Market Highlights

The global very light jet market was valued at US$ 5.5 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 9.5% between 2022 and 2028, reaching US$ 7.9 billion in 2028.

Very Light Jet Market CAGR

2022-2028

CAGR OF

9.5%

Very Light Jet Market

End users' demand has markedly declined as a result of high jet prices and low consumer confidence. Participants in the industry have reduced their overall production activities due to operations with inadequate health and safety protocols, labor capacity constraints, and fluctuating customer sentiment. However, the very light plane is expected to experience prospects for sales momentum beginning in 2022 due to its optimistic demand prediction and the executive class population's growing need for personal commuting solutions.

A very light aircraft is a fuel-efficient means of transportation that offers speed, superior comfort and amenities, and reduced weight compared to alternative options. Recent years have seen a huge increase in the global popularity of private aircraft solutions, such as ultralight planes, especially among business professionals and the very wealthy, due to their luxurious and comfortable transportation options and speedy commute times.

In addition, the cost of operating a very light plane has dropped by thirty to fifty percent during the last ten years. These expenses are comparable to commercial airline first- and business-class rates. The future expansion of the very light jet sector is anticipated to be aided by the rising use of luxurious transportation options and the decline in in-flight operational expenses.

It is projected that growing health concerns and growing interest in private aviation will drive growth in the very light jet industry. However, volatile raw material prices drive up the cost of very light jets, and growing environmental concerns and other flying options are limiting the industry's growth. However, it is expected that the global very light jet market participants will have profitable growth opportunities if they take advantage of untapped potential in developing economies and enter into partnerships and agreements for long-term commercial possibilities.

Very Light Jet Market

By Material

Aluminum

Composites

Others

The Market will Grow

At the CAGR of:

9.5%

The Forecast Market

Size for 2028 in USD:

$7.9B

The health concerns linked with traveling by commercial aircraft have been a major source of worry during the coronavirus outbreak. Users of very light planes, such the very rich and business executives, are particularly concerned about commercial travel options due to the considerable risk of virus transmission on commercial and charter flights. Two to 10 persons can sit in this ultralight aircraft, which lowers the risk of viral transmission while still providing a useful mode of transportation. Due to a shift in lifestyle and infrequent needs, the market for extremely light planes has survived the epidemic. resulting in a push for higher market demand.

The general demand-supply mismatch, currency fluctuations, exchange rates, mining operations, and erratic trading activities are some of the causes that have caused the price of raw commodities, such as steel, aluminum, and copper, to rise and fluctuate recently. Ultralight jet aircraft parts and components are made in large part from these materials. The higher cost of these parts had a direct impact on the total cost of very light airplanes. The growing cost of very light aircraft is likely to pose growth hurdles for the very light jet market.

Recent years have seen a number of directives and investments in the sector that should expand the global very light jet market as a whole. Among these are: • The need for ultra-light aircraft solutions is driven by the affluent and corporate leaders, who are more concerned about their health and comfort. Made-to-order, extremely light jet product lines are frequently produced in limited quantities in compliance with formal agreements and contracts. The deployment of the extremely light jet solution is anticipated in contracts and agreements between developers and very light jet end customers. These contracts have a number of requirements that must be met in a specific length of time. Opportunities for a long-term investment with end customers are presented by these contracts and agreements. If the global very light jet market players wish to obtain a competitive edge globally, they should focus on obtaining contracts and agreements.
• Over the past 10 years, a number of emerging nations, especially those in the Asia-Pacific region, have seen increases in trade activity, robust GDP growth, and per capita income. It is anticipated that this would boost sales of very light jets. Among the potential markets for ultralight aircraft are Malaysia, Nigeria, China, and India. Nevertheless, many countries lack the infrastructure necessary to employ very light aircraft. The increase in aviation passenger traffic and the growing inclination towards private aviation solutions are expected to drive up demand for infrastructure expansions in these countries. Growing air travel and developing aviation infrastructure projects are expected to create chances for the very light jet market in developing regions over the forecast timeframe.

Market Segment Analysis

Very Light Jet Market

By Aircraft Type

XX%

Ultra-light Aircraft

Light Aircraft

5.5

Total Market Size

USD (Billion), 2022

9.5%

CAGR

2022 - 2028

Depending on the type of aircraft, the global very light jet market is split into Light Aircraft and Ultra-Light Aircraft. Because light aircraft are compact and perform well, they are often utilized for executive transportation and military training. Businesses have increased the number of light aircraft available to their staff members over the last few years so they can attend significant meetings and conferences.

Based on material, the global very light jet market for extremely light aircraft is split into three groups: composites, aluminum, and other materials. Composite materials play a major role in the creation of lightweight aircraft components that improve jet performance and fuel economy. The primary composite material used in lightweight jets is epoxy reinforced with carbon fiber, glass, and aramid. This material, which can be used for structural applications and component development, is crucial to the creation of a very light plane because of its lower weight than aluminum and strong operating strength. The market for composites will likely grow given its wide range of applications in ultra-light aircraft and the quick speed at which new products are being developed.

Geographically, the global very light jet market is split into four groups: North America, Europe, Asia-Pacific, and the Rest of the World. The global very light jet market in North America would be driven by an increase in the region's need for private aviation solutions as well as advancements in aviation technology across all of the member states. Growing consumer spending rates and the US economy both contribute to the aviation industry's expansion. Government organizations have been developing state-of-the-art jet technology and increasing aircraft efficiency.

Very Light Jet Market

By Region

The Market will Grow

At the CAGR of:

9.5%

The Forecast Market

Size for 2028 in USD:

$7.9B

The expansion of the very light jet market in Europe can be attributed to technological advancements and increased aviation regulations, such as those controlling green mobility. The prevalence of many aviation medium emission regulations compels manufacturers to develop new energy-driven jet solutions that are lightweight, affordable, and technologically advanced. The region's market is growing due to a number of factors, including high levels of disposable income, a rise in the adoption of European policies, and the versatility of ultra light jets for a wide range of applications.

Key Players

The very light jet market for extremely light jets is highly competitive. The state of the sector and government assistance have a direct impact on the companies' growth. Based on their quality and market penetration in both target and emerging markets, these companies set themselves apart with their ultra light jets. Additionally, a few recent large mergers and acquisitions in the sector have had a big impact on the competitive dynamics. As an illustration:
• In 2022, Bombardier Inc. unveiled the Global 8000 Aircraft, the only four-zone cabin business aircraft with an 8,000 nautical mile range.
• Diamond Aircraft Industries Gmbh and Air Bear Tactical Aircraft jointly unveiled the DA62 MPP, a showpiece aircraft that will tour North America in the summer of 2022.
• Bombardier Inc. released an Environmental Product Declaration for the industry's best mid-size business jet, the Challenger 3500, in 2022.

These mergers and acquisitions have had an impact on the competitive landscape as a whole. The leading companies in the very light jet market are as follows: Honda Motor Co., Ltd.; MSC Aerospace LLC; Bombardier Inc., Diamond Aircraft Industries Gmbh; Cirrus Industries, Inc., Aerospace Holdings, Nextant, LLC, Pilatus Aircraft Ltd.; Textron Inc.; Embraer S.A.; Stratos Aircraft, Inc.

Very Light Jet Market Scope: