The global very light jet market size was US$ 4,098.6 million in 2021. The global very light jet market size is forecast to reach US$ 10,446.2 million by 2030, growing at a compound annual growth rate (CAGR) of 12.0% during the forecast period from 2022 to 2030.

A very light jet is a small aircraft with a maximum takeoff weight of fewer than 13,000 pounds (5,900 kg) and a passenger capacity of no more than 9 to 10 people. The tiny business jet solution is the very light jet, approved for single-pilot operation. Because it is a cost-effective and fuel-efficient alternative, a very light jet has significant advantages over other aviation solutions. On the civil and military fronts, very light planes have a wide range of applications, including passenger commutes, training, and research.

Factors Influencing Market Growth

• Factors driving the global market include rising inclination toward private aviation solutions and increasing health concerns.
• Increased raw material prices result in the rising cost of very light jets while growing environmental problems and alternate aviation solutions may slow down the overall market growth.
• Untapped possibilities in growing economies and entering into contracts and agreements for long-term business prospects are forecast to offer lucrative growth opportunities for the global market during the forecast period.

Impact Analysis of COVID-19

During the COVID-19 pandemic, the aviation sector has faced high financial losses and considerable delays in business operations due to the government's restrictions in order to curb the spread of the virus. In addition, it limits the use of aviation mediums for the commute. Thus, the aviation industry faced a severe impact in 2020. The global very light jet market has a negative effect due to the reduced demand and supply outlook from COVID-19.

Regional Insights

The Asia Pacific region is forecast to have lucrative growth opportunities in the market during the forecast period. Due to the modification in the aviation industry in the region. In addition, the transformation of the transportation sector and the rising number of orders, mainly from China and Japan drive the market growth. Furthermore, growing expenditure on military training and the increasing usage of very light jets for business travel fueled the market growth in the region.

Leading Competitors

The leading prominent companies profiled in the global very light jet market are:

• Bombardier Inc.
• Cirrus Industries, Inc. 
• Diamond Aircraft Industries GmbH 
• Embraer S.A. 
• Honda Motor Co., Ltd. 
• MSC Aerospace LLC 
• Nextant Aerospace Holdings, LLC 
• Pilatus Aircraft Ltd 
• Stratos Aircraft, Inc. 
• Textron Inc
• Other Prominent Players

Scope of the Report

The global very light jet market segmentation focuses on Aircraft Type, End-Use, Materials, Propulsion, and Region.

Segmentation based on Aircraft Type

• Ultra-light Aircraft
• Light Aircraft

Segmentation based on End-Use

• Civil & Commercial
• Military

Segmentation based on Materials

• Aluminum
• Composites
• Others

Segmentation based on Propulsion

• Electric/Hybrid
• Conventional Fuel

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America