Page 16 - AAA JANUARY - FEBRUARY 2022 Online Magazine

is strong, and growth is expected to continue.”
There is clear evidence of a shift in the recovery
toward owned and managed aircraft. A global
corporate travel survey by Morgan Stanley
released last November projected that private
jet use among businesses would increase in
2022. The total Global Market for Business
Jets is estimated to grow with a CAGR of
around 16 per cent to USD32 billion by 2028.
North America is expected to account for
approximately 60 per cent of the market during
this period due to the fact that the majority of
the business jet manufacturers operate out of
the North American region.

The rise of surveillance technologies like ADS-B
and the rising popularity of heavy Jets and
long-range aircrafts have acted as key drivers
in the Business Jet Market. The recent growth
in private aviation passengers can be attributed
to programs such as membership programs,
on-demand chartering, and fractional owner- pool of aircraft, while prices continued to fall,” said Tony Kioussis,
ship which have taken off around the world. president of Asset Insight. The company said that the average ask
Discounting all apprehensions there has been price trend, led by the large and mid-size jets, appears to have made
a record demand for business aircraft since a turn in September 2021 and is on the rise again. Asset Insight
the pandemic hit the world. The latest business said the overall quality rating worsened during the third quarter
aircraft market report from Asset Insight shows. of 2021, except in the light jets category, which improved slightly.
Referencing the speed with which some aircraft are selling, Kioussis
“In our last Market Report, the laws of supply noted: “The small pool of less attractive aircraft are also driving
and demand seemed to have been paused with the number of average days on the market up, now to 407 days,
demand increasing for a smaller and smaller which is not reflective of the unprecedented pace by which newer,

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