Business Jets Statistics 2024 By Best at Flying Segments

Introduction

Business Jets Statistics: Business jets, often corporate or private jets, represent a significant segment of the aviation industry, providing on-demand, luxurious air travel for businesses, high-net-worth individuals, and government entities.

These aircraft, range from smaller light jets to large, long-range models. They are designed to offer convenience, flexibility, and efficiency for those who can afford them.

Further, Business jets are equipped with advanced amenities, comfortable interiors, and the ability to access a vast network of airports. Including smaller regional ones, often unreachable by commercial airlines.

Moreover, this combination of convenience, privacy, and time-saving capabilities has made business jets a crucial tool for corporate travel, enabling executives to conduct meetings, negotiate deals, and visit multiple locations in a single day, ultimately enhancing productivity and global connectivity.

However, the business jet industry continues to evolve, with technological advancements, environmental considerations, and a growing global demand for faster and more efficient air travel driving its ongoing growth and development.

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• In 2020, the market stood at $24.21 billion, and it continued to expand in 2021, reaching $25.87 billion.
• Projections suggest that the market will reach $35.11 billion in 2027 and further expand to $36.94 billion by 2028.
• The global market size for mid-size jets was valued at $9.3 billion in 2020 and is expected to grow at a CAGR of 3.8% during the forecast period.
• In 2020, Airbus reported total revenues of approximately €49.9 billion.
• The G650 has an impressive range of approximately 7,500 nautical miles (13,890 kilometers), making it capable of non-stop flights between many major cities worldwide.
• In 2019, North America had the largest private jet fleet in the world, with 15,547 registered aircraft.
• The United States had most of these jets, totaling nearly 90% of the region’s fleet.

Business Jets Market Revenue Statistics

• The business jets market has shown a steady upward trajectory in recent years, reflecting the growing demand for these luxury aircraft.
• In 2020, the market stood at $24.21 billion, and it continued to expand in 2021, reaching $25.87 billion.
• This upward trend carried into 2022, with the market size increasing to $27.22 billion.
• As we move into 2023, the business jets market is projected to grow to $28.64 billion. Indicating sustained demand and investment in this sector.
• Looking ahead, the market is expected to continue its ascent, with forecasts of $30.14 billion in 2024 and $31.71 billion in 2025. Reflecting a consistent rise in the industry’s value.
• The years beyond 2025 also hold promise for the business jets market.
• By 2026, the market is anticipated to reach $33.37 billion. Which will continue into 2027 and beyond.
• Projections suggest the market will reach $35.11 billion in 2027 and expand to $36.94 billion by 2028.

(Source – Statista)

Business Jets Types and Their Statistics

When it comes to business jets, there are three main types: light jets, mid-size jets, and large jets. Each type has unique features and capabilities, making them suitable for different types of business travel. Let’s take a closer look at each type and their statistics.

Light Jets

• Light jets are the smallest type of business jet, typically seating 4-8 passengers. They are ideal for short to medium-range flights and are often used for regional travel.
• According to Fortune Business Insights, the global market size for light jets was valued at $5.8 billion in 2020 and is expected to reach $8.4 billion by 2030. Growing at a CAGR of 3.9% during the forecast period.
• Some popular light jets in the market include the Cessna Citation M2, the Embraer Phenom 100EV, and the HondaJet Elite.
• These jets offer a range of up to 2,000 nautical miles and a cruising speed of around 400-500 knots.

Mid-size Jets

• Mid-size jets are larger than light jets and accommodate up to 9 passengers. They are suitable for longer flights and offer more amenities and features than light jets.
• According to Statista, the global market size for mid-size jets was valued at $9.3 billion in 2020 and is expected to grow at a CAGR of 3.8% during the forecast period.
• Some popular mid-size jets in the market include the Bombardier Challenger 350, the Gulfstream G280, and the Hawker 900XP.
• These jets offer a range of up to 3,000 nautical miles and a cruising speed of around 500-600 knots.

(Source: Statista)

Large Jets

• Large jets represent the most spacious category among business jets, accommodating as many as 16 passengers.
• They are particularly well-suited for lengthy journeys and boast many amenities and features.
• According to data from Fortune Business Insights, the global market for large jets was assessed at $9.7 billion in 2020 and is anticipated to expand to $14.2 billion by 2030, displaying a steady growth rate of 3.9% throughout the forecast period.
• Some well-liked large jets available in the market include Bombardier Global 7500, Gulfstream G650ER, and Dassault Falcon 8X.
• These aircraft offer an impressive range of up to 7,500 nautical miles and maintain a cruising speed near 500-600 knots.

