[Avionics Today 07-14-2015] A new report from Research and Markets finds the global business jet market to be worth an estimated $21.5 billion as of 2014 and is projected to grow at 2.8 percent Compound Annual Growth Rate (CAGR) through 2033. The demand for business jets continues to recover steadily since the 2008 economic downturn with aircraft delivery numbers in 2014 registering a 6.5 percent year-on-year growth rate.
The growth is driven by economic recovery, a surge in demand for heavy jets and introduction of a number of new aircraft programs by the industry Original Equipment Manufacturers (OEMs) incorporating cutting edge technologies and innovations translating into enhanced performance capabilities, safety features and optimized operating economics.
The delivery numbers continue to be dominated by Bombardier in volume terms and led by Gulfstream in value terms respectively with the duo collectively holding over 70 percent market share based on revenues in 2014 with continued, robust demand growth in the heavy and medium jets segments. The top three industry OEMs —Bombardier, Gulfstream and Dassault — with their product portfolios skewed towards the medium and heavy jets segment continue to hold over 84 percent market share.Ã¢â¬Â¨Ã¢â¬Â¨The report notes that the demand for business jets is likely to continue to improve over near term. Additionally, the market dynamics for business jets are likely to witness major transformation with the era of supersonic business jets likely to become a reality towards the early 2020s with a number of industry OEMs, led by Gulfstream, actively pursuing research and development toward a range of supersonic flight technologies capable of enabling feasible supersonic flights while meeting regulatory requirements.