According to Fortune Business Insights’ business jet market report, the size of the global business jet market was $25.87 billion in 2021 and the market is expected to grow from $29.03 billion in 2022 to $38.34 billion in 2029, exhibiting a CAGR of 4.06% from 2021 to 2028. The rising demand for private aviation from consumers and the advent of hybrid-electric aircraft propulsion technology are expected to bolster market progress.

Exceptional growth in high-net-worth and the rising demand for private aviation from consumers is expected to increase the aircraft’s adoption. The emergence of several start-ups and businesses is expected to boost the aerial vehicle demand; and the advent of hybrid-electric aircraft propulsion technology is expected to boost consumers’ demand for the jet.