The business aviation industry remains optimistic despite the Covid-19 pandemic, industry data provider JetNet said today in releasing results from its third-quarter JetNet iQ survey at NBAA VBACE.
Rolland Vincent, creator and managing director of JetNet iQ and president of consultancy Rolland Vincent Associates, noted that the survey’s market sentiment response scored a -43 percent from the more than 500 respondents worldwide in the second quarter—the lowest score ever recorded in the survey’s decade-long existence. But that number had risen to 4.8 percent by the third quarter and, with the company’s fourth-quarter survey still ongoing, jumped after the recent Covid-19 vaccine announcements.
With estimates of a 3.8 percent decrease in the U.S. GDP for 2020, Vincent explained that while Part 91K and Part 135 flight cycles have held their own year-over-year, Part 91 corporate operations have been off by 32 percent. Thus, he expects a 25 percent overall decline in business aircraft flying for 2020, reaching a total of 3.6 million cycles. That drop represents the lowest level of utilization since the global economic recession of 2008, following more than a decade of steady growth.
Meanwhile, JetNet is forecasting 511 business jets to be delivered this year—a year-over-year decrease of 29 percent. Subsequently, it has revised its 10-year industry forecast downward accordingly.