Business Jets Usage Statistics

Business jets are aircraft that are designed for private and business use. They are often used by high-ranking executives, government officials, and wealthy individuals. In this section, we will look at the usage statistics of business jets.

Commercial Use

• Business jets serve various commercial purposes, including corporate travel, cargo transportation, and medical evacuation. As per Statista, the global business jet market exceeded $24 billion in value in 2020.
• Projections indicate that by 2028, it’s expected to approach $37 billion. Leading players in this sector comprise Bombardier Inc., Dassault Aviation, Embraer, General Dynamics Corporation, and Textron Inc.
• The Federal Aviation Administration (FAA) offers monthly Business Jet Reports, offering insights into business jet activity up to the prior month. These reports also feature rankings of the top 10 airports and frequently used aircraft for business jet travel.
• FAA data reveals that in September 2023, the United States saw 12,436 business jet flights.
• The top 10 airports for business jet travel during that month included Teterboro Airport (TEB), Westchester County Airport (HPN), Van Nuys Airport (VNY), Miami International Airport (MIA), Fort Lauderdale Executive Airport (FXE), John F Kennedy International Airport (JFK), Dallas Love Field Airport (DAL), William P Hobby Airport (HOU), Houston George Bush Intercontinental Airport (IAH), and Chicago Midway International Airport (MDW).

(Source: Statista, FAA)

Private Use

• Business jets also find extensive use for private purposes, such as personal travel and leisure activities.
• According to data from Fortune Business Insights, the global business jet market had a valuation of USD 42.14 billion in 2022. It’s projected to grow from USD 43.97 billion in 2023 to an estimated USD 62.66 billion by 2030, demonstrating a growth rate of 5.19% during the forecast period.
• The upsurge in private utilization of business jets is expected to drive this expansion significantly.
• Based on data from the Federal Aviation Administration (FAA) for September 2023, the top 10 aircraft preferred for private business jet travel encompass the Gulfstream Aerospace G550, Bombardier Global Express, Dassault Falcon 7X, Bombardier Challenger 350, Cessna Citation X, Bombardier Challenger 300, Gulfstream Aerospace G650, Embraer Legacy 600, Gulfstream Aerospace G450, and Cessna Citation Sovereign.
• Typically, these aircraft are owned or leased by affluent individuals and corporations for their personal use.

(Source: FAA)

Leading Manufacturers of Business Jets Statistics

Airbus SE

• Airbus SE is a European multinational aerospace corporation.
• Its headquarters are located in Toulouse, France.
• It was founded in 1969 as the Airbus Industrie consortium and later rebranded as Airbus SE.
• It is one of the world’s leading manufacturers of commercial aircraft, military aircraft, helicopters, and aerospace products.
• Airbus produces a range of business jets, including the ACJ320neo, ACJ330neo, and ACJ350 XWB.
• As of September 2021, Airbus had delivered over 10,000 commercial aircraft to customers worldwide.
• In 2020, Airbus reported total revenues of approximately €49.9 billion.

(Source: Airbus)

The Boeing Company

• The Boeing Company is an American multinational aerospace corporation.
• Its headquarters are located in Chicago, Illinois, United States.
• The company was founded in 1916 by William Boeing as the Pacific Aero Products Co. It later became Boeing Airplane Company and then The Boeing Company.
• Boeing is a leading manufacturer of commercial airplanes, military aircraft, satellites, and other aerospace products.
• Boeing produces various commercial aircraft, including the 737, 747, 767, 777, and 787 families.
• It is known for its iconic aircraft like the Boeing 737. One of the best-selling commercial aircraft in history.
• Boeing is a major player in the global commercial aircraft market and is a significant competitor to Airbus.
• The company has a strong presence in both narrow and wide-body aircraft segments.
• In 2020, Boeing reported total revenues of approximately $58.2 billion.

(Source: The Boeing Company)

Bombardier Inc

• Bombardier Inc. is a Canadian multinational company focusing on aerospace and transportation.
• The company headquarters are located in Montreal, Quebec, Canada.
• The company was founded in 1942 by Joseph-Armand Bombardier.
• The company produces a range of business jets under the Bombardier Business Aircraft brand, including the Global 7500, Challenger 650, and Learjet 75 Liberty.
• In 2020, Bombardier announced the sale of its CRJ Series program to Mitsubishi Heavy Industries, marking its exit from commercial aviation.
• In 2020, the company reported total revenues of approximately $15.8 billion.

(Source: Bombardier Inc.)

