The Return of the Jet Set
London, April 2007
The glamour’s back as aviation’s ‘sports cars’ roll onto the runway
Three hour queues for check-in, flight delays, unidentifiable food and booze you have to pay for… there’s little doubt that flying is now rarely thought of as luxurious. But, according to industry experts, flying’s glamour days could soon return.
This resurgence is thanks to a new generation of aircraft that are set to revolutionise the market for private jets. Costing around as much as a family home in London, the latest breed of business jets are lighter and cheaper than ever before. Prices for these so-called Very Light Jets (VLJs) will be in the range of $1m-$3.5m (£500k-£1.75m).
The relatively low cost of these new jets are expected to give a big boost to an already booming sector, according to analysis by Ascend, the world’s leading provider of information and consultancy to the global aerospace industry.
Gehan Talwatte, Managing Director of Ascend, explains: “Until now business jets have been the almost exclusive preserve of big business and the super rich. But for a greater number of well off individuals and smaller companies, the arrival of VLJs makes jet ownership more affordable than it has ever been. Lower entry costs also makes new business models such as air taxis a more viable proposition. And we’re now seeing shared-ownership schemes spring up; these allow you to buy a slice of the jet set lifestyle for as little as £60,000.”
The business jet sector is already booming: a record 800 jets were delivered in 2006. Ascend forecasts worldwide demand for up to 6,000 VLJs in the next decade, in addition to 9,100 of the traditional business jet sector. Deliveries have already begun of the Eclipse 500 and the larger Cessna Citation Mustang, with other manufacturers, including Embraer, Adam, Piper and Honda, having VLJs in the pipeline. Currently undergoing tests and with its first deliveries due next year, the five-seat Diamond D-Jet will cost around $1.4m (£700,000). The development of the VLJs has been driven by availability of new smaller jet engines, new avionics packages and advanced construction techniques.
“The sector is extremely buoyant at the moment,” says Talwatte. “And we see this continuing as more sales happen outside the North American market, which has traditionally had the bulk of the jet business. Of the current fleet of 14,000 business jets, three quarters are in service in the US, which means there remains tremendous untapped potential in Europe, Asia, the Middle East and South America.”
-ENDS-
Notes for editors
Very Light Jets are classed as under 10,000lb take-off weight.
According to the Ascend CASE database, there is currently a total world population of some 14,250 business jets currently in existence. Of this fleet, only 280 (2%) are parked. There is an operator base of 9,100.
Operator distribution:
- 78% (11,150) are with corporate entities or individuals
- 10% (1,420) are with airlines or commercial operators (mainly air taxi)
- 7% (950) are with fractional operators (where companies sell multiple usage shares in an aircraft).
- 5% (730) are with governments or military arms, main usage VIP and specialist roles
Fleet distribution:
- North America 74% (10,300)
- Europe 12% (1,700)
- Latin America & Caribbean 8% (1,200)
- Asia 3% (360)
- Middle East 155 (1%)
