DUBLIN, Nov 28, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Global Business Jet Market 2016-2020" report to their offering.
The global business jet market to grow at a CAGR of 6.91% during the period 2016-2020. The report covers the present scenario and the growth prospects of the global business jet market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of business jet aircraft while taking into consideration the average price of light business jet, mid-size business jet, and large business jet. Innovations are playing major role in product and avionics systems technological advancements, in order to withstand in the competitive market. For example, Airbus is implementing additive layer technologies such as 3D printing for new fuselage designs. Such techniques enable customization of cabin components with lightweight and sophisticated design. Avionics systems play a major role in an efficient flight movement, and these systems need to be upgraded at regular intervals to ensure the safety of passengers and crew. According to the report, meeting environmental regulations with respect to the carbon footprint is one of the major concerns in the aviation industry. This has also influenced the global business jet market that is gradually witnessing the development of eco-friendly aircraft. These designs focus on lesser fuel consumption and the consequent lesser carbon emission. The tendency to shift toward eco-friendly designs continues to increase from large wide-body aircraft and twin-aisle VIP aircraft completions to even small VIP single-aisle jets. Further, the report states that the airline industry is a highly competitive market. To attract and retain customers, the airlines need to showcase their products with respect to the customer benefits. However, the increasing technological enhancements and shifting consumer demands, along with highly complex systems may ultimately challenge the ability to make decisions based on optimization balances.