As we near the end of 2023, one thing is clear: more business jets took to the skies this year than ever before.

With our sights set on 2024, let’s take a moment to reflect on the private jet industry statistics and how the sector has changed over the last 12 months. 

Private Jet Sales Statistics

How Much Do Private Jets Sell For?

When purchasing a private jet, sales prices vary drastically based on the type of aircraft and its condition. A used turboprop plane like the 1968 Aero Commander 100 sells for as little as $50,000, while a Gulfstream G650ER like that of Kim Kardashian is valued at upwards of $150 million, though that includes the billionaire’s customizations and alterations. 

Most private jet buyers find themselves somewhere in between the two extremes. The Cirrus Vision Jet, a popular and relatively affordable light jet, sells for about $2.5 million.

However, when you’re buying a private jet, remember that the initial purchase price is only the beginning. According to Investopedia, you can expect to spend between $2 million and $100 million every year on things like:

  • Operating costs
  • Maintenance
  • Crew salaries and training
  • Insurance
  • Hangar fees

How Many Private Jets Are Sold Each Year?

Private jet statistics show that sales have skyrocketed ever since the industry’s boom at the beginning of the COVID-19 pandemic. 

The General Aviation Manufacturer’s Association (GAMA) tallied 712 new business jets shipped last year, a slight increase over 2021’s 710 new jets. And that’s only business jets. GAMA also counted 1,524 piston airplane and 582 turboprop airplane shipments last year, for a total of 2,818 aircraft.

Simple Flying, a global publication dedicated to digital aviation news and insights, says business jet sales reached more than $34.1 billion last year. That number is forecast to climb by $500 million by the end of 2023.

What Is the Trend in Private Jet Sales?

High net-worth individuals are the key drivers in the private jet industry, and statistics show that the market will only continue to grow in the coming years and decades. 

Polaris Market Research projects the business jet market to reach $41.82 billion by 2030, fuelled by a compound annual growth rate of 4.17%. The light jet segment, Polaris Market Research reports, accounts for the largest share of the market. On-demand charters are also on the rise and will account for a higher market share as the industry continues to grow.

A woman wearing black high heels steps out of a vehicle on the tarmac next to a private jet with an open door.

Private Jet Industry Statistics

What Is the Demand for Business Jets?

Business jet sales statistics show strong demand, but what is fuelling this rapid growth and why are more of the world’s top executives turning to private aviation? 

Chartering a private jet has countless benefits when compared to flying in business or even first class, including:

  • Supercharging your productivity by skipping the long waits and lengthy lines at the airport in favor of a dedicated fixed-based operator and an aircraft already waiting for you to board.
  • Flying on your own time by selecting the dates and times that work for your schedule, not the airline or operator’s schedule.
  • Enhancing your privacy in the air and on the ground. When you fly on a private jet, only you and the people you invite are on board, making it easy to get important work done while flying to your destination.

What Percentage of People Have Private Jets?

Private jet owners make up less than one percent of the world’s population. In our annual private jet sales report from 2022, we found that North America accounts for 67% of all business aircraft in the world with:

  • 15,547 jets
  • 9,584 turboprops
  • 106 executive aircraft

Europe came in second at about 11% of business aircraft, including:

  • 2,760 jets
  • 1,351 turboprops
  • 48 executive aircraft

Australia and Oceania had the least with only 230 active private aircraft.

What Percentage of Flights Are Private Jets?

A 2020 study into the private aviation boom sparked during the pandemic estimates that private aviation makes up only 4% of aviation fuel use. Unsurprisingly, scheduled airline flights account for 71% followed by commercial freight at 17%. 

Private Jet Buyer FAQs

Is a Private Jet Worth Buying?

For most people, even most private fliers, buying a private jet is not worth it. With sky-high annual maintenance fees, operational costs and the initial purchase price of the jet, whole ownership is by far the most expensive form of private travel. 

On-demand charters, by contrast, are the least expensive way to fly private and provide the best value for your dollar. Unlike owning a private aircraft, there are no upfront or annual fees with on-demand jet charters. Simply work with your broker of choice to select your date, destination and preferred aircraft, and enjoy the luxury and exclusivity of private aviation.

Are Private Jets a Good Investment?

From a financial perspective, buying a private jet is only a sound investment if the cost of ownership is less than it would cost to charter. If you routinely fly more than 240 hours per year, demand the ability to go wheels up at a moment’s notice and have predictable flight plans, a private jet may be a good investment for you or your business. 

To offset the cost of ownership, many private jet owners choose to work with management companies that use their aircraft for charter to drive revenue to the plane. These companies also take care of day-to-day maintenance, FAA compliance and flight and crew training and retention.

While it is technically possible to generate extra income by using your aircraft for charter, it’s rare. Instead, charters help offset the significant financial implications that come with ownership.

How Can I Buy a Private Jet?

You’ve weighed the pros and cons and decided that purchasing a private aircraft is the right decision for you or your business. What comes next? Finding the right dealer and aircraft that meet your needs. Earlier this year, we highlighted some of the best places to find private jets for sale, including:

  • Aircraft dealers
  • Online marketplaces or auctions
  • Through your broker

Want to learn more about the world of private aviation or book a private jet charter? Contact our private flight advisors at (888)478-7286 to get started.