North America Business Jet Market Size
| Icons | Lable | Value |
|---|---|---|
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 16.31 Billion |
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Market Size (2030) | USD 18.05 Billion |
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Largest Share by Body Type | Large Jet |
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CAGR (2024 - 2030) | 1.70 % |
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Largest Share by Country | United States |
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Market Concentration | High |
Major Players |
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*Disclaimer: Major Players sorted in alphabetical order. |
North America Business Jet Market Analysis
The North America Business Jet Market size is estimated at 16.31 billion USD in 2024, and is expected to reach 18.05 billion USD by 2030, growing at a CAGR of 1.70% during the forecast period (2024-2030).
16.3 B
Market Size in 2024 (USD)
18.1 B
Market Size in 2030 (USD)
3482
Total Deliveries in the Historic Period (2017-2023)
3805
Total Deliveries during the Forecast Period (2024-2030)
Largest Market by Body Type
79.63 %
value share, Large Jet, 2023
The increasing number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) is driving the demand for large business jets.
Fastest-growing Market by Body Type
1.93 %
Projected CAGR, Mid-Size Jet, 2024-2030
Regional air travel and the capability to access remote airports/locations are making mid-size jets more attractive to customers, driving the demand.
Largest Market by Country
94.01 %
value share, United States, 2023
A strong economy and the procurement and usage of business jets by various sectors/individuals are leading to the growth of the business jet market in the country.
Leading Market Player
37.35 %
market share, General Dynamics Corporation, 2022
Gulfstream Aerospace, which is a subsidiary of General Dynamics, provides a wide range of business jets in the region, which makes it a leading player.
Second Leading Market Player
25.31 %
market share, Bombardier Inc., 2022
The company is the second leading player in the market with a wide range of technologically innovative and advanced products, along with a strong customer support network.
Increase in business travel flight hours after the pandemic generated a high demand for business jets
- The North American business jets market has experienced robust growth and innovation in recent years, particularly in large, light, and mid-size jets. The region accounted for around 69% of the global business jet deliveries in 2022, making it the biggest general aviation market globally.
- Among all the jets, the light jet category accounted for the largest share, with over 43% of the deliveries in 2022 in the North American region. An increase in business travel flight hours after the pandemic generated a high demand for regional business jets.
- During the COVID-19 pandemic in 2020, the light jet category was the least impacted business jets in this region, with a decline of 17.8% compared with the mid-size 35.3% and large jets 21.5%, respectively. This is due to the consistent demand for light jets, with clients prioritizing light jets over other mid-size and large jets.
- During the historic period, Textron Aviation became the leading player in deliveries with 980 aircraft, while Gulfstream Aerospace was in the second position with 591 deliveries. Cirrus Aircraft, Embraer, and Bombardier were the other major market players, accounting for 40% of the share in the historic period. Regarding the operational business jets, Textron Aviation became the leading player in deliveries with 6,693 aircraft, followed by Gulfstream Aerospace with 2,354 deliveries. Embraer, Dassualt Aviation, Bombardier, and Learjet were the other major market players, accounting for 35% of the fleet as of December 2022. Overall, the demand is anticipated to be driven by the North American market for businesses and individuals seeking efficient and customized air transportation solutions, and 1,749 large jets are expected to be procured to meet the demand for these jets during the forecast period.
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Increasing preferences for private travel and the rising HNWI population are driving the demand for business jets in the region
- North America's stable economic conditions have played a crucial role in the growth of the business jet market. The region's robust economy, characterized by strong GDP growth and low unemployment rates, created a conducive corporate expansion and investment environment. North America’s HNWI wealth grew by almost 5% in 2022 compared to 2021. North America recorded the most significant rise in the ultra-wealthy population, which recorded 66% of the global HNWI population.
- The North American region accounts for the highest number of private jets globally, and the United States accounts for around 90% of the total jet fleet globally, making it the most dominating market in terms of volume and value. Mexico and Canada accounted for 6% and 3% of the operational fleet in the region, respectively, in December 2022.
