Jetcraft Predicts $30B Annual Bizav Market by 2023

Business aviation sales are predicted to reach just short of $30 billion per annum by 2023, according to U.S.-based aircraft broker Jetcraft's latest five-year industry forecast for new and preowned aircraft that it released this week at EBACE. This is up from the more than $26 billion in new delivery and preowned aircraft sales last year, said company owner and chairman Jahid Fazal-Karim. Its forecast, which covers the 2019 to 2023 period, also concluded that preowned transactions are growing at a proportionately higher rate than new deliveries and that “more accessible and less costly refurbishment options” are allowing growth in the preowned “value proposition” and even created increased demand for out-of-production aircraft. The forecast also found that the average retirement age of a business aircraft is now 32 years—“something that really surprises me,” professed Jetcraft CEO Chad Anderson. This year, Jetcraft decided to “leverage” some of its proprietary data and “past transactional databases” to produce “the first [forecast] of its kind to take such a precise, comparative and quantified look” at both pre-owned and new transactions—which has led, despite more conservative delivery predictions, to a picture of a dynamic pre-owned market, “poised for continued and significant growth,” adding that, “Key among this year’s changes is our shift from a ten-year to a five-year outlook, more in line with the current aircraft ownership experience.