The global very light jet market size was valued at USD 4,098 million in 2021. It is anticipated to reach USD 10,916 million by 2030 at a CAGR of 11.5% during the forecast period (2022–2030). A very light jet is a compact aviation solution with a maximum takeoff weight of fewer than 5,900 kilograms and a passenger capacity of not more than nine to ten people. They are approved for operation by a single pilot and are widely regarded as the most space-efficient solution for business aviation. The very light jet is an economical and efficient solution in fuel consumption, giving it many advantages over other aviation choices. These jets have various uses, including passenger transportation, training, and research on civilian and military fronts.
The demand for very light jets is anticipated to be driven by several factors, including an increasing preference for private aviation solutions and rising concern regarding health. The term "microjet" was formerly referred to the very light jets. This single-seater airplane is quickly establishing itself as one of the most sought-after modes of transportation. A light jet can fly for long distances at high speed while using a relatively small fuel. These jets are pretty different from heavy jets, such as the number of passengers that can be accommodated, the total distance traveled, and the amenities offered.
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A very light jet offers speed, a high level of comfort and facilities and is a fuel-efficient mode of air travel compared to other options. In recent times, private aviation solutions, such as very light jets, have gained immense popularity across the globe, particularly among business professionals and the ultra-wealthy, due to their luxurious and comfortable transportation options and short commute times.
Additionally, the cost of operating a very light jet has lowered by 30% to 50% over the past decade. These prices are comparable to those of commercial carriers' business- and first-class fares. Future growth of the very light jet market is anticipated to be supported by the rising adoption of luxurious transportation solutions and the decline in in-flight operation costs.
There has been a great deal of health risk apprehension regarding commercial aviation commute options during the coronavirus pandemic. Users of very light jets, such as ultra-wealthy individuals and corporate executives, are more concerned about commercial travel options due to the high risk of virus transmission on commercial and charter aircraft. The seating capacity of very light jets ranges from two to ten passengers, minimizing the risk of virus transmission and providing an economical mode of transportation. During the pandemic, a shift in lifestyle and the occasional need have sustained the demand for very light jets. Consequently, driving up market demand.
Due to the overall demand-supply gap, currency fluctuations, exchange rates, mining activities, and uncertain trade activities, very light jet developers and their suppliers experienced rising and volatile raw materials such as steel, aluminum, and copper prices in recent years. Numerous of these materials are employed to produce ultralight jet components and parts. The rising cost of these materials directly impacted the overall price of very light jets. It is anticipated that the increasing cost of very light jets will impede the growth of the very light jet market.
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.
The public health emergency during COVID-19 had a drastic impact on overall activities, which led to containment measures, resulting in long-term disruptions to the financial and economic systems. Since governments enforced commute restrictions, this affected the general trade activities across all industries, causing a disturbance in the supply chain. Participants in the industry operating at all levels were forced to confront the challenges of transportation and the direct engagement of workers. These restrictions caused a slowdown in production across the board, affecting most industries.
According to data published by the International Civil Aviation Organization (ICAO), the number of passengers flying on international airlines has decreased by approximately 60% compared to 2019. As a result of most governments restricting international commute to contain the virus, the aviation industry also suffered significant financial losses and increased uncertainty surrounding business operations.
Based on the aircraft type, the market for very light jets is segmented into Ultra-Light Aircraft and Light Aircraft.
The light aircraft is expected to dominate the market with a massive share of USD 6,381 million at a CAGR of 10.6% during the period forecasted. Due to their compact size and high level of performance, light aircraft are typically employed to transport business executives and for military training purposes. The quantity of light aircraft that companies make available to their employees to attend business conferences and other essential meetings has increased over the past few years.
In addition, training programs for military personnel use light aircraft equipped with high-performance airframes, cutting-edge avionics, and highly integrated computer systems. Due to their small size and efficient operation, light aircraft are suitable for military training activities. This is because light aircraft require less fuel. It is anticipated that an increase in spending on military training and the utilization of very light jets for business travel will support the growth of the market.
Based on end-use industries, the market for very light jets is segmented into Civil & Commercial and Military.
The military sector is expected to command a market share of USD 5,536 million at a CAGR of 10.5% by 2030. Very light military jet refers to those jets primarily used for intelligence, surveillance, and reconnaissance. These light jets are mainly owned by the military and homeland security departments. Militaries worldwide are concentrating on developing an aviation solution equipped with cutting-edge technologies that enable operations to be conducted at a low cost. Due to its operational capabilities, the very light jet is one of the leading solutions for search and rescue operations, training, and other applications. The growth of the military segment is anticipated to be supported by the increasing demand for a very light jet solution for battle intelligence through surveillance, use in emergencies, transportation of cargo to sensitive military locations, and military training activities.
Based on materials, the market for very light jets is segmented into Aluminum, Composites, and Others.
Composite materials are expected to generate a considerable revenue of USD 4,834, with a CAGR of 12.7% by 2030. Composites play a significant role in developing lightweight aviation components, which improve jets' operational performance and fuel efficiency. Epoxy reinforced with carbon fiber, glass, and aramid is the primary composite material for ultralight jets. This material plays a pivotal role in developing a very light plane because it can be used for component development and structural applications due to its lower weight than aluminum and high operational strength. The composites segment is anticipated to grow shortly due to the composite's wide range of applications in ultra-light jets and the escalating rate of product innovation.
Based on propulsion, the market for very light jets is segmented into Electric/Hybrid and Conventional Fuel.
Conventional fuels are likely to expand at a CAGR of 10.8% and reach USD 7,470 million by 2030. The very light jets that fall under the conventional fuel segment's purview are powered by traditional propulsion engines fed jet fuels. Many very light jet manufacturers are concentrating their efforts on developing fuel-efficient product lines to reduce overall fuel consumption and make transportation more cost-effective. It is anticipated that rising fuel prices and a growing preference for green mobility policies will support the growth of fuel-efficient engines for very light jets, which will, in turn, support the development of the conventional fuel segment. This will occur due to the circular relationship between the two factors.
The regional-based segmentation is North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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North America's market share is estimated to amount to USD 6,355 million, with a CAGR of 11.4% by 2030. The market demand for the very light jet in North America will be fueled by an increase in the need for private aviation solutions and technological advancements made throughout the aviation industries of the region's countries. An expanding US economy and rising levels of consumer spending both work to the advantage of the thriving aviation industry in the United States. The government agencies have been developing advanced jet technologies and more fuel-efficient aviation.
Increased consumer spending and assistance in the development of very light jet technologies that are advanced and efficient in their fuel use are driving the expansion of the very light jet market in the United States. Further, owing to an increment in demand for tourism, personal, corporate travel, leisure travel, and other types of travel, Canada has also witnessed significant shipments of very light jets over the past several years.
Next to North America, the European region will command a share of USD 1,820 million at a CAGR of 10.5% during the forecast period. The expansion of the very light jet demand in Europe is attributable to technological advancements and increased aviation standards, such as green mobility regulations. The prevalence of multiple aviation medium emission protocols compels manufacturers to produce technologically advanced, cost-effective, and lightweight new energy-driven jet solutions. The market growth in this region is driven by a high disposable income, a rise in the prevalence of European policies, and the suitability of very light jets for various applications.