The sector is flying higher than ever as private rental flights make the exclusive club feel significantly more accessible.
Studies show that the private jet industry is set to see a 1.49% annual growth between 2019 and 2024, with the sector’s value topping a colossal $19.95 billion by the end of that period. However, contrary to popular opinion, the culprit for this massive growth doesn’t come solely down to millionaires. On the contrary, the majority of the market’s growth can be attributed to evolving landscapes that make chartered jet flights more accessible yet still just as luxurious as ever.
Flying with the Stars
The image of jet setting across the globe in a private jet has commonly been associated with lifestyle of the rich and famous. In an era that thrives on speed and convenience, private jets have become somewhat of a staple for the modern millionaire. Celebrities ranging from pop stars to politicians, athletes to royals, are willing to spend extortionate sums of money to keep their own private jet on hand.
In addition to new private jet purchase prices—which sell anywhere from $3 million to over $90m—owners can spend almost another $1 million per year just on hangar fees and pilot salaries. Private jet ownership certainly isn’t cheap, yet the changing social landscape has encouraged an increasing number of financial high fliers to make this luxury investment in a bid for appearances, status, and convenience.
Don’t Forget about the Rentals
Beyond the private jet sales, however, are the private jet charters to be accounted for. In this regard, the increased revenue enjoyed by private jet companies isn’t attributed solely to the elite. Thanks to a more competitive market in the private jet industry, the prospect of flying privately through a chartered jet company has become more accessible than ever—even for the non-millionaires.
While the private jet owners club remains limited to the very highest earners, chiefly for people worth in excess of $50 million, the concept of flying privately has opened up to a wider market. In fact, the Part 135 charter market has experienced the largest year-to-year growth since 2008. More chartered jets are taking to the skies this year, showing the increased benefits and accessibility of private jet flights as companies across multiple sectors continue to thrive.
Private jet charter companies such as Access Jet Group in Boca Raton, Florida, have helped contribute greatly to the accessibility of private flights, particularly with the use of private jet cards—an initiative that enables holders to use different aircraft at agreed-upon fixed hourly rates for both small and large fleets. For frequent and infrequent users, the added control and flexibility encourages private jet usage by a far greater audience, including those that wouldn’t ordinarily be able to justify the costs, even if they had the funds.
Business Booming for Execs & Luxury Travel
The increased accessibility of private jet hire hasn’t only moved the goalposts for millionaires, celebrities, and luxury travelers. Crucially, it has opened the door to luxury travel and chauffeuring services for business executives, who can now treat their VIP clients to the ultimate comfort and style.
Though now more accessible than ever, flying privately rather than commercially remains a highly luxurious experience, encouraging business executives to jump on board the private flying trend to impress their VIP clients. Moreover, the added convenience of skipping TSA checks and the other procedures required before and after a traditional flight saves time (and money) while ensuring greater levels of productivity during travel. The benefit of time saving alone can significantly boost potential clients’ perception of how companies will handle subsequent business interactions.
Additionally, though pricing on an individual level may be sky high, the cost of renting a private jet for multiple travelers offers great value for money as compared to first-class commercial airline tickets. The financial deficit of hiring a jet compared to using commercial flights for larger groups is minimal, but the impacts can be huge.
For enterprise and luxury personal travel alike, the private jet route is more accessible and appealing than ever before. The future of the industry is very bright indeed.