Companies in the S&P 500 spent $65 million for bigwigs to use private jets for personal travel in 2022, up about 50% from pre-pandemic levels, with approximately 45% of the largest corporations CEOs receiving aircraft perks, according to Equilar.
Deliveries of business and general aviation aircraft last year topped 4,000 for the first time in more than a decade, the General Aviation Manufacturers Association reported in February. When compared to 2022, all aircraft segments saw increases in shipments, and preliminary aircraft deliveries were valued at $27.8 billion, an increase of 3.6%, according to the trade association, adding that business jet deliveries climbed 2.5%.
He cited the period from 2003 to 2007, when demand was high and OEMs ramped up production, only to be hit by the 2008 financial crisis. Demand collapsed and OEMs significantly cut production, leaving them with a plenty of new and used inventory. Sales of all business jets were healthy leading into 2020 — and then the Covid pandemic hit.
Bombardier delivered more aircraft than any of its peers in 2023, Demosky said, referring to OEM competitors such as Gulfstream, Embraer, Dassault and. Poponak concurred, and then some."Bombardier has been closer to their delivery targets than anybody over the last three years," he said. For 2021, the company estimated that it would deliver between 110 and 120 jets and it hit the 120 mark.