The popularity of multi-activity usage and enriching travel experiences soars, with comfort, convenience, and high performance driving market growth

Global business jet rental market

DUBLIN, May 16, 2024 (Globe Newswire) — The “Global Business Jet Rental Market – Forecast 2024-2029” report has been added. ResearchAndMarkets.com Recruitment.

The global business jet rental market is projected to reach USD 2,160.04 million by 2029 from USD 7,056,790,000 in 2022, growing at a CAGR of 17.50% during the forecast period.

This growth is expected to be steady and successful due to technological advancements in the aviation sector and in-cabin products. Currently, business jet rentals are used for multiple activities to meet the different needs of individuals, and people are gradually starting to realize its benefits. These jet aircraft offer comfort, optimal performance, convenience, ease of travel, and reduced flight time, which has led to a significant increase in demand.

With the increasing number of customers every day, air travel has become extremely stressful, cumbersome and time-consuming, and a huge number of customers have started preferring business jets for their travels due to its advantages. This increase in demand is expected to have a positive impact on the business jet rental market.

Additionally, the benefits offered by business jet rental, such as fewer people, fewer crowds and queues, higher hygiene levels, direct flights, and the ability to fly on schedule, are contributing to the market growth. Introduction of new aircraft programs and increasing affluent population are expected to drive market growth.

The North American market is anticipated to account for a notable share in terms of revenue and is expected to continue dominating the market throughout the forecast period. The presence of major players and the prevalence of private jet rentals among end users, especially in the United States, are the factors driving the market growth in the region.

Additionally, huge domestic investments and customer spending are also among the factors driving the expansion of this market in North America. The region’s business aviation network, including producers, suppliers, dedicated airports, and fixed base operators (FBOs), is rapidly expanding, making it one of the most attractive regions for business aviation worldwide. Plus, the presence of airports throughout the region makes business travel easy. Since North America is the largest region by area, business travelers should choose the fastest mode of transportation to save time. This will further increase the demand for business jets.

Increasing demand for aviation in developing countries:

Rising disposable income and advancements in aviation infrastructure are driving the growth of the global business jet rental market. Government of India data shows that in 2023, the aviation sector will develop significantly, with 60 new regional routes being opened under UDAN and 54 new RCS routes being awarded.

Additionally, over 9.1 million passengers benefited from the Digi Yatra facility. These statistics confirm the rapid expansion of the aviation industry, thereby contributing to the surge in demand for the overall business jet rental market.

Market restraint:

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Lack of proper infrastructure:

A major challenge for the business jet rental market is the lack of infrastructure in some countries. Although there is a potential market for business jet rental in developing countries such as Nigeria, India, China, and Malaysia, the infrastructure in these countries is not suitable for the growth of the business jet rental market.

There are some cities where transportation is not very convenient. There are no airports or airfields in certain areas. Others do not have a convenient landing space. Additionally, some areas are inaccessible from city limits.

Key attributes:

Featured companies

• net jets

• wheels up

• vista jet

• XO Global LLC

• magellan jets

• jet li

• jet suite

• victor

• globe air

• oxygen aviation

Market segmentation:

By type

By end use

By geography

• North America

• united states of america

• Canada

• Mexico

• south america

• Brazil

• Argentina

• others

• Europe

• Germany

• France

• England

• Spain

• others

• middle east and africa

• Saudi Arabia

• South Africa

• Israel

• others

• Asia Pacific

• China

• Japan

• India

• South Korea

• Indonesia

• Taiwan

• Thailand

• others

For more information about this report, please visit https://www.researchandmarkets.com/r/ge9ai6.

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