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BUSINESS AVIaTION
MARKET BRIEF

OVERVIEW

Flight activity, OEM backlogs, deliveries, and pre-owned transactions all rose year-over-year in the first half of 2025.

During this time, inventory levels remained stable. Although uncertainty remains around future economic growth due to ongoing trade discussions, growth in Q2 2025 proved resilient and the outlook for steady growth going forward has improved. As such, the business aviation market is likely to be healthy through the remainder of the year. In Q2 2025:

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Q2 2025 HIGHLIGHTS

  • Flight operations increased 3.1 percent year-over-year, reflecting an enduring expansion in the user base for business aviation.
  • OEM backlogs increased 8.4 percent year-over-year, as orders remain strong.
  • While transactions slowed somewhat compared to a very robust Q1 2025, overall demand remained strong, and transactions were up year-over-year.
  • Aircraft availability increased marginally quarter-over-quarter but declined from the previous year as a result of strong transaction volume.
  • Most aircraft models experienced depreciation in line with historical norms. However, younger aircraft were more stable than older aircraft.

GLOBAL ECONOMY

global economy i

The early part of Q2 2025 was marked by uncertainty following the White House's April 2 announcement of new tariffs on several major U.S. trading partners.ii Economists projected the large increase in tariff rates could increase inflation and slow economic growth.iii Meanwhile, fears among consumers and businesses triggered a sharp market decline, with the S&P 500 falling 12.1 percent in the seven days following the announcement.iv

Despite the initial volatility, the economy stabilized over the course of the quarter and demonstrated continued resilience. Markets rebounded after the White House announced a 90-day pause on reciprocal tariffs,v with the S&P 500 rising 9.5 percent.vi Broader economic indicators remained strong: China's GDP grew 5.2 percent, exceeding expectations, while U.S. retail sales and industrial production also showed solid performance.vii

Looking ahead, the economic outlook remains fluid with some tariffs having already taken effect. However, negotiations between the U.S. and its trading partners are showing progress, highlighted by recent agreements between the U.S. and major trading partners.viii These deals, combined with better-than-expected global growth in Q2 2025, suggest that overall economic growth should remain steady over the remainder of 2025.

FLIGHT OPERATIONS

flight ops x

In Q2 2025, flight operations increased by 3.1 percent year over year, driven primarily by growth in North America. In the U.S., strong demand that began during the fall 2024 travel season and continued through the winter holidays carried into 2025. Although geopolitical tensions in other regions slowed growth, flight activity outside the U.S. still performed well, rising 2.3 percent in Q2 2025 compared to the same period in 2024. Fractional operators remained the leading market segment, showing strong growth throughout the quarter.

Departures in Q2 2025 rose 8.4 percent from Q1 2025, reflecting typical seasonal patterns. For comparison, quarter-over-quarter increases were 7.7 percent in Q2 2024 and 6.8 percent in Q2 2023, highlighting sustained and growing demand for business aviation in 2025.

This strong year-to-date performance underscores the continued expansion of the business aviation user base over the past five years. Thanks to the industry’s core value proposition — providing personal safety, flexibility, productivity, and comfort – flight operations are expected to remain resilient despite ongoing economic uncertainty.

OEM BACKLOGS

OEM x
 

OEM backlogs rose 8.4 percent year-over-year in Q2 2025, reaching $55.5 billion. Manufacturers continued efforts to resolve supply chain and labor constraints, resulting in a year-over-year increase in deliveries. Total orders grew versus the same period in 2024 as demand for business jets remained healthy. Excluding a non-recurring fleet order of 50 aircraft, we estimate there was an industry book-to-bill ratio of ∼1-to-1 at the end of Q2. Lead time among the major manufacturers remained between 18 to 24 months, enabling OEM’s to sustain the current levels of deliveries while maintaining a healthy backlog.

TRANSACTIONS ($ VOLUME)

transactions xi

 

Note that Q2 2025 figures reflect preliminary data and may increase as more transactions are reported to data providers.

After stabilizing in 2024, transactions increased in the first half of 2025. Year over year, total unit volume in H1 2025 rose by 9.1 percent, while total dollar volume grew by 11.2 percent. In recent years, new aircraft deliveries have been constrained by supply chain disruptions, labor shortages, and delays in aircraft certification. However, OEMs have made progress in addressing these challenges, resulting in an 11 percent increase in new delivery dollar volume in H1 2025. Most OEMs continue to publicly maintain their plans to moderately increase production levels in 2025, largely representing a reversion to normalized delivery levels.

