Market Trends of Europe Charter Jet Services Industry
The Light Jet Segment Will Showcase Remarkable Growth During the Forecast Period
There has been a significant surge in the demand for light jets within the European region in recent years owing to the flexibility and convenience that light jets offer. Moreover, the growth in the number of high-net-worth individuals within the region who need the option of seamless point-to-point connectivity makes light jets the most preferred choice of aircraft.
Furthermore, one of the major reasons for the popularity of light jets in Europe can be attributed to the adaptability of such jets to a wide range of travel requirements. In addition, when compared to larger jets, light jets are more cost-efficient and have greater operational flexibility to land on smaller runways. This leads to light jets emerging as the major choice for business travelers who often need access to remote or less serviced airports. For instance, in June 2023, Honda Aircraft planned to commercialize the HondaJet 2600 concept light jet that it unveiled at NBAA-BACE 2021. The new light jet is powered by two Williams International FJ44-4C turbofans and with a Garmin G3000 avionics suite.
Germany to Dominate the Market During the Forecast Period
According to the Business Jet Fleet Report 2022 Europe, published by GlobalSky Media, Germany has positioned itself as the largest business jet market in Europe in terms of fleet size with 481 aircraft as of 2022, which was an increase of four aircraft as compared to 2021 figures. Furthermore, the country witnessed deliveries of 15 new aircraft in 2022, out of which 53% of the delivered aircraft were placed under the light jet category. Moreover, the country also witnessed 37 used aircraft additions from both within and outside Europe. Furthermore, as of 2022, there was a presence of 108 Bombardier business jets with German operators belonging to the Learjet, Challenger as well as the Global family of aircraft. In addition, as of 2022, light jets and very light jets were the most popular business jets in Germany, with a combined fleet share of 65%.
On the other hand, there has been significant growth in terms of the procurement of new generations of business aircraft by major players within the country to expand their clientele. For instance, in October 2023, charter aircraft operator Hahn Air announced that they had become the launch customer for Textron’s new Citation CJ3 Gen2 light jet aircraft in Europe. Furthermore, the company has announced that they will receive both aircraft by 2026, and this acquisition will likely replace the existing CJ3+ and Latitude business aircraft that Hahn Air is currently operating. Thus, growth in the acquisition of new business aircraft coupled with growing demand for business jets will lead to the private jet charter market witnessing significant growth in Germany during the forecast period.
