New Frontier: China's private jet fleet grows 40% in 2 years
According to reports released earlier this week by Chinese aircraft operators, their mainland's aircraft charter fleet grew by nearly 40% in the past 2 years, with the addition of 25 airplanes to the area. 80% of China's fleet consists of long-range aircrafts due to the country's long distances.
84 new aircrafts came onto the charter market in the past 2 years in Asia according to ASG. During the same time, 68 airplanes decided to remain private, representing a net 5% gain on the overall fleet in the past 2 years, which represents a total of 311 planes available for chartered flights on the Asian continent.
Despite signs actively pointing to early growth in the Chinese market, a country with over 1 million millionaires, high value luxury assets such as private jets and superyachts have been slow to gain any traction, due to a different cultural mindset and political system.
For jet operators in the Chinese area, this has, so far, meant low occupancy rates for planes based in the mainland leading to lower revenue numbers for owners. Heightened airport charges, however, mean similar prices for end clients, leading to a reduced fleet in the sector, which worldwide counts over 10,000 planes, leaving just 3% for Asia.