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Report says the global business jet market predicted to top $42 billion by 2028

The global business jet market is predicted to reach $42.7 billion by 2028, up from $29.3 billion in 2021, according to a report by Vantage Market Research. In addition, a compound annual growth rate (CAGR) of 6.3% is forecasted for the same period. The report contributes the key factors for the growth to rapid urbanization, technological advancement, and an increase in investment by developing countries. The sector forecasted to grow the fastest during the period is the light business jet segment. Air taxi services are the main driver of the expansion in this sector, according to the report. The Asia Pacific is expected to grow at the highest compound annual growth rate (CAGR) during the forecast period. The report attributes this growth to the existence of a significant number of business jet industry companies in the region. With the increase in demand, the report expects both supply and price to be impacted. In response to the demand, the report goes on to say that "numerous business jet operators are boosting their selection of membership programs, such as member plans, premium charter accounts, and private jet cards." In addition, the sector continues to grow due to technological advancements and an increasing middle-class population. Also, high-profile aviation is anticipated to boost the demand for Business Jets. "These are affordable and secure forms of transportation," the report says.
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