The private jet business is growing strongly and even private jet operators are having a hard time meeting the demand.
Limited commercial flights during the pandemic are now in absolute chaos (aka, 10,000 flights delayed in a day). Demand for private air travel has grown, but supply is trapped in the same geopolitical uncertainty and logistical disadvantage, and it is uncertain whether private air travel can hold up.
While scheduled air traffic is still down 23% compared to pre-pandemic numbers, research consulting firm WINGX found that commercial aviation flights have increased 25% from U.S. numbers June 2019, while in the UK, charter flights have increased by 27% compared to 2019. There are competing interests for those private flights between luxury and ultra-rich travelers that can allow them to buy so own private jet.
Since March 2021, the world’s 2,755 billionaires have seen their wealth pool combined from $ 5 trillion to $ 13.4 trillion, Forbes found in a January Oxfam International survey analysis. Private luxury has seen billionaires carrying these assets suffocate the market, leaving only 3.1% of the available world fleet at the end of February. This is the lowest level recorded in more than 25 years, according to market data firm JetNet IQ.
Meanwhile, the FAA reports that business jet use has grown by 23% since March 2021. As leisure travel has increased, the latest survey by the Institute of Travel Management of members of European buyers revealed that corporate buyers do not expect business trips to return to pre-pandemic. levels, especially during inflationary times. In addition to an excessive daily amount of flight delays and cancellations, the potential for potential exposure to COVID-19 and monkeypox are supply chain problems. Desperate airlines for aviation transportation only insist that private jet carriers face serious clouds on the horizon.
Updates from the May Business Aviation Conference & amp; Exhibition reads like the flood of injuries affecting Major League Baseball. VistaJet’s plans to bolster its fleet by the end of 2022 have been advanced until the end of 2024, said Chief Commercial Officer Ian Moore. Dassault Aviation CEO Eric Trappier said certification slowdowns will delay the Falcon 6X until 2023. Gulfstream Aerospace President Mark Burns said the FAA has taken its time to approve the new software. the plane after the Boeing Max crashes. CEO Michael Amalfitano said the production of Embraer Executive Jets suffers from a shortage of computer chips.
Private aviation companies are looking to keep up – buying jets, hiring pilots, and even buying competitors in record clips, but the supply shortage is not meeting demand. As a result, travel booking with private airlines is less selective and more cost-effective for consumers. Flights for non-members are becoming rarer by the day, as seats are reserved for fractional and jet card holders.
Private airlines that want to buy more craft or have to buy from competitors or compete with private buyers. Airport maintenance shops across the country are in mandatory capacity, delaying maintenance. Aviation fuel prices remain high, driving prices to record numbers.
“The business aeronautics demand signals – strong sales, prices, and backlogs – are as clear as Sputnik’s beep-beep-beep radio impulses. Our industry is struggling to keep up with demand and rapidly growing new aircraft production, ”JetNet iQ creator and director Rollie Vincent said in a forecast.
Aviation industry experts vary widely in their opinions on whether the private airline industry can sustain such a sudden appetite for private air travel. In a strange and strange age, celebratory news is often contradicted quickly by global realities brought on by pandemic stresses and ongoing armed conflicts. While the answer may seem obvious in an entire world, times are shaky.
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