Unprecedented Growth Propels Business Jet Market Towards $113B by 2030
The global business jet market is currently witnessing an unparalleled surge. Industry analysts predict that the market size will soar to a staggering $113.48 billion by 2030. This represents a compound annual growth rate of 7.9% from 2025 to 2030, as per a market report released in October 2024.
North America is poised to lead the market. Honeywell’s October 2024 report suggests that this region will account for approximately 66% of new jet deliveries by the end of 2025. Moreover, a survey revealed that 30% of business aviation operators plan to increase their flight frequency in 2025, indicating a robust growth in demand.
This surge is fuelled by a rise in corporate activities, an expanding demographic of high-net-worth individuals, and an increasing need for enhanced productivity and efficiency. For instance, Shanghai experienced a 40% increase in charter bookings between January and September 2024 compared to 2023. Similarly, Hong Kong reported an 18% growth, underscoring the sector’s global expansion.
Major manufacturers are innovating to meet this demand. In October 2024, Textron Aviation unveiled new light business jets, including the Cessna Citation M2 Gen3, CJ3 Gen3, and CJ4 Gen3. These jets incorporate the advanced Garmin Emergency Autoland technology.
The industry continues to prioritize sustainability. Manufacturers are investigating sustainable aviation fuels (SAF) and designing more fuel-efficient aircraft to address environmental concerns.
Source: Grand View Research