Asia-Pacific Business Aviation Sees Growth—Except in China
24 March 2025 · Uncategorized ·
Source: · https://technews.tw/2025/03/17/china-loses-private-jets-as-other-asian-growth-spots-emerge/
During periods of economic prosperity and extravagance, companies often invest in private jets for their executives, or wealthy individuals purchase them for convenience or to display wealth. However, the high operational and maintenance costs make these assets challenging to sustain during an economic downturn when businesses are struggling financially and individual fortunes diminish—making fluctuations in the number of privately owned aircraft another indicator of economic health. Since 2017, the number of private jets across Asia (excluding China) has increased by 20%; however, figures for mainland China have decreased significantly by more than a third.
In 2017, there were a total of 481 privately owned aircraft in Mainland China, Hong Kong, and Macau—a peak figure. But as the real estate market experienced instability and amid trade tensions between the U.S. and China, this number declined to 306 by 2024. While it remains the largest private jet market in Asia-Pacific, that represents a decrease of more than one third. The majority of this reduction stems from property developers like Evergrande; another portion is attributable to wealthy Chinese individuals relocating assets to Singapore and Japan.
In contrast, during the same period (from 2017 to 2024), private jet ownership in other parts of Asia grew by 20%, reaching a total of 850 aircraft. Key growth areas include India, Australia, and Japan. In recent years, Singapore has also received numerous assets as more wealthy families have become aware of increasing risks associated with Hong Kong and Macau, relocating their operations; the number of family offices in the country surged from just 400 in 2020 to over 2,000 today.
Currently, private jet service companies are shifting away from a focus on China—the center of Asian development ten years ago. Instead, they are increasingly concentrating on South Asia (particularly India) and other regions like Japan.
The global private jet market is primarily concentrated in North America, accounting for only 7% of the Asia-Pacific market share; however, it boasts a higher growth rate, projected to increase by 2.1% over the next decade—compared with a global average of 1.4%.
(Image source: Unsplash)
In 2017, there were a total of 481 privately owned aircraft in Mainland China, Hong Kong, and Macau—a peak figure. But as the real estate market experienced instability and amid trade tensions between the U.S. and China, this number declined to 306 by 2024. While it remains the largest private jet market in Asia-Pacific, that represents a decrease of more than one third. The majority of this reduction stems from property developers like Evergrande; another portion is attributable to wealthy Chinese individuals relocating assets to Singapore and Japan.
In contrast, during the same period (from 2017 to 2024), private jet ownership in other parts of Asia grew by 20%, reaching a total of 850 aircraft. Key growth areas include India, Australia, and Japan. In recent years, Singapore has also received numerous assets as more wealthy families have become aware of increasing risks associated with Hong Kong and Macau, relocating their operations; the number of family offices in the country surged from just 400 in 2020 to over 2,000 today.
Currently, private jet service companies are shifting away from a focus on China—the center of Asian development ten years ago. Instead, they are increasingly concentrating on South Asia (particularly India) and other regions like Japan.
The global private jet market is primarily concentrated in North America, accounting for only 7% of the Asia-Pacific market share; however, it boasts a higher growth rate, projected to increase by 2.1% over the next decade—compared with a global average of 1.4%.
(Image source: Unsplash)