COVID-19 No Significant Impact On In-Service Business Aircraft
The COVID-19 pandemic has not had a significant impact on the number of business aircraft in service. In fact, the number of business aircraft in-service for September 2021 is 3% higher than in September 2020 and 4% higher than in September 2019.
Utilization rates have long since recovered and, in most cases, recovered above pre-pandemic levels. Over the next 10 years, Aviation Week Intelligence Network’s 2022 Business Aviation Fleet & MRO Forecast projects the overall global in-service fleet of turboprops and business jets will grow at a compound annual growth rate (CAGR) of 0.6%, down from a 1.3% growth rate in the previous decade. The fleet, totalling 33,008 in 2021, is expected to grow to 35,770 aircraft by 2031. The single-engine turboprop fleet segment will experience the highest growth rate at 4.5% CAGR while the large jet fleet segment will grow at 2.5% CAGR over the decade.