Private Jet Sales to Continue Growth in 2024, Jetcraft Forecasts

The five-year outlook for the pre-owned business jet market points to a positive future.

The pre-owned private jet market experienced a record year in 2022 with growth driven by the return of corporate clients and continued growth in EMEA markets, a new report from Jetcraft has found.

Jetcraft's annual Pre-Owned Business Jet Market Forecast has reaffirmed that the private jet market hit an all-time high for both hours flown and sales. Transactions for pre-owned jets hit $16.3bn in 2022, largely driven by the post-pandemic return to regional and international business travel.

There will be a correction in 2023 – Jetcraft forecasts total sales of $12.4bn but the five-year outlook for the pre-owned jet market is positive. The corporate sector returned to private aviation with aplomb in 2022, counting for 60% of Jetcraft's transactions.

"The return of the corporate buyer proves what we've always known: the continued importance of face-to-face interactions in the relationship world of business," says Jahid Fazal-Karim, owner and chairman of the board at Jetcraft. "Video conferencing technology served a purpose for all of us when the borders were closed, but businesses recognize the value of in-person meetings."

Jetcraft has seen the price of pre-owned business jets rise over the last two years due to increased demand and supply chain issues at major manufacturers. The backlog in orders is now falling gradually in line with pre-pandemic averages and as a result normal asset depreciation is returning.

The private jet market is steading itself after an unsustainable surge in growth post-lockdown, with values stabilizing at above $15.4bn annually. Jetcraft's 2023 report breaks down the nuances found in pre-owned transaction values, explaining why average prices increased more than expected during 2022, and how the market is now correcting itself after an unconventional last few years.

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