Southeast Asia Business Jet Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 320.32 Million |
| Market Size (2029) | USD 657.46 Million |
| CAGR (2024 - 2029) | 15.47 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Southeast Asia Business Jet Market Analysis
The Southeast Asia Business Jet Market size is estimated at USD 320.32 million in 2024, and is expected to reach USD 657.46 million by 2029, growing at a CAGR of 15.47% during the forecast period (2024-2029).
Southeast Asian countries are emerging as premier global tourist destinations. New charter and private travel operators are entering the scene. Many of these operators are unveiling fresh charter routes in the region, spurring a heightened demand for fuel-efficient business jets throughout the forecast period.
In recent years, the region has seen a significant uptick in high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs). This surge is anticipated to fuel the appetite for business and private travel, consequently boosting the acquisition of private jets with upgraded cabin interiors. Furthermore, infrastructure projects bolster the charter jet services sector's expansion. Numerous regional airports have designated exclusive spaces for private and charter jet operations, and countries are rolling out new business aviation facilities as part of their airport expansion initiatives.
As fuel prices climb, companies are bracing for heightened operating expenses. Fuel surcharges vary from USD 600 to well over USD 1,000 per hour, depending on aircraft types and fuel price fluctuations. To offset these costs, companies can either pass them on to consumers, thereby increasing trip costs or absorb them and potentially shrink their profit margins.
Southeast Asia Business Jet Market Trends
Large Jets to Dominate the Market
The large jets segment currently dominates the market, a trend set to persist through the forecast period. This dominance is fueled by a heightened demand for ultralong-range jets, driven by private and charter companies focusing on business and leisure travel. Notable aircraft in this segment include Dassault's Falcon 7X/8X, ACJ 319, ACJ320neo, BBJ MAX 8, BBJ 787-9, Challenger 650, Legacy 650E, Falcon 2000LXS, Falcon 2000S, Falcon 900LX, Global 5000/6000/6500/7500, and Gulfstream G500/550/600/650/650ER.
With approximately a third of business jet fleets exceeding a decade in age, operators and charter providers are increasingly investing in fleet modernization to boost capabilities. Large business jets offer users a streamlined experience, bypassing the hassles of commercial flights and emphasizing comfort and flexibility. These advantages and rising preferences are set to propel the region's large jet market during the forecast period.
As of 2023, over 50% of Southeast Asia's large jet fleet was dedicated to private travel, serving individuals (HNWIs and UHWIs), corporations, and other end-users. While over 90% of business jets are currently operator-owned, a shift is anticipated toward fractional ownership. Owners seeking to mitigate overheads increasingly turn to shared aircraft, especially amidst economic uncertainties. These dynamics are poised further to bolster the market's growth in the coming years.
Singapore Expected to Witness Significant Growth
Singapore, a pivotal hub for business and leisure travel in Southeast Asia, is poised for significant growth. The nation's lineup of exhibitions, conferences, and events sets the stage for heightened activity. The country's robust economic growth has bolstered its HNWI population, consequently boosting the business aviation sector. This surge in tourism and HNWI numbers is projected to drive the demand for leisure and business travel.
Recognizing Singapore's growing importance, major business jet manufacturers are expanding their capacities nationwide. A notable example is Bombardier, which, in July 2022, inaugurated the country's largest OEM business aviation facility, aimed at solidifying its regional foothold. This facility is slated to offer MRO services to a substantial fleet of 2,000 business jets annually. With increased investments in business aviation infrastructure and a gradual rebound in business jet flight activity, the business jet market in Singapore is set to soar.
Southeast Asia Business Jet Industry Overview
The Southeast Asia business jet market is consolidated, with a few players holding significant shares. The prominent players in the market are Bombardier Inc., Dassault Aviation SA, Embraer SA, General Dynamics Corporation (Gulfstream Aerospace Corporation), and Textron Inc.
