Global Jet Capital has released its annual Business Jet Market Forecast in which it projects continued growth for the next five years. The forecast also contains insights and projections for the business aviation market through 2028, including breakdowns of new deliveries and pre-owned transactions. The high level of detail in the report is based on outputs generated by Global Jet Capital's proprietary transaction forecast model.

"Following two years of decline, the business jet market is expected to grow again in 2024. New deliveries should increase to serve the large backlogs OEMs have accumulated over the past two years, while the pre-owned market is now back to more normal levels and should restart a long-term trend of steady growth. Overall, transactions are expected to increase 5.3 per cent in 2024 and dollar volume should increase 10.7 per cent. Over the next five years, transactions are expected to increase at an average annual rate of 3.6 per cent, while dollar volume should increase at a rate of 4.4 per cent over the same period," says chief marketing officer Andrew Farrant.

Based on its econometric top-down model, Global Jet Capital projects $193 billion in total transaction volume of new and pre-owned transactions between 2024 and 2028, with a compound annual growth rate of 4.4 per cent during that time.

In the report, the company forecasts that deliveries of all size categories will increase during the period, but heavy long-range jet demand should increase at faster rates than other sizes as demand favours more range and capacity. North America is expected to remain the largest business jet market over the next five years, with Europe remaining the second largest. Latin America should also continue to be an important market for pre-owned jets.