A business Jet is basically a specially designed aircraft for carrying a small number of passengers; the travel cost for business jets are much higher than a commercial airliner.
These jets are usually operated and owned by conglomerates, government agencies, individuals or commercial business jet operators that provide business jet charter (private charter) facilities. Some schemes like fractional ownership and Jet Card programs permit customers to have the advantages of business jet travel without having to own one aircraft. The first business jet Lockheed JetStar (Aircraft model) flew on 4 September 1957, which was designed by the American aerospace company, Lockheed Corporation. The Lockheed JetStar originated as a private project and was the first dedicated private jet to enter service with the capability of seating ten passengers and two crew members.
The Global Jet Industry is projected to grow in terms of revenue at a compound annual growth rate (CAGR) of nearly 7 percent within the forecast period of 2016 to 2020. According to the market report of business jet, the top vendors in this market space includes Airbus, Boeing Co., Bombardier Inc., Embraer and Gulfstream Aerospace. There are some other prominent vendors in business jet market such as– Beechcraft, Dassault aviation, Diamond Aircraft, Eclipse Aerospace and Honda Aircraft. These top aviation vendors produce and provide the on-demand and specific jets to its clients.
There are different types and sizes of business aircraft like-
1. Heavy Jets- Heavy Jets are best for luxurious international and transcontinental trip. The large cabin of these airliners can carry 10-16 passengers and a cabin attendant. The largest cabins of these heavy jets can convert into a napping arrangement for 4 to 6 people.
Example of heavy jets models include:
• Global Express
• Gulfstream G550
• Challenger 604
• Falcon 2000s
2. Super Mid-size and Mid-size- The most versatile Mid-size jets are perfect for a four to five hours journey and it also offers best in class experience. Typically, it seats for 6 to 9 passengers with stand-up cabins. The mid-size aircraft represents a brilliant combination of comfort, efficiency and performance. Some mid-size jet models are:
• Citation Sovereign
• Citation XLS
• Gulfstream G280
• Hawker 800XP
3. Super Light and Light Jets- The light jets are a perfect choice for regional flights of up to 3-hour journey along with a light airliner feature cabin willing to carry 6-8 passengers comfortably. These aircrafts also feature in-flight audio and video entertainment. Most popular light business jets can be purchased in the range of $4 million.
Some typical super light aircraft models are:
• Citation CJ3
• Lear 40XR
• Learjet 35
• Phenom 300
During the last year, the super Mid-size business jet ruled the entire business jet market and it is also expected to hold its leading status by the end of 2020.
The Global Business Jet Industry in terms of delivery units of jets in the top global regions is expected to grow by the year 2020. According to the geographical analysis of the global business jet industry, America is visualized to be the leading marketplace for business jets through the forecast period. Presently, the United State has more than 15000 business airliners; it also possesses piston-twin general aircraft and fixed-wing turbine aircraft. This airline fleet is used maximally for corporate and business operations. According to a calculation, nearly 3 percent of these business jets are flown by Fortune 500 companies and remaining 97 percent used by civil authorities, charitable organizations, churches and universities. After the reduction in jet fuel prices, the profitability of the United States business jet market is estimated to stay constant or perceive a progress in the next 20 years.
Reasons to use business Jet –
There are several reasons for accessing business jets. The key general reasons are listed below.
1. Privacy – The passengers can hold a meeting in the business jet and it helps to preserve the mystery around important negotiations or agreements.
2. Time Saving – This is one of the most important reasons to use the business airliners.
3. Flexibility – These business jet service can be available at a few hours’ notice and it can wait if passengers are running late.
4. Convenience – These business aircraft can land closer to passenger’s true destination for the convenience of the travelers.
5. Family time – By using the business aircraft the passenger can spend more time with his family & friends.
We provide our clients critical Market Research Report through the Top Publishers discussion Top-level assessment of the cost of purchasing individual Industry Studies and Focus Reports.