India’s Private Jet Market Poised To Reach $ 37 Billion By 2035

India has around 140 private business jets, and the number is expected touch 200 by 2030. The demand for private jets has increased since the pandemic due to the convenience, privacy, and comfort they offer

Having recently posted a GDP growth of 7.8 per cent, India is one of the fastest-growing large economies in the world. It boasts of a diverse landscape that is slow to navigate due overburdened, obsolete and decaying transport infrastructure.

The private jet charter industry is primed for takeoff in the next five years. The country’s aviation market size is estimated at $13.89 billion this year and is expected to reach $26.08 billion by 2030, growing at a CAGR of 11.08 per cent during the forecast period (2024-2030). India has over seen lakh millionaires and 13,300 UHNWIs, with the latter expected to increase fivefold by 2030.

For the records, there are around 3,500 business jets in the US, 970 in Mexico, 490 in Germany and 300 in Venezuela.

Heavy jets and bizliners have higher operating and hourly costs per passenger than turboprops and mid-sized and light jets. However, heavy jets and bizliners have a higher flying range, speed, and greater cabin space for passenger convenience and comfort.

There is demand for business leaders looking to make multiple meetings in as little time as possible, thanks to the availability of business aviation carriers. By flying from smaller airports at times that suit you, and arriving closer to your destination, a private jet can be a personal time machine – clawing back valuable hours that would otherwise be spent in transit or waiting for your next commercial connection.

Part of the problem is government regulation. In the global market, NetJets is the biggest player in private jets. Backed by Warren Buffet’s Berkshire Hathaway, the company has just announced a $5 billion investment in 250 more aircraft to add to its fleet. But here’s the problem – NetJets’ business model is based on fractional ownership, where you pay to own a share in the aircraft. That model is not currently allowed in India.

“Indian business leaders are financially very prudent and look at private jets as an extravagant indulgence,” he says. “But over the past few months we have been able to demonstrate the fact that it could be an important productivity enhancement vehicle to save valuable time. In addition, our business model does not require investing millions of dollars to access aircraft.”

Indian charter flight operator JetSetGo has made headlines regarding its expansion plans. The private jet operator intends to raise $900 million as well as plan for an IPO by 2027-28. This is not all; the operator is also planning on purchasing aircraft that will have a minimum flying range of six hours.

However, these days, the primary demand for charters is from VIPs, cricket teams and corporates, who need to charter flights to move people in and out of a destination fast and without the hassle of flying on a scheduled operator.

In recent years, there have been multiple high-profile events such as the Ram Mandir inauguration in Ayodhya, the India vs. Pakistan cricket in Ahmedabad, and most recently, the pre-wedding festivities hosted by Mukesh Ambani for his son.

All those events saw a heightened use of private jets and private charters to ferry guests and attendees. In going with the tempo, several corporates have also purchased private jets as a time-saving measure. According to a Statista report, over $24 billion was spent on business jets in 2020. It projected the market to boom to $37 billion by 2028.

India has around 140 private business jets, and the number is expected touch 200 by 2030. The demand for private jets has increased since the pandemic due to the convenience, privacy, and comfort they offer.

According to Business and Commercial Aircraft data, Ambani’s 737 MAX 9 is priced at $118.5 million, excluding the cost of interiors and cabin retrofit. Further, these aircraft are categorised as ultra-long-range business jets.

Hype Luxury has the largest fleet of over 20,000 private and 1800 helicopters globally. Over the years, JetSetGo has managed to build up a fleet of 10 airplanes and one helicopter.

By upgrading its fleet, international markets will open up for charters. Currently, 80 per cent of the flights chartered are domestic. This step will increase the available market for jet charters.

The airline has also struck a deal to induct over 200 hybrid-electric aircraft. The deal has been made with Electro.aero, Horizon Aircraf, and Overair.

Almost every aspect of this development is highly exciting in India’s private jet charter market. The recent trends point to a positive and promising future for this niche in the aviation market. Meanwhile, it has also planned a first-of-its-kind achievement in the country with the induction of hybrid-electric aircraft into its fleet.