Once considered a luxury out of reach for the general population, business aviation and private jet travel are becoming more accessible, affordable, and enjoyable for all travelers — from corporate executives to millennials exploring alternative travel options in charter flights.
Thus far, 2018 has displayed flight growth compared to previous years — despite private jet sales remaining level. Several exciting trends have helped this sector grow both in the United States and beyond.
Flight success in 2018
In September 2018, business aviation flights increased by 2.1 percent year-over-year in the United States, Canada, and the Caribbean — an amount more than double what was predicted for the month. All business aircraft categories except for light jets also saw flight increases; this is the second month in a row that these categories have experienced growth.
Business aviation is also growing steadily overseas with the European market also seeing increases in flight numbers this summer. The number of flights globally continues to increase from previous years, confirming something great for the industry around the world: People are flying more for business.
BizAv trends leading to success
Thanks to industry trends introducing more accessible charter flights for individuals, better safety standards, and improved technology, the industry anticipates future growth as it moves into 2019.
- Charter and per-seat programs — One of the biggest trends in the industry is the increase in programs that offer charter flights, per-seat fares, and shared costs for private aircraft travel. Because of these programs, fewer people are purchasing business jets on their own, but they can fly more easily and more affordably than before. This is leading more individuals and companies to select private jet aviation as their preferred travel option.
- Aircraft management companies flourish — Additional regulations and an increased number of travelers on private jets require higher levels of expertise and responsibility from pilots of small and medium-sized aircraft. This necessity is leading more aircraft owners to turn to aircraft management companies for help in managing their assets and potentially turning them into a revenue stream.
- Technological improvements — Technology continues to exceed expectations in every facet of our lives, including BizAv. New in-flight Wi-Fi systems and cockpit operational improvements make life easier for pilots, aircraft owners, and passengers. Technology is also playing a critical role in the adoption of charter flight booking programs through mobile phone applications.
Many executives in the business aviation sector are working to keep up with these trends and to meet the needs of the new groups of travelers relying on private jets. These executives are hopeful for the continued success of the industry in the new year.
If you’ve been interested in investing in a private jet, now appears to be a great time to do so. Contact an experienced aircraft broker to get started on the search for your new jet.