Market Trends of us business jet Industry
The rise in the US HNWI population acting as the major growth driver for the market
- Individuals with liquid financial assets over USD 1 million are termed as HNWIs, and those with a net worth of at least USD 30 million are termed as UHNWIs. Due to the growing equity markets and government stimulus, in 2022, North America overtook Europe and Asia-Pacific to lead the total HNWI population. North America’s HNWI wealth grew by almost 5% in 2022 compared to 2021. The leading position of North America in terms of the number and assets of HNWIs is mostly attributed to the United States. North America recorded the most significant rise in the ultra-wealthy population, reaching a share of 66% of the global HNWI population in 2022.
- HNWIs and UHNWIs often own private jets for personal or business travel. Growth in the US economy and a strong focus on the industrial and technology sector have propelled the country's per capita income. As of December 2022, there were around 16,524 registered private aircraft in North America, of which the United States accounted for almost 91%, followed by Mexico and Canada, with 6% and 3%, respectively.
- Sustainable investing (SI) is attracting more attention and providing businesses with a high-potential engagement opportunity. In the ultra-HNWI segment, SI is rapidly gaining traction. For instance, about 40% of ultra-HNWIs are willing to invest money in sustainability, compared to 27% of HNWIs who expressed interest in SI products.
- In 2021 and 2022, there was an increase in the demand for aircraft ownership in the United States, driven by health considerations during the COVID-19 pandemic and a surge in global wealth in the financial markets. This trend is strengthened with capital raising and Initial Public Offering (IPO) activities and boosted by supportive public market valuations.
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Understand The Key Trends Shaping This Market
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