Regional 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.

Across 2024, the business jet market in the Asia-Pacific region showcased diverse development trends. The total fleet size reached 1,156 aircraft, representing 1.2% growth compared to 2023. This marks the first rebound after three consecutive years of decline since 2020, indicating a recovery in market demand from prolonged sluggishness. Among the regions, mainland China maintained the largest market share, despite a further four percentage point decline when compared to the previous year. Meanwhile, Australia and India saw their fleets continue to grow for the second consecutive year, ranking second and third among Asia-Pacific countries in terms of fleet size.

Southeast Asia ranked first in net fleet growth in 2024, with a net addition of 17 aircraft, representing a 6.2% increase compared to the previous year. The region is on the verge of surpassing the 300-aircraft milestone and is likely to do so by the end of 2025. Southeast Asian countries are emerging as premier global tourism destinations, attracting new charter and private travel operators entering the market. Many of these operators have operated new charter routes across the region, driving strong demand for business jets throughout the period. In recent years, the number of high-net-worth individuals (HNWIs) in the region has risen significantly. This surge was expected to fuel demand for business and private travel, further boosting the purchase of private jets. For the third consecutive year, ASG has chosen to organize the Asian Sky Forum in the region, demonstrating the business aviation industry’s interest and expectations in the region.

South Asia ranked second in net fleet growth, adding 16 aircraft for a growth rate of 9.5%. The entire increase came from India’s fleet, which was the third largest in the region after Australia and mainland China. In terms of total fleet size, South Asia ranked fourth within the Asia-Pacific region.

Oceania maintained modest growth, like the previous year, with a net increase of three aircraft in 2024, reflecting a growth rate of 1.2%. This included seven new deliveries and 15 preowned additions, which was partially offset by 19 pre-owned deductions (including retired and stored aircraft).

East Asia experienced a net decrease of one aircraft in 2024, bringing its total fleet size to 103 aircraft, the smallest in the Asia-Pacific region. Among the aircraft leaving the region, the Gulfstream G550 accounted for the largest share, with five units.

The Greater China region saw a net decrease of 21 aircraft in 2024, the largest reduction in the Asia-Pacific region, representing a 6.0% decline compared to the previous year. This marks the fourth consecutive year of decline for the region, primarily driven by the ongoing reduction in business jet numbers in mainland China.

MAJOR COUNTRY/REGION SNAPSHOTS

Greater China
By the end of 2024, the Greater China region (including mainland China, Hong Kong SAR, Macao SAR, and Taiwan) had a total of 331 aircraft, accounting for 28.6% of all business jets in Asia-Pacific, and marking the fourth consecutive year that the fleet has declined. At the start of 2020, the sub-region’s business jet fleet peaked at nearly 500 aircraft, with a significant portion owned by corporations and high-net-worth individuals. However, as China’s economic growth slowed, their purchasing power weakened, leading to a decline in demand for business jets. A good example of this is in the real estate market, which has noticeably cooled down in recent years. From 2010 to 2020, housing prices in major cities grew at an annual average rate of 8% to 12%. However between 2022 and 2024 the growth rate of new home prices stabilized at just 2% to 3%, with some cities even experiencing month-on-month declines. Many real estate companies faced financial difficulties and cash flow challenges, prompting them dispose of their business jets to alleviate the financial pressure they were under. China also intensified its anti-corruption efforts which has made business jets, often seen as symbols of luxury and privilege, less appealing. As a result, some companies and government entities reduced their usage or sold their aircraft to avoid public scrutiny.

During 2024 Greater China saw a net decrease of 21 aircraft, with 28 additions and 49 deductions. Facing growing economic challenges and cost pressures, most departing jets were high-fuel-consumption, Long Range models like the Gulfstream G650ER, of which five aircraft left Greater China in 2024.

