Date: Feb 2022
Very Light Jet Market worth USD 10,444.2 million by 2030
The Market Statsville Group (MSG) publishes the new report on the "Very Light Jet Market by Aircraft Type (Ultra-light Aircraft and Light Aircraft), by End-Use (Civil & Commercial and Military), by Materials (Aluminum, Composites, and Others), by Propulsion (Electric/Hybrid and Conventional Fuel), by Region – Global Share and Forecast to 2030". The global very light jet market size was 4,098.6 million in 2021 and is estimated to grow USD 10,444.2 million by 2030, at a CAGR of 11.0% during the forecast period. Business executives and the ultra-rich population create a demand for very light jet solutions, owing to growing comfort & health concerns. Very light jets are made to order product lines, mostly built in very few units and signed contracts and agreements. The commencement of the very light jet solution is expected to be carried out through contracts and agreements between end-users and developers of very light jets. These contracts mention a set of requirements that must be met in a timeframe. These agreements are associated with long-term business opportunities with end-users. Market participants need to win the contracts and agreements to gain a competitive advantage in the global market.
Global Very Light Jet Market Segmentation
The very light jet market has been segmented into the aircraft type, end-use, materials, propulsion, and region.
- By Aircraft Type (Ultra-light Aircraft and Light Aircraft)
- By End-Use (Civil & Commercial and Military)
- By Materials (Aluminum, Composites, and Others)
- By Propulsion (Electric/Hybrid and Conventional Fuel)
- By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
Composites, by materials, is estimated to hold the largest market share during the forecast period
By material, the global very light jet market is segmented into aluminum, composites, and others. Composites have accounted for the largest market share in 2021. Composites have a market share of 39.7%. The composites segment includes a range of composite materials used to manufacture very light jet parts and components. Composites play a significant role in the product development of lightweight aviation components, leading to the better operational performance of jets and improved fuel efficiency.
In the development of a very light jet, composite plays a vital role as it can be used for both components development and structural applications due to their properties of low weight than aluminum and high operational strength. Composites have a wide range of applications in very light jets ranging from wing assemblies, propellers, seats, instrument enclosures, among others. The wide range of application capability of composite in very light jet and increase in advancement in product development are estimated to support the growth of the composites segment in the future.
North America accounts for the largest market share in the very light jet market in 2021
Based on the regions, the global very light jet market has segmented North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America accounted for the highest market share of 58.7% in the global very light jet market and was anticipated to maintain its dominance throughout the forecast period. North America is one of the key regions in revenue for the very light jet market. North America includes powerful and large economies such as the U.S., Canada, and Mexico, making North America an attractive market. A rise in demand for private aviation solutions and technological advancement across the aviation industry contributes to the growth of this region's very light jet market.
North America is a dominant market for very light jets and has major players offering advanced light jet solutions. The region occupied a major market share of the global very light jet market in recent years and is expected to lead the market to adopt very light jets. This is attributed to the extensive adoption of advanced private jets and public demand for fuel-efficient and cost-effective aviation solutions.
This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the very light jet market. It also consists of the profiles of leading companies such as Diamond Aircraft Industries GmbH, Embraer S.A., Cirrus Industries, Inc., Bombardier Inc., Nextant Aerospace Holdings, LLC, Pilatus Aircraft Ltd, Stratos Aircraft, Inc., MSC Aerospace LLC, Honda Motor Co., Ltd., and Textron Inc.
Browse complete report: https://www.marketstatsville.com/very-light-jet-market
About Market Statsville Group
Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.
MSG has an entire repository of research reports on more than 1,000 niche industries, 3,000 high-growth potentials markets, 5,000 data sets, and more than 12,000 company profiles.
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