Very Light Jet Market Statistics 2030 -
The global very light jet market was valued at $4,455.68 million in 2020, and is projected to reach $10,444.17 million by 2030, registering a CAGR of 11.0%. North America was the highest revenue contributor, accounting for $2,613.26 million in 2020, and is estimated to reach $6,167.28 million by 2030, with a CAGR of 11.1%. Asia-Pacific is estimated to reach $1,583.34 million by 2030 at a significant CAGR of 12.5%.
Very light jet refers to a compact aviation solution that has maximum takeoff weight of less than 13,000 lbs. or 5,900 kg with passenger capacity not more than 9 to 10 passengers. Very light jets are considered as the compact business jet solution and approved for single pilot operation. Very light jet has several benefits over other aviation options as it is a cost-effective and fuel-efficient solution. Very light jets have a wide range of applications, including passenger commute, training, and research in the civil as well as the military front. North America is a key market for manufacturers, owing to the growth of the aviation industry and the availability of infrastructure.
Factors, such as increasing inclination toward private aviation solution and growing concern toward health, are expected to drive the growth of the very light jet market. However, volatile raw material prices result in growing prices of very light jets while rising environmental concerns and substitute aviation solutions restrain the market growth. On the contrary, untapped potential in developing economies and entering into contracts and agreements for long-term business opportunities are projected to offer lucrative growth opportunities for the market players.
The global very light jet market is segmented on the basis of aircraft type, end use, material, propulsion, and region. Based on the aircraft type, the market is bifurcated into ultra-light aircraft and light aircraft. On the basis of end user, it is categorized into civil & commercial and military. In terms of material, the very light jet market has been divided into aluminum, composites, and others. Based on propulsion, it is fragmented into electric/hybrid and conventional fuel. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Leading players and their key business strategies have been analyzed in the report to gain a competitive insight into the market. Key players covered in the report include Bombardier Inc., Cirrus Industries, Inc., Diamond Aircraft Industries GmbH, Embraer S.A., Honda Motor Co., Ltd., MSC Aerospace LLC, Nextant Aerospace Holdings, LLC, Pilatus Aircraft Ltd, Stratos Aircraft, Inc., and Textron Inc.
Increasing inclination toward private aviation solution
A very light jet is fast and fuel-efficient aviation transportation medium with high level of comfort and amenities as compared to other aviation options. In recent years, private aviation solutions, such as very light jets, have gain immense traction across the globe especially by business professionals and ultra-rich population, owing to luxurious and comfortable transportation solution along with minimum commute duration.
By Aircraft Type
Ultra-Light Aircraft segment is projected as the most lucrative segments
Moreover, very light jet operation cost has become much more affordable in recent years as the cost has declined by 30% to 50%. These rates are close to the business and first-class costs of commercial carriers. The growing adoption of luxurious transportation solutions and lowering flight operation cost are anticipated to support the growth of the very light jet market in future.
By End Use
Civil and Commercial is projected as the most lucrative segments
Growing concern toward health
During the COVID-19 health crisis, concern over health risk has increased rapidly and is high in commercial aviation commute solutions. End users of very light jets, including ultra-rich individuals and business executives have become more worried about commercial travel options as virus spread risk is high in commercial and charter aircraft. In very light jets, the seating capacity is 2 passengers to 10 passengers, which minimizes the risk of virus along with a cost-effective transportation solution. In the duration of COVID-19 health crisis, changing lifestyle and occasionally necessity sustained the demand for very light jets.
COMPOSITES is projected as the most lucrative segments
Untapped potential in developing economies
From the last decade, some developing nations mainly from the Asia-Pacific region have witnessed growing trade activities, high performing GDP, increasing per capita income. This is anticipated to support the sales of very light jets. India, China, Nigeria, and Malaysia have the potential market for very light jets. However, the infrastructure of these countries is not suitable for operations of very light jets. Increasing aviation passenger traffic and growing inclination toward private aviation solution are expected to create a demand for infrastructural projects across these nations. Growing aviation infrastructural projects and increasing air passenger traffic are estimated to create an opportunity for the very light jet market in developing regions during the forecast period.
Electric/Hybrid is projected as the most lucrative segments
COVID-19 impact analysis
During COVID-19, the aviation industry witnessed high financial losses and significant uncertainties in business operations as majority of the governments restricted international commute to control the spread of the virus. Moreover, commute restriction has been imposed across the globe, which also limits the usage of aviation medium for commute. Savior impact was witnessed in civil aviation front in 2020 and it is expected to continue in 2021. For the very light jet market, 2020 was witnessed as a negative performing year, owing to the negative demand and supply outlook from COVID-19 crisis restrictions and supply chain disruptions. Market participants of very light jet are following certain approaches to manage the operations by slashed budgets, extended equipment lifecycles, decreased staff sizes, and reduced salaries in the short term to overcome financial downturn.
Asia Pacific would exhibit the highest CAGR of 11.0% during 2021-2030.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global very light jet market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall very light jet market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities of the market with a detailed impact analysis.
- The current market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Aircraft Type
- Ultra-light Aircraft
- Light Aircraft
By End Use
- Civil & Commercial
- Conventional Fuel
- North America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Latin America
- Middle East
- Bombardier Inc.
- Cirrus Industries, Inc.
- Diamond Aircraft Industries GmbH
- Embraer S.A.
- Honda Motor Co., Ltd.
- MSC Aerospace LLC
- Nextant Aerospace Holdings, LLC
- Pilatus Aircraft Ltd
- Stratos Aircraft, Inc.
- Textron Inc
Very Light Jet Market Report Highlights
By AIRCRAFT TYPE
By END USE
Key Market Players
BOMBARDIER INC., HONDA MOTOR CO., LTD., NEXTANT AEROSPACE HOLDINGS, LLC, .MSC AEROSPACE LLC, TEXTRON INC., EMBRAER SA, STRATOS AIRCRAFT, INC, PILATUS AIRCRAFT LTD, CIRRUS INDUSTRIES, INC., DIAMOND AIRCRAFT INDUSTRIES GMBH
The global very light jet market is expected to witness significant growth, owing to rise in penetration of fuel-efficient and compact air transportation to lower carbon footprints, increase in inclination toward air transportation medium, and rise in air passenger traffic. Very light jet is being popular amongst the ultra-rich population, owing to its operational capability along with cost effectiveness. North America is a leader in the global very light jet market, owing to the changing aviation industry outlook in the region and consumer confidence toward private air mobility solutions. The global very light jet market is a consolidated market in which countable market participants are operating in the global market.
Market participants are focused to expand their sales footprints, enter into contracts with end users, and introduce new product lines of very light jets to cope up with changing requirement of the end users. Numerous developments have been carried out by top companies, such as Honda, Embraer SA, CIRRUS, Diamond Aircraft Industries, MSC Aerospace LLC, Bombardier Inc., Pilatus Aircraft Ltd, and others, which have supplemented the growth of the global very light jet market. The impacts of COVID-19 significantly affected the global very light jet market in 2020. Furthermore, the market witnessed negative growth or significant downfall in 2020 and in the first half 2021 as well.