The global very light jet market was worth USD 4,455.68 million in 2020 and is anticipated to reach a valuation of USD 10,444.17 million by 2030, registering a CAGR of 11.0% over 2022-2030.
A very light jet is a small aircraft that can carry no more than 9 to 10 passengers and has a maximum takeoff weight of less than 5,900 kg. Very light aircraft are accepted for single-pilot operation and are thought of as the small business jet solution.
A extremely light jet is superior to alternative flying options in a number of ways, including cost and fuel efficiency. Applications for very light jets range from passenger transportation to training to front-line research on both the civil and military fronts.
The very light jet industry is predicted to develop as a result of factors such a growing preference for private aviation options and rising health awareness.
As opposed to this, fluctuating raw material costs raise the cost of very light aircraft, while rising environmental concerns and alternative flying options restrain market expansion.
However, unrealized potential in developing economies and the formation of long-term business alliances are anticipated to offer beneficial expansion opportunities for industry participants.
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In comparison to other aviation transportation options, a very light jet provides a swift, high level of comfort, and amenities. Due to their elegant and pleasant transportation options and short commuting times, private aircraft solutions like extremely light planes have greatly increased in popularity across the globe, especially among business professionals and the ultra-rich population.
Additionally, very light jet operation costs have dropped by 30% to 50% in recent years, making them much more accessible. These prices are comparable to what commercial carriers charge for first- and business-class service. It is projected that the growing use of opulent transportation options and declining flight operation costs would boost the expansion of the very light jet market in the
Impact of COVID-19 Analysis :
The COVID-19 public health emergency had a significant impact on overall operations, which necessitated containment measures and long-lasting disruptions to the financial and economic systems.
Government-enforced commuting limitations had an impact on all industries' general trade activity and disrupted the supply chain. The difficulties of transportation and direct worker participation had to be faced by industry participants operating at all levels. Most industries saw a general slowdown in production as a result of these constraints.
The number of travellers using foreign aircraft has declined by over 60% since 2019 according to data released by the International Civil Aviation Organization (ICAO). The airline industry also incurred large financial losses and a rise in operational instability as a result of most governments banning international travel to limit the virus.
Global Very Light Jet Market- Key trends
Surging per capita income to the masses to accelerate market growth
There has been a shifting inclination of individuals with high income levels towards the adoption of private very light jets for personal travels. This is powered by the fact that these jets are not only fuel efficient but also offer high level of comfort along with other amenities to the passengers. But due to their costly nature, they can be procured solely by the individuals possessing a high purchasing power. This in turn is bolstering the development of this marketplace.
Global Very Light Jet Market- Segmental assessment
By Aircraft Type
- Ultra-light Aircraft
- Light Aircraft
The ultra-light aircraft segment is poised to amass notable gains over the estimated timeframe owing to the fuel efficiency of these aircrafts.
By Material
- Aluminum
- Composites
- Others
By Propulsion
- Electric/Hybrid
- Conventional Fuel
The electric/hybrid segment is expected to garner substantial returns by 2030 ascribing to the surging environmental cognizance of the masses.
By End Use
- Civil Commercial
- Military
The military segment is reckoned to grow considerably over the stipulated timeline due to the increasing defense
budget across emerging nations.
Global Very Light Jet Market- Competitive hierarchy
The prominent companies characterizing the competitive terrain of this business sphere are 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.
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