2020 was certainly turbulent for the airline industry. Yet while the pandemic hit the global commercial airline industry hard—travel was down 50% in January 2021 from one year earlier—the private-aviation business sector fared better, with travel down just 9%, according to aviation data specialists WINGX Advance GmbH. Private flying not only offered an ostensibly safer alternative in the pandemic’s chaotic early months, but it also featured flights to destinations no longer covered by the commercial aviation industry.
As the distribution of Covid-19 vaccinations around the country continue to rise, individuals and businesses now have the opportunity to reconsider travel plans.
Overall, the sector’s growth potential expects a 5.1% annual increase, rising to almost $32.3 billion by 2025.1 These projections provide confidence that private aviation is not a temporary solution, but a shift in mindset as individuals and businesses consider its long-term benefits.
As we anticipate this industry’s upward trajectory, here are a few emerging trends that could help fuel growth in the years ahead:
Safety & Health
Travelers who had the means to fly private, but not the desire to fly private before the pandemic now have the urge to reallocate their resources as health concerns remain high and the desire to travel again increases. As the general public now feels more assured that flying privately is safe, industry watchers believe that seasoned as well as first-time travelers will embrace private travel as never before. 2
While environmental impact has been a deterrent for some patrons considering private flight/travel, several business aircraft companies have announced initiatives to reinforce their sustainability goals, including increasing usage of sustainable aviation fuel.
Experienced business travelers love being in the know, so they’ll appreciate and perhaps be quicker to embrace developments in private aviation, such as Advanced Air Mobility transport (formerly called urban air mobility) and electric-powered vertical takeoff and landing vehicles.
Improved Inflight Connectivity
Emerging 5G connectivity solutions should help travelers never miss a call—or a beat—during flights. Connectivity also offers key safety advantages for flight crews and aircraft maintenance technicians, allowing continuous monitoring of aircraft systems in real-time. 3
Jet card providers are significantly increasing their new customer base by allowing customers to buy flight hours in smaller increments. Anything that makes flying easier, will be welcomed by business travelers who appreciate efficient check-in processes. 4
Business jets have been referred to as “an infamously cyclical part of the aviation industry.” From being temporarily grounded to rebounding in mid-2020, private aircraft ownership seems poised to fly high again. And today’s leasing options help streamline the path to get there even faster.
First American has extensive industry experience and relationships with vetted providers to fit individual clients’ travel and budget requirements. To learn more about First American’s first-in-class solutions to aircraft ownership, both full and fractional, contact us with the form below.