Outlook Positive for European Business Aviation
The news from EBACE is positive for business aviation in Europe. According to JetNet iQ, an advisory service for business aviation and business travel intelligence, the outlook is strong for business aviation in Europe as well as the rest of the world. Over the next 10 years, JetNet iQ expects deliveries of 9,317 business jets worth $257 billion, boosting the business jet fleet to 25,937. This is a 36% increase over the 19,016 jets flying today.
Specifically, JetNet iQ projects that 1,741 jets (19%) will go to European customers. Based on this forecast, the European business jet fleet could grow to about 4,300 aircraft by 2022, up 56% from the current fleet size.
In a survey of roughly 500 business aircraft owners and operators around the globe, JetNet iQ found that 47% percent believe that current market conditions have passed the low point while 32% believe conditions have bottomed out. In short, nearly 80% of survey respondents think the market is now heading upward.
According to the survey, European business jet operators expect to increase aircraft utilization by 5.3% over the next 12 months and by 8% percent in the following 12 months. Meanwhile, U.S. operators are projected to increase their usage by 4.4% and 5.4%, respectively.