Light Business Aircraft Market Outlook – 2027
Business aircraft is a special category of aircraft designed to transport small groups of people. Business jets are usually owned and operated by corporations, individuals, government agencies, or commercial business aircraft operators that provide business jet charter services. Moreover, business aircrafts also offer 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 jet travel without having to own one. Seating capacity differs according to the requirements of the people hiring the jet. Business jets opted by tourists and business class passengers are anticipated to have higher seating capacity, compared to others. Apart from domestic and commercial applications, country-specific military bases and civilian operators also deploy business jets for long and short hauls. Several companies are developing the advance light business jets. Recently, in July 2019, Bombardier (Canadian business aircraft manufacturing company) launched its new light business aircraft, named as Learjet 75 Liberty.
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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 light business aircrafts 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. Such situation will directly impact the business development possibilities of light business jet companies.
- 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 in interior of light business aircraft are hampered, which is obstructing production and planning of light business aircrafts.
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 light business aircraft market. However, lengthy process of obtaining product certification may hamper the light business aircraft market in the future. On the contrary, the market dynamics for business jets are expected to witness a major transformation with the arrival of supersonic business aircrafts in near future.
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Rise in number of net worth personnel
As airline travel has become tedious and stressful due to enormous increase in the number of travelers, a large number of individuals are preferring business aviation for ease of convenience. Also, light business aircrafts offer optimum comfort, economy, and performance. Moreover, increase in net worth of personnel have enabled them to afford travel or even purchase of such business aircrafts. Therefore, light business aircraft market is witnessing an increased demand and is expected to grow significantly in the future.
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Key benefits of the report:
- This study presents the analytical depiction of the global light 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 light business aircraft market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global light 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 light business aircraft market analysis based on competitive intensity and how the competition will take shape in coming years.
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