There were a total of 1,232 business jets in the Asia-Pacific region at year-end 2020 – an increase of 1.8% from the 1,210 units at year-end 2019.
After experiencing two consecutive years of fleet reductions, mainland China finally saw a rebound in its business jet fleet in 2020 – growing by 11 units to 342 as of year-end 2020, retaining its position as the largest business jet market in the Asia-Pacific region. Combined with Hong Kong SAR, Taiwan and Macao SAR, Greater China represents 41% of the total Asia-Pacific fleet.
Australia was the second largest market with a fleet of 211 business jets – an increase of 13 from year-end 2019. India (137 jets) and Hong Kong SAR (122 jets) were the third and fourth largest markets in the Asia-Pacific region, respectively.
The only regions that managed to register business jet fleet growth in 2020 were Greater China and Oceania – with 14 net additions each. Australia and mainland China’s fleet numbers grew by 13 and 11 units, respectively. It is interesting to note however, that most of the aircraft added to the mainland China fleet were long-range aircraft, whilst Australia experienced an increase mostly due to additions in the light and large aircraft size category.
East Asia, which had seen significant growth in its business jet fleet in 2019, saw a reduction of six aircraft in 2020, the largest decrease in any Asia-Pacific region. Both the South Asia and Southeast Asia fleet in 2020 stayed the same as 2019. Malaysia accounted for six of the reductions in the Southeast Asia business jet fleet, offsetting the increase in fleet in Philippines (three net additions) and Indonesia (two net additions).
The year 2020 saw the resurgence of Greater China as the main driver for growth in the Asia-Pacific business jet fleet. Health and safety concerns amongst Asia-Pacific HNWIs with regards to commercial air travel may have led to a revival of the region’s private aviation demand. This demand is expected to continue into 2021 as the world continues to try and recover from the COVID-19 pandemic.
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