In 2023, Gulfstream outpaced its competitors, Bombardier and Dassault Aviation, in business jet deliveries. These leading companies are actively innovating and focusing on advanced models that boast upgraded cabin interiors and superior fuel efficiency. Responding to escalating travel needs, numerous charter service providers in Singapore are scaling up. This expansion is poised to bolster the local market's demand. For instance, in March 2022, Air Charter Service unveiled plans for heightened investments in Singapore and the broader Asia-Pacific, aligning with the region's surging air travel demands. Such initiatives are set to entice new clientele and position aircraft OEMs for a stronger foothold in the region. Consequently, these OEMs are crafting tailored strategies to seize the burgeoning market opportunities.
Southeast Asia Business Jet Market Leaders
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Bombardier Inc.
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Dassault Aviation SA
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Embraer SA
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General Dynamics Corporation
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Textron Inc.
*Disclaimer: Major Players sorted in no particular order
Southeast Asia Business Jet Market News
- April 2024: Scoot, a low-cost carrier in Singapore, launched its operations with the latest addition to its fleet, the Embraer E190-E2. Scoot has set its sights on acquiring nine of these aircraft, belonging to Embraer's latest regional jet series, by the end of 2025.
- March 2024: PT Smart Aviation (PT Smart) awarded Textron Aviation a contract to deliver its inaugural Cessna SkyCourier in Indonesia. The agreement encompasses a passenger variant of the SkyCourier and four Cessna Grand Caravan EXs, slated for delivery starting in 2026.
Southeast Asia 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 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 By Aircraft Type
5.1.1 Light Jets
5.1.2 Mid-size Jets
5.1.3 Large Jets
5.2 By Geography
5.2.1 Singapore
5.2.2 Indonesia
5.2.3 Thailand
5.2.4 Philippines
5.2.5 Vietnam
5.2.6 Rest of Southeast Asia
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Airbus SE
6.2.2 The Boeing Company
6.2.3 Bombardier Inc.
6.2.4 Dassault Aviation SA
6.2.5 Embraer SA
6.2.6 General Dynamics Corporation
6.2.7 Textron Inc.
6.2.8 Honda Aircraft Company
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Southeast Asia Business Jet Industry Segmentation
A business jet or a private jet is an aircraft that is turbofan-powered and designed to transport small groups of people. The scope includes the procurement of business jets purchased by individuals (such as VIPs, athletes, and government officials), corporations, governments, and charter service providers. The report excludes helicopters used for business travel.
The Southeast Asia business jet market is segmented by aircraft type and geography. By aircraft type, the market is segmented into light jets, mid-size jets, and large jets. The report also offers the market size and forecasts for five countries across the region. For each segment, the market size is provided in terms of value (USD).
| By Aircraft Type | |
| Light Jets | |
| Mid-size Jets | |
| Large Jets |
| By Geography | |
| Singapore | |
| Indonesia | |
| Thailand | |
| Philippines | |
| Vietnam | |
| Rest of Southeast Asia |
Southeast Asia Business Jet Market Research FAQs
How big is the Southeast Asia Business Jet Market?
The Southeast Asia Business Jet Market size is expected to reach USD 320.32 million in 2024 and grow at a CAGR of 15.47% to reach USD 657.46 million by 2029.
What is the current Southeast Asia Business Jet Market size?
In 2024, the Southeast Asia Business Jet Market size is expected to reach USD 320.32 million.
Who are the key players in Southeast Asia Business Jet Market?
Bombardier Inc., Dassault Aviation SA, Embraer SA, General Dynamics Corporation and Textron Inc. are the major companies operating in the Southeast Asia Business Jet Market.
What years does this Southeast Asia Business Jet Market cover, and what was the market size in 2023?
In 2023, the Southeast Asia Business Jet Market size was estimated at USD 270.77 million. The report covers the Southeast Asia Business Jet Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Southeast Asia Business Jet Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Southeast Asia Business Jet Industry Report
Statistics for the 2024 Southeast Asia Business Jet market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Southeast Asia 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.
