Business aircraft are spending less time for sale than ever before according to the latest edition of the Pre-Owned Business Jet Market Forecast by Jetcraft.

The report shows that in 2022-2023, aircraft spent an average of 129 days on the market compared to 233 days in 2018-2019, driven by unprecedented post-pandemic demand. Furthermore, the data affirms that the industry is in a much-needed market correction period, with a dip in both volume and value in 2023. However, ongoing transaction volumes are similar to 2019 levels, while values remain higher than the pre-pandemic peak, with an expected 59 per cent increase in total transaction value between 2019 and 2028.

CEO Chad Anderson says: "For the first time, we're including an analysis of market dynamics in the Pre-Owned Business Jet Market Forecast. As our data shows, since 2022 the number of days an aircraft spends on the market has decreased by almost half, due to borders opening and international travel resuming, along with buyers making faster, more emotional purchase decisions due to increased demand. We expect transaction rates will settle at this new level, even with more inventory available, culminating in a total forecast revenue of $15.6 billion annually by 2028."

Among the report's key findings is a continued rise in younger buyers, with 28 per cent of Jetcraft buyers now aged under 45 years old (a 14 per cent increase since 2019), averaging $13 million per transaction. The Middle East and Africa boast the greatest proportion of younger buyers, due to the growth of UHNWIs in these regions.

Jahid Fazal-Karim, owner and chairman of the board, adds: "Our data has gone from strength to strength since the Market Forecast's inception in 2015. We were the first to report the rise in buyers under 45 as a contributing factor to the growth of our industry, and this demographic continues to be influential. Their market share has almost doubled since 2015, caused by a shift in generational wealth and the continued rise of billionaires in the tech space.

"As Jetcraft evolves, so too does our expertise in analysing and interpreting the data, allowing us to make increasingly accurate predictions for the years ahead and provide deep analysis of the trends driving our dynamic industry."