- The overall aircraft deliveries in the business aviation sector were affected during the COVID-19 pandemic, and the growth in 2020 declined by 22%. The reduction in North America's economic activities and travel-related restrictions affected the demand for business jets in the region. There has been a shift toward private flying as it is considered a safer means of transportation among the ultra-wealthy population, which aided in procuring business jets in the region. However, the region’s economic recovery was faster than expected, and in 2022, the region recorded a growth of 8% compared to 2020. This led to an increase in the purchase plans of first-time buyers and is anticipated to double the region's business jet fleet size during the forecast period. The change in purchasing habits driven by the COVID-19 pandemic is expected to drive the growth of the market, and during 2023-2030, the procurement of business jets is expected to rise by 4,314.
North America Business Jet Market Trends
Rise in the HNWI population is acting as the major growth driver for the market
- Individuals with liquid financial assets over USD 1 million are termed as HNWIs, and those with a net worth of at least USD 30 million are termed as UHNWIs. Due to the rising equity markets and government stimulus, in 2022, the region overtook Europe and Asia-Pacific to lead the total HNWI population. North America’s HNWI wealth grew by almost 4% in 2022 compared to 2021. The leading position of North America in terms of the number and assets of HNWIs is mostly attributed to the United States. North America recorded the most significant rise in the ultrawealthy population, which recorded 49% of the global HNWI population in 2022.
- HNWIs often own private jets for personal or business travel. Although North America accounts for almost 70% of private jets globally, it lags in terms of private jets present as a percentage of its super-rich population compared to Latin America and Africa. As of December 2022, there were around 16,524 registered private aircraft in North America, of which the United States accounted for almost 91%, followed by Mexico and Canada, with 6% and 3%, respectively.
- Sustainable investing (SI) is attracting more attention and providing businesses with a high-potential engagement opportunity. In the ultra-HNWI segment, SI is rapidly gaining traction. For instance, about 40% of ultra-HNWIs are willing to invest money in sustainability, compared to 27% of HNWIs who expressed interest in SI products. Furthermore, in 2021 and 2022, there was an increase in the demand for aircraft ownership in the United States, driven by health considerations during the pandemic and a surge in global wealth in the financial markets. This trend is strengthened with capital raising and Initial Public Offering (IPO) activities and boosted by supportive public market valuations.
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North America Business Jet Industry Overview
The North America Business Jet Market is fairly consolidated, with the top five companies occupying 86.46%. The major players in this market are Bombardier Inc., Dassault Aviation, Embraer, General Dynamics Corporation and Textron Inc. (sorted alphabetically).
North America Business Jet Market Leaders
Bombardier Inc.
Dassault Aviation
Embraer
General Dynamics Corporation
Textron Inc.
Other important companies include Cirrus Design Corporation, Honda Motor Co., Ltd., Pilatus Aircraft Ltd.
*Disclaimer: Major Players sorted in alphabetical order.
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North America Business Jet Market News
- October 2023: Textron Aviation announced that it entered a purchase agreement with Fly Alliance for up to 20 Cessna Citation business jets, with options for 16 additional aircraft. Fly Alliance is expected to use the aircraft for its luxury private jet charter operations. It expected the delivery of the first aircraft, an XLS Gen2, in 2023.
- June 2023: Gulfstream Aerospace Corp. announced further expansion of its completions and outfitting operations at St. Louis Downtown Airport. With this latest expansion, Gulfstream expects to increase operations at the site while modernizing its existing spaces by adding new, state-of-the-art equipment and tooling, representing a total capital investment of USD 28.5 million.
- June 2023: Gulfstream Aerospace Corp. announced the super-midsize Gulfstream G280 has been cleared for operations at France’s Airport of the Gulf of Saint-Tropez located in La Môle. The aircraft recently flew several takeoff and landing demonstrations at the short-field airport.
Free with this Report
We provide a complimentary and exhaustive set of data points on global and regional metrics that present the fundamental structure of the industry. Presented in the form of 45+ free charts, the section covers data on commercial aircraft deliveries by manufacturer, backlogs of commercial aircraft, active military aircraft fleet by type of aircraft, overall business jets and helicopters fleet by manufacturer and also classified by type of ownership.
