Global Business Jets Industry to 2028 - Market and Technology Forecast - ResearchAndMarkets.com
The "Global Business Jets - Market and Technology Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The rise of surveillance technologies like ADS-B and the rising popularity of heavy Jets and long-range aircrafts have acted as key drivers in the Business Jet Market. The recent growth in private aviation passengers can be attributed to programs such as membership programs, on-demand chartering, and fractional ownership which have taken off around the world. The Federal Aviation Administration (FAA) of the United States announced its policy for issuing air traffic control (ATC) authorizations to individuals seeking to operate aircrafts which are not equipped with ADS-B Out equipment in ADS-B airspace after Jan. 1, 2020.
Digitization is a trend that is expected to bring about disruption in the Business Jet market. Online brokers are expected to serve approximately 70 percent of the market in the next few years. The number of online brokers is expected to be consolidated to 5-10 by the end of the forecast period. Currently, traditional business models like fractional ownership or charter are dominant in the business jet market.
The total Global Market for Business Jets is estimated at around USD 10 billion in 2020 and the market is expected to grow with a CAGR of around 16% to USD 32 billion by 2028. North America is expected to account for approximately 60 percent of the market by the end of the forecast period. This is due to the fact that the majority of the business jet manufacturers operate out of the ...
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