segmentation
The light and very light aircraft are designed to operate from smaller airfields and have shorter takeoff and landing distances, allowing pilots to access remote locations and navigate challenging terrain. The light and very light aircraft come in various configurations, including single-engine and multi-engine models, fixed-wing and rotary-wing designs, and hybrid electric propulsion systems. These options cater to different pilot preferences and operational requirements, allowing for increased flexibility in the market.
The Light and Very Light Jets Market is segmented by Aircraft Type (Very Light Jet and Light Jet) and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa). The report offers the market size in value terms in USD for all the abovementioned segments.
| Aircraft Type | |
| Very Light Jet | |
| Light Jet |
| Geography | |||||||
| |||||||
| |||||||
| |||||||
| |||||||
|
Light And Very Light Jets Market Research FAQs
How big is the Light And Very Light Jets Market?
The Light And Very Light Jets Market size is expected to reach USD 7.20 billion in 2024 and grow at a CAGR of 11.90% to reach USD 12.62 billion by 2029.
What is the current Light And Very Light Jets Market size?
In 2024, the Light And Very Light Jets Market size is expected to reach USD 7.20 billion.
Who are the key players in Light And Very Light Jets Market?
Textron Inc., Honda Aircraft Company, LLC, Cirrus Design Corporation, Embraer SA and Pilatus Aircraft Ltd. are the major companies operating in the Light And Very Light Jets Market.
Which is the fastest growing region in Light And Very Light Jets Market?
Middle East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Light And Very Light Jets Market?
In 2024, the North America accounts for the largest market share in Light And Very Light Jets Market.
What years does this Light And Very Light Jets Market cover, and what was the market size in 2023?
In 2023, the Light And Very Light Jets Market size was estimated at USD 6.34 billion. The report covers the Light And Very Light Jets Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Light And Very Light Jets Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Light And Very Light Jets Industry Report
Statistics for the 2024 Light And Very Light Jets market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. 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.
