Kappa Jet, a leading business jet provider, has released its annual report stating that the industry is expected to grow even better in the coming years. The company credits the growth to businesses and high-net-worth individuals looking for an efficient way to travel and conduct business. Following the pandemic, many people have become more interested in private aviation to maintain productivity while avoiding large crowds and long airport lines. With this increase in demand, Kappa Jet is predicting that the business jet industry will continue to grow steadily.
Kappa Jet’s annual report also highlights some of their clients’ most famous aircraft models. The company’s president, Philippe Bohn, stated that “the pandemic has given a new impetus to the private jet market.” He went on to say that “several factors are contributing to this growth, including increased security concerns and the need for greater efficiency and productivity.” The full report is available on the Kappa Jet website.
According to a report released by Kappa Jet, the private jet industry is forecast to grow even more in 2022 due to ending the pandemic and moving to a controlled endemic worldwide.
PrivateJetCardsComparison.com also ran a similar survey and found that nearly half (41 percent) would fly roughly the same amount as last year; 9% said they would fly less. The convenience of private flights, bad airline service, connectivity issues, and Covid concerns was among the most common reasons individuals continue renting privately.
Kappa Jet confirms a similar finding that the private jet business is forecast to be worth $22 billion by 2022. The company has secured 13% more profits by the end of April 2022. The industry has seen rapid growth in recent years, with private jets globally increasing from 15,000 in 2000 to more than 22,000 in 2017.
The increase is driven by strong demand from the Middle East, Asia, and Russia. As a result, in the next five years, the global private jet market is expected to grow at a compound annual growth rate (CAGR) of 4.3%, reaching $32.3 billion in 2022 from $24.1 billion in 2017, according to research firm MarketsandMarkets.