Manufacturers Strive to Establish Alternative Supply Chain to Lower Effects of COVID-19
The COVID-19 pandemic has severely impacted the aviation industry worldwide. To cope up with various challenges, manufacturers are planning to design new safety norms for maintaining social distancing even during the post-COVID-19 era. JSX Air, a private jet operator with fixed based operators (FBO), for instance, has started following stringent air travel guidelines to curb transmission. Besides, government bodies of various countries are articulating multiple solutions to prevent disruptions in supply chains. Quadrilateral Security Dialogue (QUAD/QSD), for instance, declared its plan to develop an alternative supply chain process to keep trade activities going smoothly in the business jet industry.
Segmentation-
Operators Segment to Dominate Fueled by High Demand for Service-based Operators
Based on the end-use, the market is segregated into private and operators. Out of these, the operators segment generated 66.34% in terms of the business jet market share in 2020. The high demand for service-based operators in countries, such as Singapore, China, U.A.E, and the U.S. would propel this segment’s growth.
Report Coverage-
The research report provides a detailed assessment of multiple customers’ journeys pertinent to segments and the market. It helps our clients to get a clear picture of their pain points across multiple customer touch points. At the same time, it offers projections and estimations. It equips businesses to frame excellent strategic frameworks. Lastly, it sheds light on vital answers related to this industry.
The global business jet market is set to gain impetus from the increasing demand for in-flight 4G & 5G networks in cabin interiors. Hence, several business jet operators are striving to procure Gogo Avance L5, a provider of excellent 4G inflight experience. In April 2021, for instance, Duncan Aviation announced that it is planning to install the 250th Gogo Avance L5 in-flight airborne connectivity system at its Lincoln facility. This information is given by Fortune Business Insights™ in a report, titled, “Business Jet Market, 2021-2028.” As per the report, the market size is projected to grow from USD 25.87 billion in 2021 to USD 36.94 billion by 2028 at a CAGR of 5.22% in the forecast period. It stood at USD 24.21 billion in 2020.
Drivers & Restraints-
Increasing Development of Electric Aircraft by Companies to Bolster Growth
Numerous private jet manufacturers across the globe are focusing majorly on investments in research and development activities to design and unveil electric aircraft. As per the International Civil Aviation Organization (ICAO), at present, all-electric aircraft is showcasing a steady demand with a growth rate of 2-5%. It is set to reach up to 24% in the near future. Additionally, the usage of electric aircraft will help in reducing maintenance cost and surge fuel efficiency. These factors are expected to propel the business jet market growth in the near future. However, the shutdown of manufacturing facilities by companies to tackle the COVID-19 pandemic may hamper growth. For instance, Bombardier closed its manufacturing facilities in May 2020 and planned to lay off approximately 2,500 employees.
Regional Insights-
North America Procured USD 8.62 billion Revenue in 2020: Fortune Business Insights™
Geographically, North America held USD 8.62 billion in 2020 in terms of revenue. It is set to remain at the forefront because of the high demand for on-demand services and electric aircraft, especially in the U.S. In Europe, increasing changes in the flying behavior of passengers would surge the demand for business aircraft. On the other hand, Asia Pacific is expected to grow steadily backed by the ongoing development of smart cities in Singapore, India, and China.
Competitive Landscape-
Key Players Focus on Winning New Contracts from Renowned Agencies to Compete in Market
The market for executive aircraft houses a large number of manufacturers that are currently trying to bag new contracts to deliver their in-house aircraft featuring innovative systems to enhance passenger experience. Below are the two significant industry developments:
- December 2020: Bombardier bagged a new contract worth USD 267 million for delivering 10 Challenger 350 business jets. These will fly from New York to London or Los Angeles, and Dubai to Paris non-stop.
- October 2020: Airbus Corporate Jets received new orders to supply six ACJ TwoTwenty aircraft. These will include a premium VIP cabin interior, a private suite, a bathroom, and a private entertainment space.
Some of the Key Players of the Healthy Snacks Industry include:
Airbus SE (Leiden, the Netherlands), The Boeing Company (Illinois, the U.S.), Bombardier, Inc. (Montreal, Canada), Embraer SA (State of São Paulo, Brazil), Textron Inc. (Rhode Island, the U.S.), GulfstreamAerospace (Georgia, the U.S.), Dassault Aviation (Paris, France), Cessna Aircraft Company (Kansas, the U.S.), Hondajet (North Carolina, the U.S.), Eviation Aircraft (Israel), Joby Aviation (California, the U.S.), Zunum Aero (Washington, the U.S.), Other Players
Author’s Bio
Name- Raginee Sarkar
Raginee currently works as a content writer at Fortune Business Insights™. She comes with extensive experience in writing advertising and Industrying content, blogging, film scripting, and news Researching. She strongly believes in quality content and thus prefers to write in a simple, elegant, yet impactful way.