Australia
Australia ranked as the second-largest business jet market in the Asia-Pacific region. At the end of 2024, the country operated a fleet of 214 aircraft, an increase of four aircraft when compared to 2023. This included six newly delivered aircraft and 13 pre-owned additions, although these were offset by 15 deductions.

The top three most popular models in Australia were the Learjet 35/36, Citation 510 (Mustang), and Citation 525 (M2/CJ1/+), all of which are Light or Very Light Jets. Covering a vast land area of 7.69 million square kilometers, Australia’s population is concentrated in a few coastal cities, while the inland regions consist mainly of small towns and mining areas. The 800-2,000 km range of Light and Very Light Jets can meet direct flight demands between most cities, excluding longer routes like Sydney to Perth (3,289 km), which requires a stopover. Of the 480 airports nationwide, 380 airports can accommodate Light Jets. However, only 47 airports can handle Large, Long Range Jets such as the Gulfstream G650. For example, Queensland’s Charters Towers Airport, with a runway length of 1,524 meters, can support the operations of the Learjet 35 but cannot accommodate the Gulfstream G650.

India
By the end of 2024, India had the largest business jet fleet in South Asia and ranked third in the Asia-Pacific region, with a total of 168 aircraft, accounting for 14.5% of the regional fleet. India recorded a net increase of 18 aircraft across the year, the highest in the Asia-Pacific region. This included five new deliveries and 21 additions from the pre-owned market, which were offset by the removal of eight aircraft.

In the first quarter of 2024, India’s economy grew by 7.8%, leading the world’s top 10 economies. Although growth slightly declined in subsequent quarters, India remained among the global frontrunners. The International Monetary Fund (IMF) forecasts that India’s GDP will grow at an average annual rate of
around 7% over the next five years.

As of November 2024, the number of ultra-high-net-worth individuals (UHNWIs) of Indian descent with a net worth exceeding USD 30 million globally reached 13,200. This figure is projected to increase by more than 50% by 2028. The continuous expansion of India’s economy and the rapid rise of its high-net worth population has provided strong support for the growth of the business jet market.

Singapore
As the country with the second-largest fleet growth in 2024, Singapore had a total of 83 aircraft by the end of the year, ranking fourth among Asia-Pacific countries. The fleet saw a net increase of 11 aircraft, including three new deliveries, 18 pre-owned additions, and ten removals.

Large and Long Range Jets dominated Singapore’s business jet fleet, with popular models including the G650ER, G550, and Falcon 7X. Located at the heart of Southeast Asia, Singapore serves as a crucial hub connecting Asia-Pacific with the Middle East, and Europe. Its strategic geographical position supports frequent international business travel. Additionally, as a global financial center, Singapore has attracted numerous multinational corporations to establish their headquarters, which has further driven the demand for efficient and convenient business travel solutions. Given the prevalence of intercontinental routes to destinations such as China, Japan, the Middle East, Europe, and the United States, Long Range Jets are the preferred choice. They effectively meet the needs of cross-regional travel by reducing the need for stopovers while providing greater privacy and comfort.

Japan
In 2024, Japan’s business jet fleet remained unchanged from 2023, with a total of 81 aircraft, ranking fifth in the Asia-Pacific region. Nearly half of the Japanese fleet were Light Jets. Given Japan’s complex geography—70% mountainous terrain and a landscape comprising four major islands and thousands of smaller ones— Light Jets such as the Honda Jet and Cessna Citation 525 are particularly well-suited. Their short takeoff and landing capabilities, along with high flexibility, make them ideal for operations at small airports, including regional “Category III airports,” as well as short-haul routes between mountainous areas and islands.

The distances between Japan’s major metropolitan areas, such as Tokyo, Osaka, and Nagoya, are relatively short (e.g., Tokyo to Osaka is about 500 kilometers). Light Jets can cover this distance in around one hour, offering efficiency comparable to the Shinkansen Trains, while providing greater privacy and scheduling flexibility.

Indonesia
With the addition of one new aircraft, ten preowned aircraft, and the deduction of seven, Indonesia’s business jet fleet saw a net increase of four aircraft in 2024, bringing its total to 57 aircraft, rankng it sixth in the Asia-Pacific region.

Jets from OEMs such as Textron, Bombardier, Gulfstream, and Embraer accounted for 93.0% of the total fleet. The most popular models included the Legacy 600, Global 5000, and G450.

The Philippines
By the end of 2024, the Philippines had a total of 50 business jets in its fleet, marking an increase of two aircraft when compared to the previous year. This included two newly delivered aircraft, five pre-owned additions, and five deductions. The two newly delivered aircraft were a Citation 525C (CJ4) and a Pilatus PC-24, both Light Jets, which further solidified the dominance of the Light Jet category in the country.

Thailand
By the end of 2024, Thailand’s business jet fleet totaled 43 aircraft, with a net increase of four aircraft. This included one new delivery, five pre-owned additions, and two deductions. The newly delivered jet was a G650ER — a Long Range model that now accounts for nearly half of the country’s fleet. Thailand’s wealthy families often have members studying or conducting business in Europe and North America. The flexibility and extended range of Long Range Jets make them ideal for facilitating family reunions and managing complex international travel schedules. These jets enable seamless nonstop journeys between continents, saving time and reducing the need for layovers, which is particularly important for business executives and families seeking efficient travel solutions.

Malaysia
A total of 39 business jets were operating in Malaysia by the end of 2024, marking a decrease of six aircraft compared to the previous year—a decline of 13.3%. This made Malaysia the country with the largest fleet reduction in the Asia-Pacific region, excluding mainland China. The decline was due to the departure of ten aircraft, partially offset by the addition of four pre-owned aircraft.

Long Range Jets remained the most popular category in Malaysia, accounting for 46.2% of the total fleet. Notable models included the Gulfstream G650ER and Bombardier Global 5000, which were favored for their ability to support direct long-haul travel to destinations in Europe, the Middle East, and beyond.

Malaysia, as the only Southeast Asian country to experience a net fleet decline may be attributed to several factors. Singapore’s strong pull as a regional hub, with world-class infrastructure and strategic location, continues to attract business jet operations. Meanwhile, rapid economic growth and relaxed aviation policies in nearby Indonesia and Vietnam have further drawn operations away from Malaysia, weakening its regional competitiveness.

New Zealand
By the end of 2024, New Zealand had a total of 26 business jets, a decrease of one compared to 2023. This change was due to the addition of one new aircraft and two pre-owned jets, offset by the deduction of four aircraft. The newly added jet was a Gulfstream G700, one of only two G700s in the entire Asia-Pacific region. Textron remained the most popular OEM in New Zealand, with a total of ten aircraft in operation.

South Korea
In 2024, the departure of one G550 reduced South Korea’s business jet fleet to 22 aircraft. Textron remained the largest OEM in the country, with its most popular model being the Citation 525. Boeing and Gulfstream ranked as the second-largest OEMs, with the BBJ and G650ER being the most favored models. The top three OEMs collectively accounted for 68.2% of South Korea’s business jet market.

Vietnam
With the delivery of a brand-new Gulfstream G650ER in the middle of 2024, Vietnam’s business jet fleet grew to nine aircraft. The delivery made the Falcon 8X and G650ER the two most popular models in Vietnam.

However, the growth of Vietnam’s business jet market has not been straightforward. A series of anti-corruption measures introduced by the Vietnamese government, while aimed at combating corruption, has had a negative impact on potential business jet buyers. These policies led to political instability, making some wealthy individuals and companies more cautious and eager to avoid outward displays of wealth. In addition, Vietnam lacks Fixed-Base Operators (FBOs), and without well-established FBO services, the efficiency and convenience of business aviation operations were hindered, negatively impacting the further growth of the business jet sector. Therefore, despite the economic growth and the expansion of the fleet, these factors have limited the further development of Vietnam’s business aviation industry.

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.