The Pandemic Has Changed many business predictions. All the sectors have faced troubles. Even the private jet charter rides. In 2019, Honeywell Aerospace predicted that up to 7,600 new private jets would be purchased for an eye-watering $250 billion over the following 10 years.
That would mean a 60% increase over the 4,600 jets in operation at the time. The prospect was even better For Asia that saw a 10% growth in the sector over the next 5 years. But only a few months after that the pandemic hit. Many popular routes and schedules for commercial airlines were axed or pared right back, and that led to a slump in business. Now the growth is going to be flat year after year.
However, even these predictions are not on point because many companies are willing to fly privately for work. India’s Pune-based consultancy Data Bridge Market Research released a report projecting 3.1% annual growth globally for charters through to 2027. And others have shown a larger growth and prediction.
In commercial flights, passengers have to come in contact with objects and people 200 times, and that’s a safety issue during the Pandemic. But in private charters, there are only 20 touchpoints, which means better safety. Moreover, there are no check-in or security procedures with other travelers like on commercial flights.
All these reasons may lead to the growth of private charters. Brands and companies want to travel privately for business reasons and that may boost the growth.