According to a report from Research and Markets, the business jet market is estimated at $18.8 billion in 2020 and is projected to grow to $38 billion by 2030, representing a CAGR of 7.3% during the forecast period.

Besides an increasing number of high net worth individuals, recommencement of global economic growth and upcoming new aircraft programs are expected to drive the growth of the market.

The outbreak of COVID-19 has led to a significant economic toll on the aviation sector due to air travel restrictions in various countries. The crisis idled much of the aviation business, making fleet readiness and maintenance considerations of paramount significance to tackle the challenges posed by the pandemic. However, with certain relaxations across regions, business jet operators and service providers have witnessed a sluggish demand for charter services. Clients are choosing to charter to gain quicker access and to avoid long and crowded check-in, customs and immigration queues. 

Based on aircraft type, the large segment is projected to lead the business jet market during the forecast period. Large jets comprise standard heavy jets and ultra-long-range heavy jets, which are priced much higher than light and mid-sized jets. The delivered volume of large jets is a third of that of total business jets, and their price is more than double the average business jet price. 

Based on the point of sale, the OEM segment is projected to lead the business jet market during the forecast period. Based on range, the fewer than 3,000 NM segment is projected to grow at the highest CAGR during the forecast period. Business jets that fall under the range of fewer than 3,000 NM are generally used for short distance domestic travel. These aircraft have access to small airports and can modify departure and arrival processes and time. 

The North America region is expected to account for the largest share of the global market in 2020. This can be attributed to the number of high net worth individuals in the region and the presence of major business jet manufacturers in this region, including Textron (U.S.), Bombardier (Canada) and Gulfstream (U.S.). Additionally, the availability of airports across North America enables ease in business travel across the region.