According to a report from ReportBuyer, the global business jets market was worth $20.9 billion in 2013 and is projected to grow at a CAGR of 6.86% to $33.8 billion by the end of 2020.

In addition, the report says that the global demand for new business jets will reach 9,100 by 2025. Over the next decade, North America is expected to lead the market for new jets followed by Europe and Africa. It is the small and medium jets segment that will drive the demand for new business jets. The business jets sector is facing turbulence due to economic difficulties in Europe, China and Brazil.

While both North America and Europe have a comparable size of economy, the private jet flight activity in North America is 3.5 times larger. At the end of Q3/15, North America accounted for approximately 66% of global deliveries in the private jet market, up from 45% of the market share before 2008. With emerging markets experiencing pressure, North America has steadily gained market share in the past three years.

In Europe, it is expected that new aircraft deliveries will be offset by older jets exiting the market which will result in almost zero net fleet growth through 2020.