Private Jet Demand Drives $278 Billion in Projected Deliveries
According to a new report by Honeywell, a US aerospace company, the global demand for private jets remains strong for the following decade, with a projected 8,500 new aircraft deliveries worth $278 billion anticipated from 2024 to 2033.
Despite global economic uncertainties, this forecast highlights the industry's resilience and growth potential, attributed to factors like the resumption of international corporate travel, the need to accommodate new travellers, and the rising demand for flexible travel options.
Heath Patrick, President of the Americas aftermarket at Honeywell Aerospace, said, "Our industry is on the upswing. Operators are showing confidence with plans to expand their fleets at a faster rate than any time in the previous decade."
The post-pandemic phase played a significant role in shaping the current private jet landscape, especially as individuals desired greater control over travel experiences and laid emphasis on health and safety. The North American region is now a dominant market for private jet travel, accounting for 64% of the five-year forecast for new jet deliveries, supported by a robust economic outlook and a well-established private aviation infrastructure.
Regions like the Middle East and Africa are also exhibiting promising growth in recent years, with a private jet fleet projected to account for at least 6% of new jet deliveries. The increasing affluence of travellers and a rising demand for luxury travel experiences have significantly boosted the growth in the private sector for these regions.
While the growth is upward, the private jet industry faces scrutiny for its environmental impact, and operators are actively prioritising sustainability initiatives and implementing measures to reduce their carbon footprint. Research into sustainable aviation fuel is also rising to meet the aviation industry's net-zero carbon emissions target by 2050.
Brookfield Aviation International believes that the outlook for the private jet industry remains optimistic, with demand expected to grow steadily over the next decade. As the world adapts to the evolving aviation landscape, private aviation is well-placed to make a significant impact, offering individuals and businesses premium service alongside its efforts for sustainability.
