Large Business Aircraft Market Outlook – 2027
Business aircrafts are a special category of aircrafts designed to transport small groups of people. They are usually owned and operated by corporations, individuals, government agencies, or commercial business jet operators, which provide business aircraft charter services. Moreover, business aircraft also offers private air travel with large and personalized space. For instance, schemes such as Jet Card programs or fractional ownership allow customers to have the benefit of business aircraft travel without having to own one. Seating capacity differs according to the requirements of the people hiring the aircraft. Large business aircraft market opted by tourists and business class passengers have higher seating capacity, compared to other aircrafts. Apart from domestic and commercial applications, country-specific military bases and civilian operators also deploy business aircrafts for long and short hauls.
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COVID-19 scenario analysis:
- The COVID-19 lockdown situation has reduced all flight activity globally, which is expected to impact both the charter services market as well as large business aircraft procurement.
- Fractional ownership of business aircrafts may also rise as owners try to avoid overhead costs and choose shared aircraft in view of the economic downturn and uncertainties of the market.
- Charter service operators are expected to see a sluggish market demand immediately post the lifting of travel bans, while the demand will be higher for emergency medical transport and for bringing stranded citizens home from domestic and international locations where lockdown is expected to be lifted much later.
- Supply of spare parts which is used for interior of business aircraft is hampered, which is obstructing production and planning of large business aircrafts.
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Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Rise in number of high net worth personnel, growth in tourism, and technological advancements in avionics system & interior cabin are some of the major factors that drive the global large business aircraft market. However, lengthy process of obtaining product certification may hamper the market in the future. On the contrary, the market dynamics for large business aircrafts is expected to witness a major transformation with the arrival of supersonic large business aircrafts in the future.
Technological advancements in avionics system & interior cabin
The large business aircraft market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets. For instance, starting in 2018, Pilatus delivered the first of six PC-24s to its launch customer PlaneSense. The PC-24, also known as Super Versatile Jet, has a range of around 1,188 Nm. Similarly, Honda Aircraft Company introduced its HondaJet HA-420 with first delivery in 2016. The company built over 90 aircraft by the end of October. Hence, large business aircraft market possesses a huge growth possibility with the technological advancements.
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Key benefits of the report:
- This study presents the analytical depiction of the global large business aircraft industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global large business aircraft market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global large business aircraft market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global large business aircraft market analysis based on competitive intensity and how the competition will take shape in coming years.
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