JETCRAFT: ANNUAL ANALYSIS
Jetcraft’s 2024 pre-owned business jet market forecast reveals a positive shift in generational wealth.
Backed by nearly a decade of research, Jetcraft’s annual Pre-Owned Business Jet Market Forecast is renowned for its comprehensive and detailed analysis of the industry. This year’s edition reveals a number of pointers, with the amount of time business aircraft are spending on sales, being a strong indicator of industry growth.
Driven by unprecedented post-pandemic demand, the report shows that in 2022-2023, aircraft spent an average of 129 days on the market compared to 233 days in 2018-2019. The data reveals that the industry is in a market correction period, with a dip in both volume and value in 2023. However, ongoing transaction volumes are similar to 2019 levels, while values remain higher than the pre-pandemic peak, with an expected 59% increase in total transaction value between 2019 and 2028.
Chad Anderson, Chief Executive Officer, Jetcraft says: “For the first time, we’re including an analysis of market dynamics in the Pre-Owned Business Jet Market Forecast. As our data shows, since 2022 the number of days an aircraft spends on the market has decreased by almost half – due to borders opening and international travel resuming, along with buyers making faster, more emotional purchase decisions due to increased demand. We expect transaction rates will settle at this new level, even with more inventory available, culminating in a total forecast revenue of $15.6B annually by 2028.
Another key finding is the continued rise in younger buyers, with 28% of Jetcraft buyers now aged under 45 years old (a 14% increase since 2019), averaging $13M per transaction. The Middle East and Africa boast the greatest proportion of younger buyers, due to the growth of UHNWIs in these regions.
Market leading intelligence: More than brokers, Jetcraft is a network of global aircraft advisors, offering unmatched international reach and unrivalled local knowledge.
Jahid Fazal-Karim, Owner and Chairman of the Board, Jetcraft, adds: “Our data has gone from strength to strength since the Market Forecast’s inception in 2015. We were the first to report the rise in buyers under 45 as a contributing factor to the growth of our industry and this demographic continues to be influential. Their market share has almost doubled since 2015, caused by a shift in generational wealth and the continued rise of billionaires in the tech space.
Fazal-Karim concludes: “As Jetcraft evolves, so too does our expertise in analysing and interpreting the data, allowing us to make increasingly accurate predictions for the years ahead and provide deep analysis of the trends driving our dynamic industry.”
Download the Pre-Owned Business Jet Market Forecast at www.jetcraft.com/market-forecast-2024.