Notable Business Jets Models Statistics

Gulfstream G650

• The Gulfstream G650 is a long-range, large-cabin business jet manufactured by Gulfstream Aerospace, a subsidiary of General Dynamics.
• It is often considered one of the most luxurious and high-performance business jets in the world.
• The G650 has an impressive range of approximately 7,500 nautical miles (13,890 kilometers), making it capable of non-stop flights between many major cities worldwide.
• It can reach a maximum cruise speed of Mach 0.925, making it one of the fastest business jets available.
• The G650 typically accommodates 12 to 16 passengers in a spacious and well-appointed cabin.
• The cabin offers a width of 8.5 feet (2.59 meters) and a height of 6.4 feet (1.95 meters), providing ample space for passengers to move comfortably.
• The Gulfstream G650 is one of the more expensive business jets on the market, with a price tag typically exceeding $60 million, depending on configuration and optional features.

(Source: Gulfstream Aerospace)

Bombardier Global 7500

• The Bombardier Global 7500, is part of Bombardier’s Global family of business jets. It is known for its ultra-long-range capabilities and luxurious cabin.
• It is designed and manufactured by Bombardier Inc., a Canadian aerospace company.
• The Global 7500 has an exceptional maximum range of approximately 7,700 nautical miles (14,260 kilometers), allowing non-stop flights between many global destinations.
• It can achieve a maximum cruise speed of Mach 0.925, making it one of the fastest business jets in its class.
• The Global 7500 features a spacious and well-appointed cabin typically accommodating 12 to 19 passengers.
• It offers a width of 8.2 feet (2.49 meters) and a height of 6.3 feet (1.91 meters), providing ample space for passengers to move comfortably.
• The Global 7500 has advanced avionics, including a modern flight deck with advanced navigation and communication systems.
• It features the Bombardier Vision Flight Deck, which includes cutting-edge systems for enhanced situational awareness and safety.
• The Bombardier Global 7500 competes in the ultra-long-range business jet segment and is known for its impressive performance, range, and cabin comfort.
• The Global 7500 is among the high-end business jets and typically has a price tag well above $70 million, depending on configuration and optional features.

(Source: Bombardier)

Cessna Citation Longitude

• The Cessna Citation Longitude is a midsize business jet manufactured by Textron Aviation under the Cessna brand.
• It is designed for long-range travel and offers a spacious and comfortable cabin.
• The Citation Longitude has a maximum range of approximately 3,500 nautical miles (6,482 kilometers), making it suitable for transcontinental and some intercontinental flights.
• It can attain a maximum cruise speed of approximately Mach 0.84.
• The Citation Longitude features a well-appointed cabin typically accommodating 8 to 12 passengers.
• It offers a cabin width of 6.9 feet (2.1 meters) and a cabin height of 6.0 feet (1.83 meters), providing a comfortable and spacious interior.
• Textron Aviation offers various cabin configurations and interior options for customers to personalize the space according to their preferences.
• The Citation Longitude has modern avionics, including the Garmin G5000 flight deck with touchscreen controls.

(Source: Cessna Aircraft)

Embraer Praetor 600

• The Embraer Praetor 600 is a midsize business jet manufactured by Embraer. A Brazilian aerospace company.
• It is part of the Praetor family of business jets, known for their range, performance, and advanced features.
• The Praetor 600 has an impressive maximum range of approximately 3,900 nautical miles (7,223 kilometers), allowing for transcontinental and intercontinental flights.
• It can achieve a maximum cruise speed of approximately Mach 0.83.
• The Praetor 600 offers a comfortable and spacious cabin typically accommodating 7 to 12 passengers.
• It provides a cabin width of 6.9 feet (2.1 meters) and a cabin height of 6.0 feet (1.83 meters), offering ample room for passengers.

(Source: Embraer Executive Jets)

Dassault Falcon 8X

• The Dassault Falcon 8X is a flagship business jet manufactured by Dassault Aviation. A French aerospace company.
• It is part of the Falcon family of business jets known for their performance, range, and advanced technology.
• The Falcon 8X boasts an impressive maximum range of approximately 6,450 nautical miles (11,945 kilometers), enabling it to undertake intercontinental flights easily.
• It can reach a maximum cruise speed of Mach 0.90, allowing for efficient long-haul travel.
• The Falcon 8X offers a luxurious and spacious cabin typically accommodating 12 to 16 passengers.
• It provides a cabin width of 7.7 feet (2.34 meters) and a height of 6.2 feet (1.88 meters), offering ample space for passengers to move comfortably.

(Source: Dassault Falcon)

Business Jets Statistics According to Region

• In 2019, there were 21,979 active private aviation jets globally.
• North America accounted for approximately 71% of all private aircraft, with Europe coming in second at around 13%.
• The Australia and Oceania region had the smallest share, accounting for just 1% of all private aircraft worldwide.

