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The global business jet market forecast predicts a promising future for high-profile aviation in the years ahead. Customer is driven by the value proposition provided by players in the global business jet market. These are cost effective and a safe mode of travel. The ability to conduct business privately during flights, on-demand flight scheduling, reduced travel time and direct access to company sites are major benefits of these aircrafts. Globalization of trade owing to expansion from interregional partners to globally connected economies have contributed to the growth in business jet markets. Emerging economies such as China and India in addition to other developing nations are expected to propel the demand for business jets in the foreseeable future on account of converging adoptions towards mature market levels.
One of the key trends in the upcoming market is the replacement of old generation business jets with new aircraft models. The market is segmented into two major segments that includes branded charters which includes air taxis and second is fractional ownership. There has been substantial growth in on-demand air travel and business jets associated with air taxi fleets and charter. Increase in the ownership of business jets can be attributed to easy financing facilities coupled with low interest rates.
Geographic segmentation divides markets according to geographic are of the demand. In practice, markets can be segmented as broadly as continents and as narrowly as postal codes. Typical geographic variables include:
Breakdown by any combination: age, gender, income, education, ethnicity, marital status, education, household (or business), size, length of residence, type of residence or even profession/Occupation.
An example is Air France, who is trying to target young generation through its new campaign
Psychographic segmentation, which is sometimes called psychometric or lifestyle segmentation, is measured by studying the activities, interests, and opinions (AIOs) of customers. It considers how people spend their leisure, and which external influences they are most responsive to and influenced by. Psychographics is a very widely used basis for segmentation, because it enables marketers to identify tightly defined market segments and better understand consumer motivations for product or brand choices.
This refers to “personality and emotions” based on behavior, linked to purchase choices, including attitudes, lifestyle, hobbies, risk aversion, personality and leadership traits. Magazines read and TV. While demographics explain “who” your buyer is, psychographics inform you “why” your customer buys.
Behavioral segmentation divides consumers into groups according to their observed behaviors. Typical behavioral variables and their descriptors include
The market research analysis categorizes the global light business jet market into the following types of aircraft:
The global light business jet market for light jets accounted for more than 53% of the total market share in 2016. The light business jets are witnessing a growing demand from corporate travelers and businessmen due to the increase in international trade activities. In addition, the use of light jets with improved range and better comfort is propelling the light business jet market in terms of revenue generated from their sales. The vendors are adding modern features that include Garmin GWX-70 Doppler radar system with turbulence alert capability and are increasing the legroom space adds to its overall enhanced level of comfort. The incorporation of facilities, such as high definition Blu-Ray DVD player, XM radio, and other features will boost the sales in this segment.
According to Ramyabrata Chakraborty, a lead analyst for aviation research, “LEARJET 70, which is a light business jet manufactured by Bombardier Aerospace, has new avionics, powerful and efficient engines, and winglets. These aircraft are designed to accommodate six passengers and two crew members. Some of the other features include larger baggage compartment, LED lighting, and more galley space”.
In 2016, the global light business jet market for super light jets occupied close to 27% of the total market share. Super light jets are preferred over light jets because of their extended range, and they are larger compared to light jets. This type of aircraft can usually carry 8-9 passengers comfortably, depending upon the seating layout. They have spacious cabins and large baggage compartments.
“Learjet 75 is a super light jet manufactured by the Learjet division of Bombardier Aerospace, and it received its type certificate in November 2013 from FAA. It has a capacity for 8-9 passengers with two crew members. Learjet 75 is powered by twin-engine from Honeywell and has a maximum cruise speed of about 465 knots,” says Ramyabrata.
The global light business jet market for very light jets accounted for around 20% of the total market share in 2016. VLJs are developed as cost-effective entry-level jets and are ideal for short flights of up to two hours. They are also suitable for transporting a small group of people that usually ranges from 4 to 6 passengers. These jets can fly for a maximum duration of three hours or an average of fewer than 1,800 miles. They can take-off from short runways and can make use of smaller private airports.
The top aircraft manufacturer’s producing business jets, highlighted by market research analysts are:
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