North America Business Jet Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. High-net-worth Individual (hnwi)
2.2. Regulatory Framework
2.3. Value Chain Analysis
3. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
3.1. Body Type
3.1.1. Large Jet
3.1.2. Light Jet
3.1.3. Mid-Size Jet
3.2. Country
3.2.1. Canada
3.2.2. Mexico
3.2.3. United States
3.2.4. Rest of North America
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles
4.4.1. Bombardier Inc.
4.4.2. Cirrus Design Corporation
4.4.3. Dassault Aviation
4.4.4. Embraer
4.4.5. General Dynamics Corporation
4.4.6. Honda Motor Co., Ltd.
4.4.7. Pilatus Aircraft Ltd
4.4.8. Textron Inc.
5. KEY STRATEGIC QUESTIONS FOR AVIATION CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter’s Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- POPULATION OF HIGH-NET-WORTH INDIVIDUAL (HNWI) BY COUNTRY, NUMBER OF HNWIS, NORTH AMERICA, 2017 - 2030
- Figure 2:
- NUMBER OF NEW AIRCRAFT DELIVERIES, VOLUME, NORTH AMERICA, 2017 - 2030
- Figure 3:
- NUMBER OF NEW AIRCRAFT DELIVERIES, USD, NORTH AMERICA, 2017 - 2030
- Figure 4:
- BUSINESS JETS DELIVERIES BY BODY TYPE, VOLUME, NORTH AMERICA, 2017 - 2030
- Figure 5:
- BUSINESS JETS DELIVERIES BY BODY TYPE, USD, NORTH AMERICA, 2017 - 2030
- Figure 6:
- BUSINESS JETS DELIVERIES BY BODY TYPE, VOLUME %, NORTH AMERICA, 2017 VS 2023 VS 2030
- Figure 7:
- BUSINESS JETS DELIVERIES BY BODY TYPE, VALUE %, NORTH AMERICA, 2017 VS 2023 VS 2030
- Figure 8:
- NORTH AMERICA BUSINESS JET MARKET, BY LARGE JET, UNITS, 2017 - 2030
- Figure 9:
- NORTH AMERICA BUSINESS JET MARKET, BY LARGE JET, USD, 2017 - 2030
- Figure 10:
- NORTH AMERICA BUSINESS JET MARKET, BY BODY TYPE, USD, %, 2023 VS 2030
- Figure 11:
- NORTH AMERICA BUSINESS JET MARKET, BY LIGHT JET, UNITS, 2017 - 2030
- Figure 12:
- NORTH AMERICA BUSINESS JET MARKET, BY LIGHT JET, USD, 2017 - 2030
- Figure 13:
- NORTH AMERICA BUSINESS JET MARKET, BY BODY TYPE, USD, %, 2023 VS 2030
- Figure 14:
- NORTH AMERICA BUSINESS JET MARKET, BY MID-SIZE JET, UNITS, 2017 - 2030
- Figure 15:
- NORTH AMERICA BUSINESS JET MARKET, BY MID-SIZE JET, USD, 2017 - 2030
- Figure 16:
- NORTH AMERICA BUSINESS JET MARKET, BY BODY TYPE, USD, %, 2023 VS 2030
- Figure 17:
- BUSINESS JETS DELIVERIES BY COUNTRY, VOLUME, NORTH AMERICA, 2017 - 2030
- Figure 18:
- BUSINESS JETS DELIVERIES BY COUNTRY, USD, NORTH AMERICA, 2017 - 2030
- Figure 19:
- BUSINESS JETS DELIVERIES BY COUNTRY, VOLUME %, NORTH AMERICA, 2017 VS 2023 VS 2030
- Figure 20:
- BUSINESS JETS DELIVERIES BY COUNTRY, VALUE %, NORTH AMERICA, 2017 VS 2023 VS 2030
- Figure 21:
- NORTH AMERICA BUSINESS JET MARKET, BY CANADA, UNITS, 2017 - 2030
- Figure 22:
- NORTH AMERICA BUSINESS JET MARKET, BY CANADA, USD, 2017 - 2030
- Figure 23:
- BUSINESS JETS DELIVERIES SHARE, VALUE, %, CANADA, 2023 VS 2030
- Figure 24:
- NORTH AMERICA BUSINESS JET MARKET, BY MEXICO, UNITS, 2017 - 2030
- Figure 25:
- NORTH AMERICA BUSINESS JET MARKET, BY MEXICO, USD, 2017 - 2030
- Figure 26:
- BUSINESS JETS DELIVERIES SHARE, VALUE, %, MEXICO, 2023 VS 2030
- Figure 27:
- NORTH AMERICA BUSINESS JET MARKET, BY UNITED STATES, UNITS, 2017 - 2030
- Figure 28:
