Global aircraft brokerage Jetcraft projected nearly a $50 billion market for preowned business jets through 2024 in its five-year preowned market forecast released today. “Covid-19 has affected many industries, including our own,” said Jetcraft owner and chairman Jahid Fazal-Karim. “However, business aviation has started to recover and the reduction in commercial flight activity provides a real opportunity for the sector to further expand its customer base and secure long-term prosperity.”
Despite this year’s reduced international trade activity, the World Trade Association forecasts that volume will rebound in 2021 and the number of ultra-high-net-worth individuals is expected to grow by 5 percent a year through 2024. Based on these estimates, along with its own past transactional data and customer insights, the Jetcraft report calls for more than 10,000 preowned jet transactions worth $48.8 billion by 2024. While the number of transactions predicted is nearly 1,000 more than over the past five years, the estimated value of those transactions is $3.2 billion less.
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