Business jet fleet poised to grow by 2.8% by 2035
According to FAA, the business jet fleet is projected to grow at an average rate of 2.8% per year from 2014 through 2035, growing to a total of 20,815 aircrafts. Overall, the active GA fleet is expected to grow at an average annual rate of 0.4% over the 21-year forecast, from an estimated 198,860 aircraft in 2014 to 214,260 by 2035. The report adds that business aviation markets are performing at a variety of climb rates and airspeeds. The fixed wing turbine aircraft fleet is expected to grow 2.2% per year, while fixed-wing piston-powered aircraft are expected to decline 0.6% on average per year. The rotorcraft fleet, however, is expected to grow an average of 2.5% per year. Fixed-wing turbine aircraft hours flown are expected to grow 2.9% per year, while fixed-wing piston aircraft hours flown are projected to decline at a rate of 3% per year. The FAA projects faster growth in hours will occur after 2023, with increases in the fixed-wing turbine fleet and increasing utilization of single and multi-engine piston as the aging fleet starts to slow down.