Private Aircraft Market Report 2024

Where is the largest and fastest growing market for private aircraft? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more. The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The private aircraft market size has grown strongly in recent years. It will grow from $26.15 billion in 2023 to $28.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth during the historic period can be attributed to the rising demand for business travel, which increased the need for private aircraft, growing wealth among high-net-worth individuals that boosted private jet purchases, global economic growth that expanded the market, the rising frequency of international travel that increased demand for long-range private jets, and the increasing adoption of fractional ownership programs that made private flying more accessible.

The private aircraft market size is expected to see strong growth in the next few years. It will grow to $37.02 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to the anticipated expansion of on-demand private jet services, technological advancements in aircraft efficiency and safety, a growing emphasis on personalized travel experiences, and an increasing number of high-net-worth individuals in emerging economies. Major trends during this period include technological advancements leading to more efficient and eco-friendly private aircraft models, increased adoption of sustainable aviation fuel (SAF), the rise of hybrid and electric private aircraft, and growing demand for customized and luxury interiors.

The growing volume of air travel is expected to drive the expansion of the private aircraft market. Air travel involves transporting people or goods using aircraft such as airplanes or helicopters between different locations. The rise in air travel is attributed to factors such as increasing disposable incomes, enhanced global connectivity, advancements in aircraft technology, and a higher demand for both business and leisure travel. The use of private aircraft is also growing due to the desire for more personalized, flexible, and time-efficient travel experiences. For example, according to Airlines for America, a US-based Air Transport Association, airlines are projected to carry a record 167.1 million travelers during the 2024 spring travel period (March 1-April 30), averaging about 2.7 million travelers daily. This represents a 6% increase from the 157.4 million travelers, averaging 2.6 million daily, during the 2023 spring travel season. Consequently, the rise in air travel is fueling the growth of the private aircraft market.

Leading companies in the private aircraft market are focusing on technological innovations, such as noise reduction technology in helicopters, to gain a competitive edge. Noise reduction technology for helicopters includes advanced rotor designs, active noise control systems, and soundproofing materials to minimize noise during flight. For instance, in March 2023, Flexjet, a US-based company offering fractional aircraft ownership, leasing, and jet card services, launched its European private helicopter division with the introduction of its first Sikorsky S-76 helicopter in Europe. Flexjet plans to expand its fleet of Sikorsky S-76 helicopters and extend operations throughout Europe, aiming to enhance the capabilities of its helicopter division. This expansion is part of a global growth strategy and reflects the company's commitment to providing a luxurious, efficient, and sustainable travel experience.

In January 2022, Wheels Up Experience Inc., a US-based provider of on-demand private aviation services, acquired Air Partner plc. for $109 million. This acquisition enables Wheels Up to leverage Air Partner's established jet card memberships and on-demand charter programs, expanding its presence into Europe and enhancing its service offerings to include group charter, freight, and safety and security solutions. Air Partner plc. is a UK-based aviation services group specializing in private aircraft.

Major companies operating in the private aircraft market are The Boeing Company, Airbus Group Inc., Textron Aviation Inc., Dassault Aviation SA, Bombardier Inc., Gulfstream Aerospace Corporation, Embraer Executive Aircraft Inc., Piaggio Aerospace, Piper Aircraft Inc, Daher, Pilatus Flugzeugwerke AG, Viking Air Ltd., Cirrus Design Corporation, Honda Aircraft Company LLC., Volocopter GmbH, Mooney International Corporation, Aerion Corporation, Diamond Aircraft Industries, Nextant Aerospace LLC, Beriev Aircraft Company, Cessna Aircraft Company, Zenith Aircraft Company.

North America was the largest region in the private aircraft market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the private aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the private aircraft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A private aircraft is a non-commercial airplane owned by an individual or corporation for personal or business use. It operates under general aviation regulations and is not available for public hire. Private aircraft vary from small single-engine planes to large jets, providing greater flexibility in travel schedules and destinations compared to commercial airlines.

The main types of private aircraft include helicopters, fixed-wing aircraft, business airplanes, and jet aircraft. A helicopter is an aircraft that uses rotor blades to achieve flight, allowing it to take off, land vertically, and hover in place. These aircraft are made from metal and composite materials and come in light, mid-size, and large sizes. Private aircraft ranges are categorized as short, medium, or long, and ownership types include individual, corporate, charter, and fractional.

The private aircraft market research report is one of a series of new reports that provides private aircraft market statistics, including private aircraft industry global market size, regional shares, competitors with a private aircraft market share, detailed private aircraft market segments, market trends and opportunities, and any further data you may need to thrive in the private aircraft industry. This private aircraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The private aircraft market consists of sales of light aircraft, piston-engine aircraft, and ultra-long-range jets. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.