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Business Jet Market – Increase in Demand for Superior In-flight Passenger Comfort and the Introduction of the Latest Programs in Private Jets are Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 6.3% from 2022 to 2028

As stated in our extensive report; the Global Business Jet Market accounted for USD 29.3 Billion in the year 2021. 

A Business Jet is an aircraft that is turbofan-powered and is designed to transport people in small groups. The scale includes the procurement of Business Jets purchased by individuals like VIPs, government officials, athletes, corporates, and charter service providers. Existing owners and operators gain new Business Jet to either replace their old jets or to expand their expedition. Bombardier Inc. expects that 2000 business aircraft will step down between 2016 and 2025, with the mean age of a Business Jet being 17 years. Moreover, environmental regulations and airspace innovation have reduced the retirement age of Business Jet, steering to an increase in their replacement. Due to environmental rules and steps of various governing bodies toward a greener environment, it is expected that many Business Jet across the globe will face a reduction in terms of operating limitations. The more elderly a Business Jet is, the lower its fuel efficiency and the higher its carbon spoil. This is the essential driving factor for the Business Jet Market. 

Increasing disposable income, growing urbanization, rise in high-net-worth individuals, an increase in air travelers, and other factors drive the worldwide 10;Billionaire celebrities mainly use business types of jets for business travel and personal use. They give a more delightful and comfortable journey, are convenient, safe, and require less time. 

In terms of region, North America is dominating the Global Business Jet Market and is anticipated to continue this during the forecast period. The occurrence of a large number of high-net-worth individuals and the presence of vital Business Jet manufacturers like Bombardier Inc., Gulfstream Aerospace, and Textron Inc. (US), among others, drive the market growth in this region. Furthermore, the availability of required infrastructure, the growing demand for electric aircraft, and the increased demand for charter services will sustain the market growth in this region. 

Some of the key players in the Global Business Jet Market include- Textron Inc. (US), Embraer SA (Brazil), Gulfstream Aerospace (US), Bombardier (Canada), Airbus (Netherlands), Boeing (US), Dassault Aviation (France), Pilatus Aircraft (Switzerland), Honda Aircraft Company (US), Syberjet Aircraft (US), and others.