Another recent report is forecasting strong growth for the global business jet market, forecasting a 42 percent jump in revenue value from $29.3 billion in 2021 to $42.7 billion by 2028. Vantage Market Research released the report on business jet market size and trends, anticipating a 6.3 percent compound annual growth rate (CAGR) over the forecast period through 2028.
That growth is attributed to rapid urbanization, technological advancement, and increased investments in developing countries, Vantage said. According to the forecast, the light business jet segment is expected to be the fastest-growing niche with an increase in the commercialization of air-taxi services.
In addition, the report sees a rebound in the Asia-Pacific market, particularly as that region experienced the highest CAGR overall with increased infrastructure investments anticipated in China, India, and Japan. Given the distances involved in the region, the forecast adds, there has been significant demand for the largest of business jets.
Vantage’s forecast is slightly more aggressive than a report issued in July by market intelligence researcher Market to Market predicting nearly a 40 percent jump in the business jet market, reaching almost $42 billion by the end of the decade.