The last few years have seen some marked changes and positive indicators in the private jet industry. Here are some of the stats we’re seeing in industry press that point towards a strong future.
Market Size and Growth:
The global private jet market was valued at approximately $30 billion in 2022. It is projected to grow at a compound annual growth rate (CAGR) of around 4-5% for the next 10 years.
Private Jet Ownership:
There are around 23,370 private jets worldwide in 2023.
The United States had the largest private jet fleet, with approximately 15,000 aircraft.
Private Jet Usage:
Business aviation accounted for a significant portion of private jet flights, with about 30-40% of all private jet trips being for business purposes.
Interestingly that suggests leisure travel, including vacations and personal trips, made up the majority of private jet travel.
Popular Private Jet Routes:
Not surprisingly, some of the busiest private jet routes included flights between major financial centers like New York, London, and Hong Kong.
Additionally, popular leisure routes included destinations in the Caribbean, Europe, and other vacation hotspots.
COVID-19 Had a Positive Impact:
The private jet industry experienced a dip in demand during the early months of the COVID-19 pandemic due to travel restrictions and safety concerns. However, as commercial travel faced disruptions, there was an increase in interest in private jet travel for safety and convenience reasons. Today, we see that continuing as travelers enjoy the benefits of private, luxury services.
Environmental Considerations:
Private aviation is facing increasing public scrutiny regarding its carbon footprint. In the past few years, we’ve seen greater efforts by the big manufacturers to develop more fuel-efficient and sustainable private jet technologies.
Charter and Fractional Ownership:
A growing number of individuals and businesses are opting for charters or fractional ownership programs rather than outright ownership. By bringing increased flexibility and cost savings, more people are able to afford private travel for their companies and lifestyles.
Emerging Markets:
Asia-Pacific and the Middle East are strengthening their position as growth markets for private jet travel, with more and more high-net-worth individuals and business travelers engaging the industry.
Overall optimism continues to permeate the industry as manufacturers, service specialists and customers enjoy the benefits and luxuries that private jet travel brings.