Global Jet Capital released its annual Business Jet Market Forecast. In the updated report, the company projects continued growth for the next five years. The forecast also contains insights and projections for the business aviation market through 2028, including breakdowns of new deliveries and pre-owned transactions. The high level of detail in the report is based on outputs generated by Global Jet Capital’s proprietary transaction forecast model.
“Following two years of decline, the business jet market is expected to grow again in 2024. New deliveries should increase to serve the large backlogs OEMs have accumulated over the past two years, while the pre-owned market is now back to more normal levels and should restart a long-term trend of steady growth. Overall, transactions are expected to increase 5.3 percent in 2024 and dollar volume should increase 10.7 percent. Over the next five years, transactions are expected to increase at an average annual rate of 3.6 percent, while dollar volume should increase at a rate of 4.4 percent over the same period,” said Andrew Farrant, Chief Marketing Officer.
Based on its econometric top-down model, Global Jet Capital projects $193 billion in total transaction volume of new and pre-owned transactions between 2024 and 2028, with a compound annual growth rate of 4.4 percent during that time.
In the report, the company forecasts that deliveries of all size categories will increase during the period, but heavy long-range jet demand should increase at faster rates than other sizes as demand favors more range and capacity. North America is expected to remain the largest business jet market over the next five years, with Europe remaining the second largest market. Latin America is also forecasted to continue to be an important market for pre-owned jets.
Global Jet Capital believes that the projections contained within the forecast are a useful tool for individuals and organizations navigating the business aircraft industry. To download the Market Forecast, visit: https://www.globaljetcapital.com/forecast-2024