The world market for very light jets is estimated to grow $10,444.2 million by 2030 of $4,098.6 million in 2021at a CAGR of 11.0% of the forecast period. Very light jet refers to a compact aviation solution with a maximum take-off weight of less than 5,900 kg with a passenger capacity, no more than 9-10 passengers. Very light jets are considered the compact business jet solution and are approved for–pilot operation. A very light jet has several advantages over other aviation options as it is a cost–efficient and fuel–effective solution. Very light jets have a variety of applications, including training, passenger transport, and civil and military frontline research.
Factors such as increasing inclination towards private aviation solutions and rising concern for health are estimated to drive the growth of the very light jet market. Alternatively, commodity price volatility is driving up the cost of very light aircraft while increasing environmental concerns and alternative aviation options are limiting market growth.. On the other hand, the untapped potential of developing economies and the entry into long–long-term business partnerships are expected to provide profitable growth prospects for industry players.
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Global very light jet market dynamics
Drivers: Growing inclination towards a private aviation solution
A very light jet offers a high level of comfort and amenities fast and is a fuel–efficient means of air transport compared to other aviation options. Private aviation solutions, such as very light jets, have gained immense popularity around the world, especially by professionals and ultralights.–wealthy population, thanks to luxurious and comfortable transport solutions with minimal travel time. Additionally, the operating costs of very light jets have become much more affordable in recent years, where the cost has fallen by 30% at 50% during the last years. These fares are close to business and first–commercial carrier class costs. Growing adoption of luxury transportation solutions and declining flight operating costs are expected to support the growth of the very light aircraft market in the future.
Constraints: Commodity price volatility drives up very light jet prices
In recent years, developers of very light jet aircraft and their suppliers have had to deal with rising and volatile prices for raw materials, such as steel, aluminum and copper, due to the aggregate demand.–supply shortfall, currency and exchange rate fluctuations, mining activities and uncertain business activities. Many of these materials are used to develop very lightweight jet components and parts. Rising material prices have had a direct impact on the overall price of very light jets. Rising price of very light jet is estimated to be hampering the growth of very light jet market.
Opportunities: Untapped potential in developing economies
Over the past decade, some developing countries, mainly in Asia–Pacific region, have seen increasing business activity,–GDP performance and rising per capita income, which should support very light jet sales.
China, India, Malaysia and Nigeria have a potential market for very light jets. However, the infrastructure of these countries is not suitable for very light jet operations. Rising passenger traffic and growing inclination towards private aviation solutions is expected to create demand for infrastructure projects in these countries. Additionally, growth in aviation infrastructure projects and increase in air passenger traffic is expected to create an opportunity for the market in developing regions over the forecast period..
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Range of the Very Light Jet
The study categorizes the very light jet market based on aircraft type, end–regional and global use, materials and propulsion.
By aircraft type (Sales/Revenue, USD million, 2017–2030)
- Ultra–light aircraft
- light aircraft
By End–Use Outlook (Sales/Revenue, USD million, 2017–2030)
- Civil & Commercial
- Military
By materials Outlook (Sales/Revenue, USD million, 2017–2030)
- Aluminum
- Composite materials
- Others
By motorization Outlook (Sales/Revenue, USD million, 2017–2030)
- Electric/Hybrid
- Conventional fuel
Outlook by region (Sales/Revenue, USD million, 2017–2030)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
The light aircraft segment expected to account for the largest market share, by aircraft type
The global very light jet market is segmented into ultra–light aircraft and light aircraft by aircraft type. The light aircraft segment is expected to dominate the market, owing to the outlook for end-consumer demand. Light aircraft refers to MTOW (maximum grip–excluding weight) between 1,700 lbs or 800 kg and 13,000 lbs or 5,900 kg. Light aircraft have a capacity of approximately 6-8 passengers with an average range of 1,174 nmi.
Light aircraft are mainly used for business travel and military training, due to their size and operational capability. In recent years, the company has increased the number of light aircraft allowing employees to travel for business conferences and–priority appointments. In addition, light aircraft and large–high-performance airframes, advanced avionics and highly integrated computer systems are used for military training programs. A light aircraft is a decent option for military training activities, due to its compact size and fuel–efficient operations. Rising spending on military training and growing use of very light jets for business travel is expected to support the growth of the market.
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Asia Pacific represents the highest CAGR over the forecast period
The Very Light Jet Market has been classified into North America, Asia–Pacific, Europe, South America, Middle East and Africa by region. Globally, Asia-Pacific is expected to hold the highest CAGR in the global very light jet aircraft market during the forecast period. Asia–The Pacific region includes China, Japan, India, South Korea and the rest of Asia–Peaceful. The market for very light jets has good prospects in Asia–Pacific Region, due to changing aviation outlook, supporting government policies and increasing air passenger numbers in various countries in the region.
Large growing economies, such as China, India, Japan and others, in Asia–The Pacific region needs versatile air transport solutions across the region. Asia’s growing air traffic–The Pacific is driving modernization demand and moving towards private air transport solutions in the region. Additionally, the rising demand for air travel across Asia–The Pacific region is further driving the growth of the very light jet aircraft market during the forecast period.
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Main market players
The study examines the leading companies in the market and their key business strategies to gain a competitive perspective. The major players in the global very light jet market are Cirrus Industries, Inc..Diamond Aircraft Industries GmbH, Embraer S.A.Bombardier Inc..Honda Motor Co..ltd.Nextant Aerospace Holdings, LLC, Pilatus Aircraft Ltd, Stratos Aircraft, Inc.MSC Aerospace LLC and Textron Inc..
