Market Trends of North America Charter Jet Services Industry
The Large Jet Segment is Expected to Showcase Remarkable Growth During the Forecast Period
Large jets boast spacious cabins, offering ample room for passengers to work, relax, and even sleep, alongside a generous luggage capacity. These jets are the pinnacle of comfort and performance, especially favored for long-haul charter flights. Clocking speeds of up to 530 mph and boasting a range of around 4,000 miles, large jets outpace their smaller counterparts. The primary allure of owning a large private plane lies in its flexibility and convenience. Travel plans can be customized to the traveler's schedule, eliminating the hassles and delays often associated with commercial air travel.
Despite their size, large jets are agile enough to operate from airports that major airlines might find inaccessible. These jets have lavish amenities, including a private lavatory, stereo DVD, satellite phone, external baggage compartments, fax services, and a fully equipped galley. Moreover, the presence of onboard flight attendants elevates the in-flight experience, ensuring safety and comfort and offering gourmet catering and entertainment services.
The United States is Anticipated to Dominate the Market During the Forecast Period
During the forecast period, the United States is poised to maintain its market dominance, propelled by a surge in high-net-worth individuals (HNWIs), a rising appetite for next-gen aircraft, and the emergence of novel ownership models. In the historical context, jet models like Cirrus Aircraft's Vision SF50 G2, Cessna's citation CJ3+, CJ4 Gen2, M2, Embraer Phenom 300E, and Phenom 300 stood out as the most sought-after. These choices were primarily influenced by their competitive pricing, reduced maintenance needs, economical operational costs, and minimal take-off distance requirements.
Moreover, in response to the region's evolving demands, air charter operators have initiated fleet modernization efforts, awarding numerous contracts for new business jet acquisitions. For example, XOJET Aviation, a prominent US-based charter service, has introduced innovative solutions, offering a lighter asset ownership model than traditional full ownership, jet cards, or fractional ownership. With a fleet comprising 116 owned aircraft and an additional 1,500 from partner operators, XOJET ensures a premium experience, even for passengers booking individual seats on shared flights.
In 2022, Honeywell International Inc.'s 31st annual Global Business Aviation Outlook projected a significant uptick in the business jet industry. The report estimated that there would be nearly 8,500 new business jet deliveries, valued at USD 274 billion, over the next decade. This marks a 15% increase in both deliveries and spending compared to the previous year's forecast. With a rising appetite for jets, driven by diverse business travel and leisure applications, the US market is expected to continue its upward trajectory.
