ResearchAndMarkets of PRNewswire reports that the global very light jet market is expected to reach $8.2 billion by 2028, growing at a compound annual growth rate of 7.45%. The market size reached $5.3 billion in 2022, indicating significant growth over the next few years.
According to the report, the growth of the very light jet market is driven by technological advancements and changing consumer preferences within the industry. There are several factors contributing to the growth of the light aircraft market. One of these factors is the increasing demand for private aviation solutions, fueled by the rise of high-net-worth individuals and their disposable incomes. Additionally, the tourism and travel industries are expanding, leading to a greater need for non-scheduled charter flights. The popularity of air sports and reconnaissance activities is also on the rise, directly driving the demand for light jets.
Light aircraft, which are defined by having a maximum gross takeoff weight of 12,500 pounds or less, are used in both commercial and general aviation. They are particularly suited for specialized aerial work and personal usage. Some of the most commonly used light aircraft today include Cirrus Sr22s, Robinson R44s, and Cessna 172s.
The usage of light aircraft for personal purposes is being driven by the increasing number of high-net-worth individuals worldwide. The Guardians reports that the richest 1% of the global population now holds 46% of the world's wealth, up from 44% in 2020. This wealth distribution has led to a rise in the number of US dollar millionaires, which reached 62.5 million in 2021.
With the projected growth of the very light jet market, it is expected that the demand for these aircraft will continue to rise. Technological advancements and evolving consumer preferences will shape the future of the industry, leading to further expansion and innovation.