Industry Insights

I’ll come right out and say it: I love airplanes, I love flying, and I love the business of business aviation. The combination of short-field landing capabilities, range and speed make private aircraft a perfect corporate tool. But something that’s often overlooked is how business aviation has an exceptionally broad range of utilizations, particularly in times of crisis, supporting air ambulance, cargo, and governmental missions.

Many industries have done an excellent job pivoting to meet the demands of the Covid-19 pandemic – distilleries making hand sanitizer, fashion brands stitching surgical masks and car manufacturers producing ventilators.  At Jetcraft, we are proud and privileged to be part of a sector that was ready to act when needed.

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It’s easy to forget we haven’t always had technology at our fingertips. Over the past 20 years, digital innovations have revolutionized our social lives, work habits and learning abilities in a way we could never have imagined.

When mobile phones and the internet were first introduced, they were privileged items to have in your home. According to a census taken in the US, only 51% of households had a computer in the year 2000. Today, it’s hard to imagine a world without one. How else could we talk to family members who live in other countries, complete business deals in different time zones, or facilitate cross-border transactions?

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Coronavirus (COVID-19) has brought much uncertainty to the world and, unfortunately, the future is still unclear. On behalf of the Jetcraft team, I want to personally reassure you that we are in a strong position to remain open for business and we are ready to transact. Moreover, our team is available to help you navigate your important aircraft-related decisions during this period. Here are some of the most popular questions we’ve recently been answering for our clients.

Should I consider an aircraft purchase now?

If you are in the position to do so, absolutely.  While these are challenging times, we encourage those who can to take a long-term view and consider aircraft purchases or upgrades to meet their needs.  However, it’s important to understand how to maximize your benefits and navigate the current market.

Good quality inventory is becoming available, interest rates are low and bonus depreciation still applies, so there is plenty to take advantage of if this is an option open to you. At Jetcraft, we are well-versed on how to leverage the current market to negotiate the best deal for our buyers.

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The outbreak of coronavirus continues to evolve, along with the travel advice, and restrictions have been placed on all aspects of flight, including business aviation which are being updated almost daily.

This is déjà vu for me as I recall only too well the outbreak of SARS in 2002/2003 and the devastation this brought, especially to Asia. The difference today is, unlike 17 years ago, China was less integrated into the world’s economy. As such, the impacts were far more regional, and Asia was hit hard economically. Today, the world is a different place. China is the second largest economy having grown many times since 2002, supply chains are being impacted and travel is far more restricted than before. Millions more Chinese travel externally, so tourism and the hospitality industries will feel a huge impact.

In terms of aircraft manufacturing, Boeing, Airbus and engine maker Safran have all confirmed disruption due to factory and assembly line closures and travel restrictions. For the service facilities in China the work has slowed significantly, but the China owned/based fleet was in a slight decline mode before this factor emerged. It’s hard to say what the long-term impact will be as it’s simply too early.

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2019 was a strong year for business aviation, with private jet deliveries at their highest level in a decade, as the General Aviation Manufacturers Association (GAMA) reported this week. Aircraft deliveries increased in value by 10%, up to $26.8bn in 2019, compared to $24.3bn in 2018.

Growth by manufacturers is needed by the pre-owned market as buyers continue to trade up to newer models, so the 2019 results are extremely encouraging – particularly for long-range aircraft manufacturers such as Gulfstream, Bombardier and Dassault. As owners upgrade, they release relatively young pre-owned jets onto the market, creating value alternatives for buyers who can or will consider pre-owned options.

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The EMEA region is remarkably consistent across each market, considering how divergent the social, political and economic landscapes are. This makes it a very interesting area to operate within.

In recent years, stability has been the overriding trend across all EMEA markets, despite geopolitical tensions in the Middle East; economic stagnation in parts of Europe; and a lack of progress on business aviation infrastructure in Africa.

This stability speaks to the strength of business aviation globally, and the value private aircraft bring to our customers. The challenges in each region have resulted in new areas of opportunity for Jetcraft.

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It has been a fascinating year for business aviation in Asia Pacific, bringing us into 2020 with the promise of strong growth potential in the region.

For several years, we have been discussing the possibility of Asia becoming Jetcraft’s second-largest market, overtaking Europe and behind only the US. While Europe’s use of light aircraft means it is likely to retain its number two position in terms of units, Asia’s fleet may soon surpass it in value, as buyers here predominantly choose large, long-range jets.

The reasons why larger aircraft are favored by Asian buyers are twofold. First, the infrastructure across the continent is restricted for business aviation users. For example, there are only around 250 airports in China that cater to private jets; while the US – which has a similar landmass – has more than 5,500. The need to fly longer distances between airports demands an aircraft with those mission capabilities.

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We spoke to several of our senior leadership team members who provided tips for flying private. Here’s what they had to say.

Share one piece of advice for a first-time private jet flyer

It is a special experience and not everybody gets to fly private, so just take it all in and enjoy the experience.
– Chris Brenner – Senior VP of Sales, Americas

Don’t plan anything, just grab a plane and decide at the last minute where you want to go, that’s the beauty of private jets.
– Jahid Fazal-Karim – Owner and Chairman of the Board

My advice when flying privately for the first time is to be courteous to everyone that is assisting you. Everybody has a function and in order to make private air travel happen it takes a lot of people in a lot of different disciplines. So you always have to remember to be courteous to those people and treat them well.
– Peter Antonenko – Chief Operating Officer

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Gulfstream’s launch of its long-range G700 twinjet was the lead story at last week’s NBAA business aviation convention in Las Vegas and led to a buoyant mood at the show. In our more than 55-year history, we’ve discovered new aircraft announcements are always good news for the pre-owned market.

When buyers have options to upgrade to the next model, this moves young, high-quality aircraft into the pre-owned market. However, despite the surge in manufacturer announcements of late, sought-after young pre-owned jets remain in limited supply, compared to the high demand for them.

Having a minimal amount of these young aircraft for sale underpins demand for new models. If buyers miss out on the acquisition of a pre-owned Global 6000, or Gulfstream G550, they may not want to move away from that model; choosing instead to purchase a new version.

We can therefore see how the new and pre-owned markets share a valuable interrelationship, with rising activity in one spurring interes...

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