8 Forecasts for Business Aviation in 2024

Business aviation is a dynamic and resilient sector that provides essential services to companies and individuals across the world. Despite the challenges posed by the COVID-19 pandemic, the industry has shown signs of recovery and innovation in 2023, and is expected to continue its growth and transformation in 2024. Let’s explore the top 8 trends and developments that will shape the future of business aviation in 2024 and beyond.

1. Sustainability

One of the most pressing issues facing the aviation industry is the need to reduce its environmental impact and achieve net-zero emissions. Business aviation has been at the forefront of this effort, with initiatives such as the Sustainable Aviation Fuel (SAF) Coalition, the Climbing. Fast. campaign, and the Business Aviation Coalition for Sustainable Aviation Fuel (BACSAF). According to the NBAA Business Aviation Fact Book, SAF can reduce CO2 emissions by up to 80% compared to conventional jet fuel, and is compatible with existing aircraft and infrastructure. In 2024, we expect to see more availability and adoption of SAF, as well as more investment and research into alternative fuels and technologies, such as hydrogen and electric propulsion.

2. Connectivity

Another key trend that will impact business aviation in 2024 is the increasing demand and supply of broadband inflight connectivity. As business travelers seek to stay productive and connected during their flights, they will require faster, more reliable, and more affordable internet access. The global market for business jet connectivity will grow from $1.3 billion in 2020 to $3.5 billion in 2030. In 2024, we expect to see more options for satellite and terrestrial connectivity, as well as more integration of connectivity solutions with aircraft systems and cabin management.

3. Advanced Air Mobility

A disruptive innovation that will revolutionize the aviation industry in the coming years is advanced air mobility (AAM), which refers to the use of electric vertical takeoff and landing (eVTOL) aircraft for urban and regional transportation. AAM promises to offer faster, cheaper, safer, and greener mobility solutions for passengers and cargo, as well as new opportunities for business aviation operators and customers. The global market for AAM could reach $90 billion by 2050, with over 160,000 eVTOL aircraft in operation. In 2024, we expect to see more progress in the development and certification of eVTOL aircraft, as well as more investment and planning for AAM infrastructure, such as vertiports and charging stations.

4. Aircraft Production

The demand for business jets is expected to increase in 2024, as the global economy recovers from the pandemic and business travel resumes. Business jet deliveries will grow by 13% in 2024 compared to 2023, reaching 690 units. The growth will be driven by the introduction of new and upgraded models, such as the Gulfstream G700, the Bombardier Global 7500, the Dassault Falcon 6X, and the Cessna Citation Longitude. However, the supply of business jets may face some challenges, such as supply chain disruptions, labor shortages, and rising costs, which could affect the production and delivery schedules of manufacturers.

5. Used Aircraft Market

The used aircraft market is another important segment of the business aviation industry, as it offers more affordability and availability for buyers and sellers. The used aircraft market experienced a surge in 2023, as the pandemic created a favorable environment for transactions, with low interest rates, high inventory, and strong demand. However, some industry experts expect the used market to soften in 2024, as the uncertainty surrounding the U.S. presidential election, the macroeconomic environment, and the geopolitical situation may affect the confidence and activity of buyers and sellers. Additionally, the shortage of pre-owned aircraft, especially in the light and midsize segments, may limit the options and bargaining power of buyers.

6. MRO Market

The maintenance, repair, and overhaul (MRO) market is a vital part of the business aviation industry, as it ensures the safety, reliability, and performance of aircraft. The MRO market is expected to grow in 2024, as the increase in aircraft deliveries and utilization will create more demand for maintenance services. The global business aviation MRO market will grow from $4.8 billion in 2020 to $7.7 billion in 2030, with a compound annual growth rate of 4.8%. In 2024, we expect to see more investment and consolidation in the MRO market, as operators and providers seek to expand their networks and capabilities, and gain more market share and revenue.

7. Digitalization and AI

The adoption and application of digital technologies and artificial intelligence (AI) will continue to transform the business aviation industry in 2024, as they offer more efficiency, optimization, and personalization for operators and customers. Some of the areas where digitalization and AI can add value include flight planning and operations, customer service and experience, safety and security, and data analytics and insights. Some of the platforms and tools that leverage digitalization and AI in the industry. In 2024, we expect to see more innovation and integration of digitalization and AI solutions, as well as more regulation and standardization of these technologies.

8. Airport Access

The access and availability of airports is a critical factor for the business aviation industry, as it determines the convenience and flexibility of travel for operators and customers. Business aviation relies on a network of over 5,000 airports in the U.S. and over 3,000 airports in Europe, many of which are not served by commercial airlines . However, the access and availability of airports may be challenged in 2024, as some airports may decide to ban or limit business aviation operations, impose high taxes or fees, or prioritize commercial or military flights. Additionally, the congestion and capacity of airports may affect the efficiency and punctuality of business aviation flights.

Business aviation is a dynamic and resilient sector that provides essential services to companies and individuals across the world. Despite the challenges posed by the COVID-19 pandemic, the industry has shown signs of recovery and innovation in 2023, and is expected to continue its growth and transformation in 2024. The top 8 trends and developments that will shape the future of business aviation in 2024 and beyond have been explored. This post aims to provide insights and inspiration for business aviation operations and plans.

Gain valuable foresight into the future of business aviation with Just Aviation’s expert forecasts for 2024. From market trends to technological advancements, our predictions cover key areas shaping the industry’s trajectory. Stay informed and prepared for what lies ahead with our insightful analysis and strategic recommendations. Whether you’re a seasoned professional or a newcomer to the field, trust Just Aviation to help you navigate the evolving landscape with confidence and clarity.