Private jets are in high demand. More than 3.2 million private jets flew this year alone according to WingX’s data. In the first week of November, the number of flights was up by 54% compared to last year. And it was higher by 16% compared to the same time in 2019.
FlexJet’s CEO “pretty much spent the last nine months shopping for aircraft” according to the company’s European managing director Marine Eugene. FlexJet even stopped having new customers for their entry-level Jet Card program. The same goes for NetJets that reported high demand for flying prompting the company to invest $2.5 billion in 100 new planes.
Private Jets Supply Shortage
Even used jets are in demand. According to Jefferies, the number of pre-owned jets in the market fell by 43% from August 2020 to August 2021. Newer aircraft are even less available. The number of in-production aircraft and planes less than seven years old dropped by 51%.
Even if supply is low, sales continue to rise. According to Ascend by Cirium, the second-hand sales of planes in the first nine months of 2021 were 10% higher compared to the same period in 2019.
According to Benoit Defforge, the president of Airbus Corporate Jets, the company’s arm in charge of private jets, the demand for private jets is “higher than pre-pandemic levels”. Defforge also said that the first available delivery slot for the ACJ220 will be around 2024.
Stephen Williams, managing director of Super Legacy, a company that upgrades used jets, says that there are not enough parts. He said that “The problem is really there is enormous demand at the moment”. He added that “we can’t get hold of the air frames…to be able to modify them as quickly as we would like”.
Environmental Cost
Unfortunately, there is an environmental cost that should be considered. The high demand for private jets also means higher carbon emissions. Private jets emit 20 times more CO2 per passenger than regular commercial planes.