Light and Very Light Jets Market Forecasts to 2028 – Global Analysis By Aircraft Type (Very Light Jet and Light Jet),Material (Aluminum, Composites and Other Materials), Propulsion(Electric/Hybrid and Conventional Fuel), End-User(Civil & Commercial, Milit

Light and Very Light Jets Market Forecasts to 2028 – Global Analysis By Aircraft Type (Very Light Jet and Light Jet),Material (Aluminum, Composites and Other Materials), Propulsion(Electric/Hybrid and Conventional Fuel), End-User(Civil & Commercial, Military and Other End Users) and By Geography

According to Stratistics MRC, the Global Light and Very Light Jets Market is accounted for $5,034 million in 2022 and is expected to reach $10,481 million by 2028 growing at a CAGR of 13% during the forecast period. Very light jet and Light jets are referring to a compact aviation solution with a maximum takeoff weight of less than 5,900 kg with passenger capacity, not more than 9 to 10 passengers. Very light jets are considered the compact business jet solution and are approved for single-pilot operation. A very light jet has several benefits over other aviation options as it is a cost-effective and fuel-efficient solution. Very light jets have various applications, including training, passenger commute, and civil and military front research.

According to the National Centre for Biotechnology Information, US National Library of Medicine, every year, around 60 people die in the US in Very Light Jets crashes.

Market Dynamics:

Driver:

Increasing use of private aviation solutions

In comparison to other options, a very light jet provides speed, a high level of comfort and amenities, and is a fuel-efficient mode of air travel. Due to their opulent and comfortable transportation options and quick commute times, private aviation solutions like very light jets have recently grown immensely popular across the globe, especially among business professionals and the ultra-wealthy. Additionally, over the past ten years, the cost of running a very light jet has decreased by 30% to 50%. These costs are comparable to first- and business-class fares on commercial airlines.

Restraint:

Increasing Prices due to the cost of raw materials Volatility


Very light jet manufacturers and their suppliers have recently seen rising and volatile prices for raw materials like steel, aluminum, and copper as a result of the overall demand-supply gap, currency fluctuations, exchange rates, mining activities, and uncertain trade activities. Many of these materials are used to create ultralight jet parts and components. The overall cost of very light jets directly increased as the price of these components increased. The market for very light jets is expected to experience growth challenges due to the rising cost of these aircraft.

Opportunity:

Long-Term Business Opportunities Agreements

Due to growing comfort and health concerns, corporate executives and the ultra-wealthy generate demand for ultra-light jet solutions. Made-to-order product lines for very light jets are typically manufactured in minimal quantities under signed contracts and agreements. Implementing the very light jet solution is anticipated through contracts and agreements between very light jet end-users and developers. These contracts stipulate a list of requirements that must be met within a specified time frame. These contracts and agreements involve long-term investment opportunities with end-users. To achieve a competitive edge globally, market participants must concentrate on securing contracts and agreements.

Threat:

Very Light Jet and Light Aircraft Operation Safety Considerations

The global Light and Very Light Jets market expected to hamper growth during the forecast period, due to the very light jets are small and have few parts, which makes them lightweight. Its small size and light weight prevent it from using safety features found in larger aircraft. The majority of very light jets, including hang gliders, trikes, and PPGs, among others, lack a fuselage. The pilot is exposed to weather conditions like wind and rain because he or she is sitting outside. Furthermore, these aircraft lack sophisticated avionics and communication systems that would safeguard the pilot in a crisis.

Covid-19 Impact:

COVID-19 pandemic was spread across the globe in 2020. Concern about health risks has grown quickly during the COVID-19 health crisis and is a major factor in commercial aviation commute solutions. End users of very light jets, such as extremely wealthy people and business executives, have grown more concerned about commercial travel options due to the high risk of virus spread on commercial and charter aircraft. The 2 to 10 passenger seating capacity of very light jets reduces the risk of a virus while also providing a practical transportation option. Changes in lifestyle and sporadic necessity helped to sustain the demand for very light jets throughout the COVID-19 health crisis.

The light jet segment is expected to be the largest during the forecast period

The light jet segment is expected to have a lucrative growth. The market share for light jet aircraft was higher. Compared to very light jets, deliveries of light jet aircraft increased. In 2018, more than 1.6 billion dollars in revenue was produced by the deliveries of some well-known aircraft models in this market, including the Cessna CitationJet 3+/4, Learjet 70, Embraer Phenom 300, Pilatus PC-24, and TBM 910/930. These deliveries totaled about 200. Furthermore, the low cost of light jets is over USD 9 million, which is also roughly 2.5 times the average cost of very light jets. The high share of the segment in the studied year is due to all of these factors.

The military segment is expected to have the highest CAGR during the forecast period

The military segment is anticipated to witness the fastest CAGR growth during the forecast period. The military aircraft that are primarily used for intelligence, surveillance, and reconnaissance are referred to as very light aircraft. The military and homeland security departments are the primary owners of these small jets. All over the world, militaries are focusing on creating an aviation solution with cutting-edge technology that makes it possible to conduct operations at a low cost. The very light jet is one of the best operational options for search and rescue operations, training, and other applications.

Region with highest share:

North America held a sizable portion of the market. Due to the high demand for corporate travel from the United States and Canada, the region has one of the highest numbers of light and very light jet shipments geographically. In the United States, there are many people who fly internationally for business, and they tend to favor the light and very light jets.

Region with highest CAGR:

During the forecast period, the very light jet market in the world is expected to grow at the highest CAGR in Asia-Pacific. Due to the region's expanding air traveler base across many nations, favorable government policies, and changing aviation trends. Asia-Pacific countries with large and expanding economies, including China, India, Japan, and others, need flexible air transportation options throughout the region. The demand for modernization and a trend toward private aviation transportation solutions in the Asia-Pacific region are driven by the region's increasing air traffic. The rise in demand for air travel across the Asia-Pacific region also contributes to the very light jet market's expansion during the anticipated period.

Key players in the market

Some of the key players in Light and Very Light Jets market include Aviation Industry Corporation of China, Bombardier Inc. , Cessna Aircraft, Cirrus Industries, Inc., Daher, Diamond Aircraft Industries GmbH, Embraer SA, Exclusive Jets, Honda Aircraft Company , Honda Motor Co., Ltd., MSC Aerospace LLC, Nextant Aerospace Holdings, LLC, Pilatus Aircraft Ltd., Stratos Aircraft Inc., Textron Aviation Inc and Wanfeng Aviation Industry Co. Ltd.

Key Developments:

In February 2020, Honda Aircraft Company announced that the HondaJet Elite mad its first appearance in Singapore at the Singapore Airshow 2020, February 11 – 16. The debut of a HondaJet Elite in Singapore at the Changi Exhibition Centre marks an important milestone in the company’s global expansion.

In September 2020, The Phenom 100EV was delivered to an undisclosed industrial company, which selected the aircraft to maintain essential business operations during the COVID-19 pandemic.

Aircraft Types Covered:
• Very Light Jet
• Light Jet

Materials Covered:
• Aluminum
• Composites
• Other Materials

Propulsions Covered:
• Electric/Hybrid
• Conventional Fuel

End Users Covered:
• Civil & Commercial
• Military
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements