Operator Overview – Business Jet Fleet Report YE 2024

This article is extracted from the most recent edition of The Business Jet Fleet Report.
To read or download the full report, please click here.

At the close of 2024, evolving regional demand shaped the business jet operator landscape in Asia-Pacific. While Sino Jet maintained its leading position in Asia-Pacific with 41 aircraft, ACAM emerged as a key growth player, adding five aircraft and ranking fifth amongst Asia-Pacific’s top 20 operators. However, several operators faced reductions amid evolving market conditions. The industry’s preferences for next-gen ultralong-range aircraft will continue to influence market strategies in the coming years.

Overview

At the end of 2024, the top 20 operators (with more than eight aircraft) in the Asia-Pacific region managed a combined fleet of 343 business jets, representing 29.7% of the total regional fleet. Most of the top 20 operators retained their rankings from last year, while Karnavati Aviation and Hongkong Jet entered the list with eight aircraft each, replacing operators that saw fleet reductions. Of the top operators, nine operators saw their fleets grow in 2024, while six saw net reductions.

Sino Jet retained its position as the largest operator in the Asia-Pacific region, maintaining a fleet of 41 business jets. TAG Aviation and Jet Aviation ranked second and third with 32 and 30 aircraft respectively, despite both recording slight fleet reductions (-3.0% and -3.2%). In contrast, ACAM emerged as the fastest-growing operator, expanding its fleet to 27 aircraft with the addition of five aircraft.

However, some operators experienced considerable reductions in their fleet size. BAA saw the largest contraction (-25.0%), reducing its fleet to 21 aircraft. Deer Jet and Luxaviation also recorded significant declines, reflecting broader fleet realignments across the sector.

Fleet Growth and Reduction Trends

Fleet adjustments among the top 20 operators in 2024 were driven by market demand, expansion efforts, and shifting industry strategies. While Sino Jet, TAG Aviation, and Jet Aviation maintained dominance, smaller operators and management companies faced greater volatility due to shifting client demand and aircraft ownership trends. Some expanded by securing new aircraft management contracts, while others faces challenges from fleet adjustments as owners transferred aircraft between operators or withdrew them from service. The most notable changes included:

Operators with the Most Significant Fleet Growth (over 20%)

• ACAM: +5 aircraft (Total 27 aircraft, +22.7%)
• Premiair: +3 aircraft (Total 12 aircraft, +33.3%)
• Karnavati Aviation: +3 aircraft (Total 8 aircraft, +60.0%)
• VSR Ventures: +2 aircraft (Total 10 aircraft, +25.0%)
• MJets: +2 aircraft (Total 10 aircraft, +25.0%)

Operators with Significant Fleet Reductions (over -10%)

• BAA: -7 aircraft (Total 21 aircraft, -25.0%)
• Luxaviation: -2 aircraft (Total 13 aircraft, -13.3%)
• Air Link: -1 aircraft (Total 9 aircraft, -10.0 %)

Changes in Fleet Composition

The composition of aircraft types within operator fleets evolved in response to market demand and operational efficiency considerations. The following trends were observed among leading operators:

• Sino Jet continued to grow its G650ER fleet.
• TAG Aviation’s Global 7500 fleet doubled to four units.
• Jet Aviation added one Global 7500 and one G650ER to its fleet.
• ACAM expanded its fleet primarily through the additions of one ACJ319neo, one Falcon 7X, two G550s, and one G650ER, and reduced older models.
• Deer Jet reduced its Corporate Airliner and Gulfstream built fleet.

These trends emphasize a sustained demand for long-range and ultra-long-range jets, particularly newer models like the G650/ER and Global 7500, reflecting operator preferences for aircraft suited for intercontinental flights and what UHNW travelers may prefer.

TOP OPERATORS IN EACH COUNTRY

The geographic distribution of leading operators in Asia-Pacific remained diverse, with strongholds in mainland China, Hong Kong, Singapore, Australia, and India. The operators in Hong Kong and Singapore continued to reflect the impact of offshore registrations, with a significant proportion of aircraft registered outside the region.

Greater China

By the end of 2024, the Greater China market remained the largest for business jet operators, with Sino Jet maintaining its position as the region’s biggest operator with 41 aircraft. TAG Aviation and Jet Aviation continued to operate in the Greater China market, despite slight fleet reductions. Deer Jet, once a dominant player, saw further fleet reductions, dropping to 28 aircraft (-6.7%). Lily Jet and Amber Aviation maintained stable fleet sizes, while Hongkong Jet expanded its presence, increasing to eight aircraft (+33.3%).

Japan & South Korea

Japan’s business jet market remained stable, with Phenix Jet leading as the largest operator, managing 13 aircraft homebased in the country. Jet Aviation operated two aircraft in Japan. In South Korea, Korean Air remained the dominant operator, maintaining a fleet of six business jets.

Australia, India, and Southeast Asia

Several leading operators, including TAG Aviation, Jet Aviation, and Luxaviation, maintained multi-base operations across key aviation hubs in Asia-Pacific, serving a broad customer base and leveraging regional advantages. ACAM expanded its presence in Australia, Singapore, and Indonesia, growing its fleet to 27 aircraft (+22.7%), making it one of the region’s fastest-growing operators and the largest in Singapore. Premiair remained Indonesia’s top operator with 12 aircraft, while Challenger Aero Air continued to lead in the Philippines with seven jets. In Malaysia, Smooth Route operated six aircraft. Club One Air was the leading operator in India with 12 aircraft in its fleet.

This article is extracted from the most recent edition of The Business Jet Fleet Report.
To read or download the full report, please click here.