(Source: Stratos Jet Charters)

Americas

• In 2019, North America had the largest private jet fleet in the world, with 15,547 registered aircraft.
• The United States had most of these jets, totaling nearly 90% of the region’s fleet.
• In 2019, the United States had the largest business aviation fleet in the world, with over 21,800 registered aircraft.
• The United States accounted for nearly 63% of the world’s private aviation jets.
• The market size of private jet aircraft and charter flights in the United States was $24.4 billion in 2019.
• In 2019, South America had 1,398 business aviation jets, with Brazil having the largest share.
• Brazil had the second-largest business aviation fleet in the world in 2019, with 1,566 aircraft.
• Mexico had a business aircraft fleet size of 1,439 in 2019, ranking as the third-largest in the world.
• Canada had a total fleet size of 1,322 business aircraft by the end of 2019, making it the fourth-largest in the world.
• Venezuela hosted 739 aircraft in 2019, ranking fifth among the world’s largest business aviation fleets.

(Source: Stratos Jet Charters)

Europe

• Europe had 2,760 business jets by the end of 2019, with Germany having the highest number.
• Germany had the world’s fifth-largest business aviation fleet in 2019, with a fleet size of 783.
• The United Kingdom’s aircraft constituted the world’s eighth-largest business aviation fleet in 2019.
• France had the world’s ninth-largest private aviation fleet by the end of 2019.
• Since the pandemic began, the number of private jet flights in the UK has increased fourfold. In 2020, there were around 19,000 private jet flights, but by 2022, that number had surged to over 90,000.
• The United Kingdom tops the list in Europe for private jet travel. In 2022, it recorded over 90,000 private jet flights, surpassing countries like France, Germany, and Italy.
• While London’s major airports like Heathrow and Gatwick are busy with commercial flights, they aren’t the main choices for private jet travelers. Instead, airports like Farnborough, Luton, and Biggin Hill, located near London, have become the primary hubs for private jet travel due to fewer restrictions and lower costs.
• In 2020, Bristol Airport to Barrow/Walney Island Airport and Barrow/Walney Island to Farnborough were the second and third most popular routes. However, by 2022, international destinations like Nice Cote d’Azur Airport in France and Geneva had taken their places.

(Source: Stratos Jet Charters, Simple Flying)

Asia-Pacific

• Asia hosted 1,570 registered business aviation jets in 2019, with China contributing the highest number.
• Further, Australia and Oceania had 230 luxury private jet aircraft by the end of 2019, making up only 1% of the world’s total.
• Australia’s 635 business aircraft ranked as the world’s seventh-largest fleet by the end of 2019.
• China had 464 registered units in its business aircraft in 2019, making it the tenth-largest business aviation fleet in the world and the largest in Asia.
• China stands out in Asia with the largest fleet of private jets, boasting 287 registered jets in 2019.
• This underscores China’s significant role in the continent’s private jet aviation industry.

(Source: Stratos Jet Charters, Gitnux)

Middle-East & Africa

• Africa had 474 registered private jet aircraft in 2019, with South Africa having the largest share.
• In 2021, there was a significant surge in demand for private jets in the African region compared to 2020.
• This led to more first-time flyers and long-distance travel to Europe and the US.
• Moreover, the African region had a smaller fleet of private jets in 2019, with South Africa and Nigeria accounting for nearly 50% of the fleet.

(Source: Stratos Jet Charters, Gitnux)

Business Jets Transactions Statistics

• The data reveals a shifting trend in the business jet market over 3 years.
• In 2019, new business jet transactions accounted for the majority at 59.7%, while pre-owned transactions made up 40.3%.
• However, there was a noticeable transition in 2020, with new business jet transactions decreasing to 54.4% and pre-owned transactions increasing to 45.6%.
• This trend continued into 2021, when new business jet transactions declined to 48.3%, while pre-owned transactions saw a corresponding rise, reaching 51.7%.
• However, these figures illustrate a growing preference for pre-owned business jets in recent years, possibly influenced by economic considerations or changing market dynamics.

(Source: Statista)

Conclusion

Business Jets Statistics – In conclusion, the world of business jets statistics represents a dynamic and influential sector within the aviation industry, catering to the unique needs of businesses, affluent individuals, and governmental organizations.

These aircraft, spanning various sizes and capabilities, have revolutionized how people conduct business and travel.

Moreover, the allure of privacy, comfort, flexibility, and time efficiency offered by business jets has solidified its place in corporate travel strategies and luxury transportation.

As the industry continues to innovate, addressing environmental concerns and embracing technological advancements, it remains poised for continued growth and adaptation to changing global demands.

Further, In an increasingly interconnected world, business jets are set to play an integral role in facilitating international commerce, fostering global relationships, and shaping the future of efficient, private air travel.

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