The private jet charter business is experiencing significant growth as more wealthy individuals recognise the benefits of flying private, including a growing preference for highly exclusive and tailored private travel experiences.
This growth is further fuelled by rising wealth as the number of wealthy individuals continues to soar.
According to the 2024 Knight Frank Wealth Report, 70 ultra-high-net-worth individuals were created daily last year, and the population is set to continue its growth trajectory.
This growing ultra-wealthy audience is fuelling the demand for the private jet charter business. According to Fortune Business Insights, the industry is set to grow from $45.9 billion this year to $66.97 billion by 2032, a compound annual growth rate of 5.4%, with North America dominating the jet charter market.
To gain more insights into the booming jet charter market, we spoke to Andrew Jenks, head of marketing at SHY Aviation, a leading private jet charter company headquartered in London, UK.
How have you seen the private jet charter industry evolve over the years at SHY Aviation, and what are some of the key changes?
“Since its inception in the 1920s, through its growth in popularity during the 1960s, to the modern day, private aviation has come a very long way to become a global, multi-billion-pound industry.
“Today, a wide range of aircraft is available for personal travel, right the way from turboprops and light jets to ultra-long-range business jets providing unprecedented levels of performance and luxury. As more models have been built, the use of private planes has become more accessible due to the rise of private jet charter companies, of which SHY has long been a key player, and this has allowed more people to experience the convenience and luxury of private aviation.”
What are the most popular types of aircraft and flight routes?
“The most popular aircraft types are entirely dependent on the needs of the individual client. For example, for small groups and families, the Cessna Citation XLS+ and Embraer Phenom 300 are always popular choices. Their combination of range, performance and cabin quality ensure they are the ideal aircraft for charter passengers travelling for both leisure and business. Both offer exceptional internal cabin space as well as significant baggage capacity which makes them very popular for those with large amounts of luggage or equipment for golf and skiing trips, or equipment for corporate functions for example.
“Recently the Pilatus PC-24 has also emerged as a client favourite. Combining the versatility of a turboprop with the cabin size of a medium-light jet, Pilatus bills the PC-24 as the only “super versatile jet” on the market.
“For larger groups undertaking longer flights, the Embraer Legacy 600 and Legacy 650 models are very popular. Offering phenomenal levels of comfort and exceptional range to up to 13 passengers, the Embraer Legacy 650 is the ideal business jet for non-stop flights from Paris to Dubai, London to New York, or Istanbul to Mumbai for example. Another of the Legacy 650’s clear competitive advantages is its class-leading baggage hold size. At 286 ft³, the 650’s baggage hold has room for approximately 20 suitcases.
“Here at SHY, we service every route on the planet and have access to the finest aircraft from the world’s premier private jet charter operators so we see a great diversity in the routes we fly and the aircraft used. For every flight, we put the unique requirements and preferences of our clients at the forefront of our service to ensure we get them to the airport closest to their final destination in the most suitable aircraft possible.”
How do you see the industry evolving in the next decade?
“The quest for sustainability is going to continue to be aviation’s principal focus and it promises to be an incredible journey for the whole industry. Hybrid electric aircraft, followed by those that will be hydrogen-powered, are extremely exciting and will become a key part of the charter landscape. The use of sustainable aviation fuels and potentially synthetic fuels will become widespread as they offer incredible potential in the mission to achieve carbon neutrality. Also personal mobility solutions such as VTOL aircraft will also enable us to diversify what we offer to clients seeking the most convenient mode of transport.
“When it comes to SHY’s business, the continued development of our charter booking and flight management technologies, including the increased exploitation of AI, will make jet charter even more seamless and easy for clients to integrate into their travel solutions.”
How can SHY Aviation’s clients offset carbon emissions?
“Our clients are able to offset the carbon emissions of every single flight they book with SHY. The operators we work with are also selected due to their focus on sustainability of their aircraft and business practices. We have some exciting announcements coming in 2025 which will continue to improve the sustainability of jet charters booked with SHY.”
Who are your typical clients at SHY Aviation, and has this changed over recent years?
“Here at SHY, we have a very varied client base. From young entrepreneurs, sports stars, and musicians to well-established CEOs and business leaders, our clients span all age groups, genders and nationalities.
“Due to our global coverage, the expertise of our team and seamless booking processes our technology facilitates, this has always been the case and we will always look to develop the services we provide to all areas of the charter marketplace.”
Traditional wealth hubs are changing – are you seeing any new emerging markets in the private jet sector?
“Predictably for most, in recent years we have seen a large and steady increase in flight requests to and from locations in the Middle East (it helps that we have a dedicated office with flight management capabilities based in Dubai). We see a lot of requests from India where the wealth creation has rapidly increased in recent years.
“A number of less obvious locations, for example Tivat in Montenegro, are also increasingly seeing a significant demand in jet charters. There is a great deal of new wealth in these areas, fuelled by crypto entrepreneurs for example etc, and it has become a key region for us.
“Traditional wealth hubs in Europe and the US, such as London, Paris, Monaco, Geneva, Zurich, Frankfurt for example, remain extremely strong and so our business strategy will always be geared towards the effective servicing of both new and established regions across the globe.”
Is technology changing the market?
“Absolutely. From huge efficiency and sustainability gains offered by new aircraft materials, powertrains, and sustainable aviation fuels to highly advanced flight tracking capabilities and the introduction of AI for things like optimised route planning and weather prediction to optimise a flight’s efficiency, technology in the aviation industry never stands still for a second.
“In flight technology has also improved the experience of passengers and pilots alike. For example, high-speed WiFi and ultra-modern entertainment options now sit alongside incredible air filtration and conditioning systems to allow passengers to stay productive and content during flights. State-of-the-art avionics systems enhance pilots’ safety and enjoyment of flying.
“Advances in communication technology also allow SHY to liaise with our clients and flight operators far more effectively, too so that the process of managing flights is as seamless as possible. Our innovative online booking platform makes sourcing quotes, booking private jet charters, and managing flight requirements far easier than ever before.
“Alongside these innovations, our focus on our traditional strengths of quality client service and competitive pricing remains as strong as ever and is the bedrock of our success.”
Why should clients choose SHY Aviation for a private jet charter?
“SHY was founded in 2011 and so our team has 14 years of experience in global jet charters. With many industry-leading experts in private aviation in our team, we have the knowledge and skills to secure the most suitable aircraft while providing the finest service to our clients. Our dedicated flight management team means every single flight benefits from acute attention to detail to ensure all our clients’ requirements are taken care of.
“It is also very important to recognise that SHY only works with the world’s premier charter operators offering the finest aircraft and the most respected FBOs to ensure the utmost comfort, privacy, and security at all times.
“Additionally, our innovative online booking platform means that sourcing accurate quotes and booking aircraft is as easy as possible to maximise the efficiency of our clients’ time. We have invested in this platform because we are dedicated to providing the best client service at all times, focusing on regular, clear communication and pride ourselves on becoming a 365 partner for our clients.
“This extends to providing SHY Aviation clients with SHY Lifestyle, our department which handles every aspect of travel management, from accommodation and restaurants to tickets and exclusive experiences. SHY Lifestyle’s team of travel specialists offers end-to-end luxury and business travel services for the benefit of our clients’ convenience.
“We have also recently launched MOVIDA, our points-based loyalty program, which provides access to exclusive benefits and services across the entire luxury and business travel landscape. Points are earned each time a client flies with SHY Aviation or uses a SHY Lifestyle service, and these points can be used to reduce the cost of the client’s next flight or next Lifestyle service to ensure our services provide the most competitive value in the industry.”
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