Business aviation activity sets new records in 2018
Business aviation has been demonstrating signs of healthy recovery after a long slump induced by the global financial crisis. According to data released by Jet Support Services, Inc. (JSSI), the bizjet flying activity in the first quarter of 2008 was as high as it was in any given quarter starting from 2008. Business Aviation Index issued by Jet Support Services tracks and monitors the flying activities of about 2000 bizjets worldwide.
According to Neil Book, the President and executive Director for JSSI, “The end of 2017 was the peak for the bizjet flying activity since 2008. As a rule, the first quarter of any taken year has a decrease in activity, but in 2018 it amounted to only 0.3%. This is a strong start for 2018, and it is a positive sign and indicator for the global markets”. Business Aviation Index report routinely monitors, and then calculates the average flying time for each plane, grouping he data according to several key criteria.
Business Aviation Index tracks the flying time of bizjets worldwide, according to industries involved, creating an in-depth insight into global economic conditions. Main results for the first quarter of 2018 included the 2,9% increase in average flying time since the start of this year. The average plane usage amounted to 27,97 hours per plane, demonstrating the highest level of flying activity since 2008.
Many of the monitored industries have reported substantial increases in comparison to the first quarter of 2017. First and foremost, we are talking about the aviation segment that has demonstrated a 8,4% increase, while the health care industry has reported a 8,3% increase in flying activity. The energy sector is not far behind with its 7,3% increase rate, while the consumption sector has slumped with its 8,3%. The industrial sector was the most sluggish, showing a 10,4% decrease in flying activity.
The Index observes and analyses seven key world regions. For example, Europe has demonstrated an average 12,3% increase, and South America a 8,2% increase in flying activity. On the other hand, Asia-Pacific has slumped with its average 5,4% decrease, followed by the Middle East region with the whooping 11,7% decrease rate. However, if we were to compare data between last quarter of 2017 and first quarter of 2018, then the Middle East region actually demonstrates signs of recovery with its 5,3% increase, followed by a 3,6% increase in South America.
Similarly, Central America demonstrates a substnatial decrease in flying activity in comparison to the last quarter of 2017 (- 13.1%), followed by Africa (-8.4%) and Asia-Pacific region (-0.6%). North American market has remained incredibly stable with a little growth of 0,6% in comparison with the last quarter of 2017 and 1,8% increase in its average annual growth.