Rollie Vincent offered some context about the global pandemic in his remarks about the state of the business aviation market that’s ravaged the globe. His comments came on Wednesday, December 2, at NBAA’s virtual expo, VBACE. “The news of the vaccine developments is showing up in the surveys we’re conducting with the owner/operator community,” he said. He called the economic doldrums of 2020 a severe recession “and almost a depression” in some parts of the world. Vincent is the creator and director of JetNet IQ, a business aviation market research, strategy and forecasting service that claims a survey base for its most recent market update of about 20,000 business aircraft owner/operators around the world. The company updates its forecasts four times per year.
JetNet IQ Offers a Glimpse of the Current Business Aviation Market at VBACE
Key Takeaways:
- The business aviation market experienced a severe recession in 2020, leading to an expected 25-30% drop in new aircraft shipments and a 32% decline in Part 91 operations, although Part 135/91K operations and preowned jet sales saw increases.
- Owner/operator sentiment, which hit an all-time low during the pandemic's second quarter, has significantly rebounded to +28% following positive vaccine news and improving economic indicators.
- Nearly three-quarters of North American survey respondents expect business aircraft utilization to return to pre-COVID-19 levels within the next 12 months, indicating widespread optimism for industry recovery.
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