Market Trends of Light And Very Light Jets Industry
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.
