The private jet market was one of the major casualties of the global economic recession of the last four years but the market is now showing strong growth in certain quarters. While the private jet market has seen a decline in the more developed markets in Europe and North America, there are new opportunities for growth in emerging markets. Some of the major emerging markets include Brazil, China, the Middle East and Africa particularly in Nigeria. The growth in demand in these markets is due to the rapid economic growth in these countries that has seen the emergence of the new millionaires who are enthusiastically purchasing private jets.
Private jet market in the United States
The United States is the largest private jet market in the world with some 200,000 aircraft in private hands. Out of these, some 10,000 are business jets. This market has however been deeply affected by the economic recession, a factor that has led to many jets being put on sale by various corporations.
Private jet market in Europe
In spite of the Eurozone crisis, the European private jet market is one of the largest in the world and has continued to see modest growth in the last few years. The main markets are UK and Germany.
Private jet market in China
Only 200 planes are privately owned in China compared to more than 200,000 in the United States but this massive discrepancy is expected to be bridged in the next few decades. China only allowed its citizens to begin owning private jets in 2003 and there are still many restrictions associated with private jet ownership but this has not depressed the mood of many of the newly minted Chinese millionaires who are busy acquiring private jets at breakneck speeds. By 2018, China is expected to be the largest importer of private jets in the world.
Private jet market in Africa
Africa’s recent growth has also created a new class of millionaires. Nigeria is by far the largest private jet market in Africa with 130 private jets valued at $6.5 billion having been purchased in the last 5 years. While there are corrupt leaders purchasing jets, many of the jets are also being purchased by the country’s business magnates. South Africa is the other significant private jet market in Africa. Other emerging major private jet markets include Russia, the Middle East and Brazil.