Very light jets are compact aircraft with a maximum takeoff weight of fewer than 5,900 kilograms and a nine to ten passenger capacity. They are approved for operation by a single pilot and are widely regarded as business aviation's most space-efficient option. The very light jet is a cost-effective and fuel-efficient solution, giving it several advantages over other aviation options. These jets have a wide range of applications, including passenger transport, training, and research on civilian and military levels. The market's growth for very light jets is anticipated by several factors, including a growing preference for private aviation solutions and an increasing health concern.
Historically, the term "microjet" referred to extremely light jets. This single-seat aircraft is rapidly becoming one of the most in-demand modes of transportation. A light jet can travel great distances at high speeds while consuming comparatively little fuel. The number of passengers that can be accommodated, the distance traveled, and the amenities provided vary significantly between these jets and heavy jets.
A very light jet offers speed, a high level of comfort, and amenities, and is more fuel-efficient than other options for air travel. Like every light jet, private aviation solutions have increasingly gained popularity globally, especially among business professionals and the ultra-wealthy, due to their opulent and comfortable transportation options and short commute times. Furthermore, the cost of operating a very light jet has decreased by 30% to 50% over the past decade. These prices are comparable to business- and first-class fares on commercial airlines. The future expansion of the market for very light jets is envisioned to be bolstered by the growing prevalence of luxurious transportation solutions and the decline in in-flight operation costs.
In addition, users of very light jets, such as ultra-wealthy individuals and corporate executives, are warier of commercial travel options due to the elevated risk of virus transmission on commercial and charter aircraft. Very light jets accommodate between two and ten passengers, minimizing the risk of virus transmission and providing a cost-effective mode of transportation. During the pandemic, lifestyle changes and sporadic demand have sustained the need for very light jets. In turn, increasing market demand.
Demand for ultra-light jets solutions is driven primarily by corporate executives and highly wealthy individuals increasingly concerned with comfort and health. In most cases, made-to-order product lines for very light jets are produced in extremely small quantities, and legally binding contracts and agreements govern this process. It is anticipated that the very light jet end-users and the developers will enter into contracts and agreements to facilitate the implementation of the very light jet solution pushing the market further. These contracts stipulate a list of requirements that must be met within a specific time and particular order. These contracts and agreements include opportunities for long-term investments with end-users. Participants in the market need to primarily emphasize securing contracts and agreements to gain a global competitive advantage.
The COVID-19 pandemic significantly impacted overall activities, which led to containment measures that resulted in long-term disruptions to the financial and economic systems. These long-term disruptions were caused by the actions taken to contain the situation. Since governments enforced commute restrictions, which impacted trade activities across all industries, disrupting the entire supply chain, participants at all levels of the industry were forced to confront the difficulties of transportation and direct worker engagement. The vast majority of enterprises are negatively impacted by this production slowdown caused by these restrictions. The most significant impact was felt by public transportation, as most people were forced to remain indoors and work remotely whenever possible.
According to the International Civil Aviation Organization (ICAO) information, the number of international airline passengers has decreased by approximately 60% compared to 2019. As a result of most governments restricting international travel to contain the spread of the virus, the aviation industry suffered significant financial losses and a significant rise in the level of business operations uncertainty.
By 2030, North America's market share is anticipated to reach USD 6,355 million at a CAGR of 11.4%. The demand for very light jets in North America will be driven by an increase in demand for private aviation solutions and technological advancements made in the aviation industries of the region's countries. The thriving aviation industry in the United States is aided by the expansion of the US economy and consumer spending growth. The government agencies have developed advanced jet technologies and fuel-efficient aviation. The evolution of the very light jet market in the United States is being driven by increased consumer spending and assistance in developing advanced and fuel-efficient technologies for very light jets. Due to a rise in demand for tourism, personal, corporate travel, leisure travel, and other types of travel, Canada has seen significant shipments of very light jets over the past few years.
Next to North America, the European region will hold USD 1,820 million shares at a CAGR of 10.5% during the forecast period. The expansion of the market for very light jets in Europe can be attributed to technological advances and a rise in aviation standards, such as green mobility regulations. Multiple aviation medium emission protocols require manufacturers to develop technologically advanced, cost-effective, and lightweight new energy-driven jet solutions. This region's market expansion is fueled by a high disposable income, a rise in the prevalence of European policies, and the versatility of very light jets.