- NORTH AMERICA BUSINESS JET MARKET, BY UNITED STATES, USD, 2017 - 2030
- Figure 29:
- BUSINESS JETS DELIVERIES SHARE, VALUE, %, UNITED STATES, 2023 VS 2030
- Figure 30:
- NORTH AMERICA BUSINESS JET MARKET, BY REST OF NORTH AMERICA, UNITS, 2017 - 2030
- Figure 31:
- NORTH AMERICA BUSINESS JET MARKET, BY REST OF NORTH AMERICA, USD, 2017 - 2030
- Figure 32:
- BUSINESS JETS DELIVERIES SHARE, VALUE, %, REST OF NORTH AMERICA, 2023 VS 2030
- Figure 33:
- MOST ACTIVE COMPANIES, NUMBER OF STRATEGIC MOVES, NORTH AMERICA, 2018-2023
- Figure 34:
- MOST ADOPTED STRATEGIES, COUNT, NORTH AMERICA, 2018 - 2023
- Figure 35:
- MAJOR PLAYERS REVENUE SHARE (%), NORTH AMERICA, 2023
North America Business Jet Industry Segmentation
Large Jet, Light Jet, Mid-Size Jet are covered as segments by Body Type. Canada, Mexico, United States are covered as segments by Country.
- The North American business jets market has experienced robust growth and innovation in recent years, particularly in large, light, and mid-size jets. The region accounted for around 69% of the global business jet deliveries in 2022, making it the biggest general aviation market globally.
- Among all the jets, the light jet category accounted for the largest share, with over 43% of the deliveries in 2022 in the North American region. An increase in business travel flight hours after the pandemic generated a high demand for regional business jets.
- During the COVID-19 pandemic in 2020, the light jet category was the least impacted business jets in this region, with a decline of 17.8% compared with the mid-size 35.3% and large jets 21.5%, respectively. This is due to the consistent demand for light jets, with clients prioritizing light jets over other mid-size and large jets.
- During the historic period, Textron Aviation became the leading player in deliveries with 980 aircraft, while Gulfstream Aerospace was in the second position with 591 deliveries. Cirrus Aircraft, Embraer, and Bombardier were the other major market players, accounting for 40% of the share in the historic period. Regarding the operational business jets, Textron Aviation became the leading player in deliveries with 6,693 aircraft, followed by Gulfstream Aerospace with 2,354 deliveries. Embraer, Dassualt Aviation, Bombardier, and Learjet were the other major market players, accounting for 35% of the fleet as of December 2022. Overall, the demand is anticipated to be driven by the North American market for businesses and individuals seeking efficient and customized air transportation solutions, and 1,749 large jets are expected to be procured to meet the demand for these jets during the forecast period.
| Body Type | |
| Large Jet | |
| Light Jet | |
| Mid-Size Jet |
| Country | |
| Canada | |
| Mexico | |
| United States | |
| Rest of North America |
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Market Definition
- Aircraft Type - General Aviation includes aircraft used for corporate aviation, business aviation and other aerial works.
- Sub-Aircraft Type - Business Jets which are private jets and are designed to carry small groups of people and are used for various roles are included in this study.
