Exquisite Air Charter, the private aviation company with a global presence, has released its quarterly report on business aviation industry projections for the remainder of 2023.
The report observes that private aviation demand through the rest of the year should remain steady, below 2022 and above pre-Covid levels, primarily fueled by shorter flights.
Demand to remain above pre-Covid levels
While demand has peaked around the globe, all signs show that it will remain well above pre-Covid levels, as reported in December by the company.
This is explained in part by the first-time private jet flyers that entered the market due to the outbreak.
This cohort is not ready yet to return to commercial aviation due to mounting inefficiencies, especially during national and global peak travel seasons.
Furthermore, as recently reported by WingX, 53% of business jet flights in early 2023 in the U.S. were only 1.5 hours long or less, a trend that according to Rena Davenport, CEO of Exquisite Air Charter, will remain constant throughout 2023.
“We are getting a lot of requests for light jets for shorter trips, the Citation Bravo, Nextant 400XTi, and Learjet 31 are the three most chartered in the past 2-3 months. Also, some turboprops like King Air, Pilatus PC-12, and Avanti II.”
She adds, “big plane usage is down today because when the market was completely overwhelmed during Covid-19 it was difficult to find availability on ultra-long-range jets that would approve a shorter flight – owners and management companies refused to even quote the shorter trips.”
Furthermore, the company reports that the industry is still a very strong one-way market, with prices remaining high with no signs to return to pre-Covid levels.
“While this trend might change for busy travel holidays like the upcoming Fourth of July, we envision the one-way market to remain strong while allowing customers to obtain great deals through empty leg opportunities, which usually sell at near half the price for the same route and aircraft,” concludes Davenport.
About Exquisite Air Charter
Exquisite Air Charter is a global boutique operation headquartered in Los Angeles that builds long-term relationships and provides very personalized service to every customer.
Exquisite Air Charter’s aviation knowledge and expertise facilitate relationships with executives at the most highly regarded operators in the world and those relationships assist us in providing top-notch service to our clients.
About the private/business aviation sector
One of the main advantages of private/business charter aviation is the flexibility it offers. Passengers can schedule flights according to their own needs and preferences, without being bound by commercial airline schedules.
This can be particularly useful for business travelers who need to attend multiple meetings in different locations or for leisure travelers who want to maximize their vacation time.
In terms of regulation, the private/business charter aviation sector in the USA is overseen by the Federal Aviation Administration (FAA).
The FAA sets safety standards for all aircraft, regardless of whether they are used for commercial or private purposes. Private charter operators are required to comply with the same safety regulations as commercial airlines.