The entry of newer and more innovative private aviation business models, buoyed by advances in aircraft technology and manufacturing processes as well as significantly lower aviation fuel costs, has dramatically enhanced the way businesses and private entities travel the world in style that has always been the niche of the rich and famous.
The Private Aviation Industry All over the world, more and more businessmen as well as private individuals are turning to the convenience and comfort afforded by today’s modern business jets to take them from one major city to another.
In fact, according to NetJets, the top five routes for private aviation in the past several years included Moscow-Nice, Miami-New York, New York-Los Angeles, New York-West Palm Beach, and London-New York. Euro Control also reported that for Europe alone, the average daily private aviation flights was highest in France with 131.3 followed by Germany with 119.3 and the United Kingdom with 52.4. Italy and Norway were tied in fourth place with an average of 51 private aviation flights every single day.
Honeywell Aerospace also projected that global private aviation operators will continue to enjoy an annual growth of 4 percent, valued at around 280 billion USD, until 2024. The firm largely attributes this claim to recoveries in program scheduling, the introduction of newer and more energy efficient aircraft models, the addition of fractional uptake.
Emphasis on Innovative Business Models
Market disruptors as well as new entrants into the global private aviation industry seeking to take a piece of the action, are offering a variety of business models that are hinged on the power and reach of the internet.
For example, price comparison website Victor is offering single seats to its members who may require traveling to a particular destination at a particular time that is commensurate to an already-flying private jet.
The business model is patterned after commercial flights whereby passengers buy tickets on existing flights. The only difference is that the aircraft is a private jet.
The business model aims to create transparency in the industry. It aims to provide aviation customers with all the information they need in order to make the correct decision in booking a flight. These can include the flight operator, the type of jet aircraft, the crew, and the costs of booking that particular flight.
Another business model, the Empty Leg that is slowly taking shape is the selling of empty return journeys. Most of the time, private jets bring their clients from one city to another without necessarily having any other passenger on their return trip. The return flight itself will entail significant costs. And while this may have been duly considered in the total price quoted to the client, an empty aircraft is a total waste of resources.
Jet Partner aims to change the game by selling these empty return trips even for a discounted price. The Need for More Efficient and Longer-Ranged Aircraft
Today’s private aviation industry requires aircraft that can take clients from one city to the next across continents and oceans, safely and fast.
With the introduction of newer composite materials as well as advances in air frame design to make it as lightweight as possible, significantly improving fuel efficiency, this is not far from reality.
The trend in aircraft design is also inclined to the development of jets with larger cabins to accommodate larger groups of clients on a single flight. Coupled with advances in fuel efficiency, long-range flights halfway across the globe will be a mainstay of private aviation travel.
Without a doubt, the global private aviation industry has risen to the challenge of a few economic crunches. While other industries faltered in their effort to stay afloat, the private aviation industry managed to soar above adversity.