- Body Type - Light Jets, Mid-Size Jets, and Large Jets according to their ability to carry passengers and flying distance ranges have been included under this study.
| Keyword | Definition |
|---|---|
| IATA | IATA stands for the International Air Transport Association, a trade organization composed of airlines around the world that has an influence over the commercial aspects of flight. |
| ICAO | ICAO stands for International Civil Aviation Organization, a specialized agency of the United Nations that supports aviation and navigation around the globe. |
| Air Operator Certificate (AOC) | A certificate granted by a National Aviation Authority permitting the conduct of commercial flying activities. |
| Certificate Of Airworthiness (CoA) | A Certificate Of Airworthiness (CoA) is issued for an aircraft by the civil aviation authority in the state in which the aircraft is registered. |
| Gross Domestic Product (GDP) | Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period by countries. |
| RPK (Revenue Passenger Kilometres) | The RPK of an airline is the sum of the products obtained by multiplying the number of revenue passengers carried on each flight stage by the stage distance - it is the total number of kilometers traveled by all revenue passengers. |
| Load Factor | The load factor is a metric used in the airline industry that measures the percentage of available seating capacity that has been filled with passengers. |
| Original Equipment Manufacturer (OEM) | An original equipment manufacturer (OEM) traditionally is defined as a company whose goods are used as components in the products of another company, which then sells the finished item to users. |
| International Transportation Safety Association (ITSA) | International Transportation Safety Association (ITSA) is an international network of heads of independent safety investigation authorities (SIA). |
| Available Seats Kilometre (ASK) | This metric is calculated by multiplying Available Seats (AS) in one flight, defined above, multiplied by the distance flown. |
| Gross Weight | The fully-loaded weight of an aircraft, also known as “takeoff weight,” which includes the combined weight of passengers, cargo, and fuel. |
| Airworthiness | The ability of an aircraft, or other airborne equipment or system, to operate in flight and on the ground without significant hazard to aircrew, ground crew, passengers or to other third parties. |
| Airworthiness Standards | Detailed and comprehensive design and safety criteria applicable to the category of aeronautical product (aircraft, engine or propeller). |
| Fixed Base Operator (FBO) | A business or organization that operates at an airport. An FBO provides aircraft operating services like maintenance, fueling, flight training, charter services, hangaring, and parking. |
| High Net worth Individuals (HNWIs) | High Net worth Individuals (HNWIs) are individuals with over USD 1 million in liquid financial assets. |
| Ultra High Net worth Individuals (UHNWIs) | Ultra High Net worth Individuals (UHNWIs) are individuals with over USD 30 million in liquid financial assets. |
| Federal Aviation Administration (FAA) | The division of the Department of Transportation is concerned with aviation. It operates Air Traffic Control and regulates everything from aircraft manufacturing to pilot training to airport operations in the United States. |
| EASA (European Aviation Safety Agency) | The European Aviation Safety Agency is a European Union agency established in 2002 with the task of overseeing civil aviation safety and regulation. |
| Airborne Warning and Control System (AW&C) aircraft | Airborne Warning and Control System (AEW&C) aircraft is equipped with a powerful radar and on-board command and control center to direct the armed forces. |
| The North Atlantic Treaty Organization (NATO) | The North Atlantic Treaty Organization (NATO), also called the North Atlantic Alliance, is an intergovernmental military alliance between 30 member states – 28 European and two North American. |
| Joint Strike Fighter (JSF) | Joint Strike Fighter (JSF) is a development and acquisition program intended to replace a wide range of existing fighter, strike, and ground attack aircraft for the United States, the United Kingdom, Italy, Canada, Australia, the Netherlands, Denmark, Norway, and formerly Turkey. |
| Light Combat Aircraft (LCA) | A light combat aircraft (LCA) is a light, multirole jet/turboprop military aircraft, commonly derived from advanced trainer designs, designed for engaging in light combat. |
| Stockholm International Peace Research Institute (SIPRI) | Stockholm International Peace Research Institute (SIPRI) is an international institute that provides data, analysis, and recommendations for armed conflict, military expenditure, and arms trade as well as disarmament and arms control. |
| Maritime Patrol Aircraft (MPA) | A maritime patrol aircraft (MPA), also known as maritime reconnaissance aircraft is a fixed-wing aircraft designed to operate for long durations over water in maritime patrol roles, in particular, anti-submarine warfare (ASW), anti-ship warfare (AShW), and search and rescue (SAR). |
| Mach Number | The Mach number is defined as the ratio of true airspeed to the speed of sound at the altitude of a given aircraft. |
| Stealth Aircraft | Stealth is a Common term applied to low observable (LO) technology and doctrine, that makes an aircraft near invisible to radar, infrared or visual detection. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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