Private Jet Market: Untapped Potential and Growing Demand
Patrick Gallagher, President of NetJets Aviation, recently shared insights with CNBC. Despite five years of industry growth, he believes the private aviation market remains largely untapped.
He explained that, even with a 40% expansion, only 14% of the potential customers currently fly privately. According to a 2020 McKinsey study, only 10% of wealthy households used private jets before the pandemic.
NetJets, a Berkshire Hathaway company, expects to add around 90 new jets this year and holds options for over 1,700 jets from top manufacturers like Textron, Embraer, and Bombardier. Gallagher noted that demand shows no signs of slowing down, despite market volatility, tariffs, or uncertainty. Customers continue to fly, book, and travel normally.
Market Expansion & Demographics
Data shows private jet flights in the U.S. are rising – up 4.1% year-over-year since tariffs, with domestic flights increasing 16% over Memorial Day. Experts like Thomas Flohr of VistaJet highlight the gigantic and growing market, often expanding at double GDP.
Flexjet, for example, announced a $7 billion order for Embraer jets, aiming to double its fleet to over 600 jets by 2031.
NetJets’s fleet of about 1,100 aircraft places it among major airlines. The key drivers?
- Family time for busy executives
- Ease of travel for mobility issues
- Visiting loved ones, especially pets (last year, 25,000 pets flown)
- The aging demographics, with younger customers entering earlier and demanding bigger jets for longer trips.
The trend? «Younger, larger, longer» flights.
Confidentiality & Customer Loyalty
For high-net-worth individuals, privacy is critical. Gallagher notes clients often choose NetJets for discreet travel, with no way to track onboard passengers.
Fractional ownership and jet cards are sticky programs, attracting a loyal customer base. Many who flew during COVID stay loyal—not returning to airlines.
A Forbes survey confirms: private jets are among the most coveted luxury items for billionaires.
Market Growth Factors
Gallagher points out that $80 trillion will be inherited over the next two decades, fueling the market for private aviation. The next generation — mainly tech entrepreneurs in their 30s and 40s — prefer shared economy solutions like jet cards and fractional ownership.
According to surveys, reasons for choosing private flight include saving time, access to better airports, nonstop flights, and traveling with pets—demonstrating the shift towards convenience and flexibility.
New Innovations & Entry of New Players
Recent industry changes are making private flying more accessible. Kenny Dichter, founder of Marquis Jet and Wheels Up, is back with RealJet, aiming to convert more first-time flyers by emphasizing style and hassle-free travel.
Partnerships with brands like BetMGM and FanDuel help reach millions of affluent Americans. Dichter’s goal: turn luxury, convenience, and social experience into the driving forces for market expansion.
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