Flying High

India’s business jet market is showing a growing preference for mid-size and large business jets, highlights ATUL CHANDRA

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India’s business aviation and aircraft charter market is booming with demand for business jets, general aviation and charter aviation firms exhibiting healthy growth. As per Mordor Intelligence’s Asia-Pacific Business Jet Market report, ‘Growth Trends and Forecasts Up to 2030,’ “India's business jets sector is projected to grow at approximately 11 per cent annually from 2024 to 2029, making it the fastest-growing market in the region.”

According to various estimates, the private business jet fleet in India is said to account for approximately 150 aircraft and this could grow to approximately 200 aircraft by 2030. “The market is characterized by a strong preference for large jets, which account for half of the current operational business jet fleet. The emergence of new charter service providers and the expansion of existing operators have contributed to market dynamism,” the forecast stated.

According to an individual associated with India’s business aviation industry, the business aviation sector is expected to continue to grow in the coming years and will be aided by improvements in the operating infrastructure, with dedicated business aviation facilities and FBO services. According to a report from People Research on India’s Consumer Economy (PRICE), the number of ‘super rich’ households in India is forecast to rise by five times to 9.1 million households by 2030.

HNWIs are considered to be those individuals who have over $1 million in liquid financial assets, while UHNWIs are considered to be those with a net worth of at least $30 million. “From 2017 to 2022, there was a surge of around 90 per cent in the HNWI population in the region. In 2022, the number of HNWIs in Asia-Pacific increased by 2 per cent compared to 2020, as per Mordor Intelligence. A report from Asian Sky Group (ASG) found that only 6 per cent of Indian respondents believed economic conditions would worsen in the third quarter of 2023.