New research from Global Jet Capital, a provider of financing solutions for large-cabin, long-range private jets, has revealed that China is dominating the mid- to large-sized private jet market in Asia-Pacific, with 294 (30%) of the 972 aircraft in the region based in China.
Overall, 37% of the region’s fleet of business aircraft are mid to heavy, and the corresponding figure for the global fleet is 32%. Nearly all (93%) of Hong Kong’s 129 business aircraft are mid to heavy in size. This is followed by Singapore, where 73% of its fleet of business aircraft are mid to heavy, and China where the corresponding figure is 69%.
The company also revealed that 386 mid to heavy private jets were delivered to Asia Pacific between 2011 and 2015, with a combined value estimated of US$19.3bn. Over half (51%) of deliveries were made to China (196 aircraft), followed by Hong Kong (68 deliveries), India (23 deliveries) and Singapore (15 deliveries).
Global Jet Capital managing director of Asia sales David Henderson said, “Our analysis reveals that a higher percentage of Asia-Pacific’s fleet of business aircraft is mid to heavy in size than the global average. Given that we focus on financing these types of jets, this market is particularly attractive for us.”
Mid to heavy private jets typically cost between US$25m and US$75m each, and up to 80% of the funding used to purchase these is sourced through external financing.