Market Trends of Asia-Pacific Light And Very Light Jets Industry
The Light Jet Segment is Expected to Dominate the Market During the Forecast Period
The light jets segment holds a dominant position in the market and is poised to maintain this lead through the forecast period. This is primarily attributed to the segment's higher deliveries and the premium pricing of light jets compared to very light jets. Notable models such as Citation XLS+, Citation CJ4, Citation M2, Pilatus PC-24, and Embraer Phenom 300E stand out as preferred choices in the region. Australia, Japan, and the Philippines have emerged as pivotal markets, with light jets reigning supreme in their business jet fleets.
Furthermore, heightened business jet deliveries entice new players and investors and bolster interest in segments like very light jets. For instance, Honda's ambitious plan, slated for 2028, involves the launch of a light business jet capable of seamless transcontinental flights across the United States. This fifth addition to Honda's lineup boasts an 11-passenger seating capacity, firmly positioning itself in the "light jet" category, weighing 5.7 to 9.1 tons.
Light jets, with an average flight distance of 1,400 to 2,500 nautical miles and a top speed of 500 miles per hour, outshine VLJs in performance. These attributes render them ideal for two- to three-hour flights, even on intracontinental routes. Their appeal extends to small businesses, offering a cost-effective means to shuttle multiple executives across the country or to neighboring nations. The end-user demand for light jets remains robust, as evidenced by JETNET LLC's data, which indicated that as of March 2022, light jets constituted 46% of the global business jet fleet.
Australia is Anticipated to Witness Highest Growth During the Forecast Period
Australia boasts Asia-Pacific's second-largest business jet fleet, predominantly light jets. In 2023, the Australian fleet expanded, driven by the addition of light and very light jets. These jets primarily cater to domestic tourism and corporate and private travel needs. Private jet demand has seen a sharp uptick, particularly from business executives and high-net-worth individuals, drawn to private air travel's efficiency and time-saving benefits. The burgeoning industries and corporate sectors in key cities like Sydney and Melbourne have further stoked this demand.
With a rising population of high-net-worth individuals, Australia stands out globally, ranking among the top nations for millionaires per adult. Regionally, it is a prominent choice for HNWIs in Asia-Pacific. Australia's allure as a premier tourism destination, along with its significance as a business hub, has heightened the demand for private aviation services. Bolstering this trend, the country has made substantial investments in airport infrastructure, and its landscape is dotted with numerous smaller airports, ideal for light and very light jet operations.