With momentum from strong levels of activity in Q4 2024 carrying over into 2025, pre-owned transaction unit and dollar volumes also posted year-over-year growth in the first half of the year. Although activity moderated from the exceptionally high levels seen in Q1 2025, strong demand drove an 11.4 percent increase in dollar volume during the first half of the year. The solid performance in H1 2025 positions the market well, and the introduction of bonus depreciation is expected to drive additional demand in the second half of the year.

FOR SALE INVENTORY

aircraft avail for sale xii

In the first half of 2025, aircraft listings declined by 9.2 percent compared to the same period in 2024. The 12.3 percent year-over-year drop in Q2 2025 marked the third consecutive quarter of year-over-year declines in new listings.

In 2021, strong demand led to many transactions involving unlisted aircraft, which pushed public listings 25.3 percent below 2019 levels. However, from early 2022 through mid-2024, sellers returned to publicly listing their aircraft, aligning with historical norms and driving an increase in new listings.

As the market stabilized in late 2024 and into 2025, listings began to decline again and are now roughly in line with pre-COVID levels. However, the composition of new listings has shifted since 2019. In the first half of 2019, aircraft aged 13 years or older made-up 60.2 percent of listings; by H1 2025, that share had risen to 71.3 percent. Meanwhile, listings for aircraft aged 12 years or younger fell by 28.3 percent over the same period and now represent just 28.7 percent of total listings.

biz fleet for sale xiii

 

In Q2 2025, aircraft availability remained stable, increasing from 7.2 percent of the total fleet in Q1 2025 to 7.3 percent. This number is down from 7.7 percent in Q2 2024. Availability remained below the approximately 10 percent average observed over the last decade, driven by declining listings and strong activity in the pre-owned market in late 2024 and the first half of 2025. This stability follows a period of increasing availability as more aircraft became publicly available throughout 2023 and 2024.

The market experienced a split between younger and older aircraft in Q2 2025. Availability of aircraft 12 years and younger declined from 4.9 percent of the fleet in Q1 2025 to 4.8 percent of the fleet, continuing a trend that began in Q3 2024 when availability stood at 5.6 percent. On the other hand, availability of aircraft aged 13 years and older increased from 8.4 percent of the fleet in Q1 2025 to 8.6 percent, reversing a downward trend that began in Q3 2024 when 9 percent of the fleet was available for sale.

Overall, the relationship between supply and demand is expected to remain in balance, with listings in decline and availability below historical averages.

RESIDUAL VALUE

residual value xiv

 

The above chart compares the year-over-year percentage change in the bluebook value of like-aged aircraft over time (e.g., the difference between the value of an eight-year-old aircraft from one year to the next). Global Jet Capital analyzes a basket of aircraft as a proxy for the overall market. Values vary on a model-by-model basis and observed increases or decreases in value are not necessarily applicable to any specific aircraft make/model. For the value of a specific aircraft, please contact a licensed aircraft appraiser.

Aircraft bluebook values were stable in Q2 2025, with the value of like-aged aircraft declining 0.5 percent from Q2 2024, continuing a trend that began in Q4 2023. Between Q1 2025 and Q2 2025, aircraft values declined 1.4 percent, broadly in line with historical trends.

This recent period of stability follows significant increases in aircraft values between 2021 and 2023, driven by strong demand for business jets. Limited availability during that time pushed values higher. By 2023, availability began to normalize, reaching a near-term peak of 7.8 percent in Q3 2024 before easing to 7.3 percent in Q2 2025. This increase from post-pandemic lows helped restore balance between buyers and sellers, contributing to price stability.

Despite the overall stability of values, variations emerged across the installed fleet in Q2 2025. As previously noted, the increase in availability was concentrated in the older aircraft segment. As a result, values for aircraft aged 13 years and older declined by 3 percent during the quarter, while values for aircraft aged 12 years and younger held steady, rising by just 0.6 percent.

It is worth noting that business jets are depreciating assets and a steady decline in the price of an aircraft over its lifespan is to be expected. The current consensus among industry players is that supply and demand are well-balanced and should support stable aircraft values in the near future, economic uncertainty notwithstanding.

\ CONCLUSION

Despite ongoing economic uncertainty, global growth remained resilient in Q2 2025, providing a solid foundation for continued demand for business aviation and increased utilization of business jets.

In line with this trend, business jet transactions increased year over year in the first half of 2025 and OEMs reported consistent order intake, keeping the book-to-bill ratio near 1:1.

While demand has held firm, aircraft listings have declined and overall availability has remained relatively unchanged. This helped preserve a healthy balance between buyers and sellers, supporting stable pricing across the market.

Looking ahead, economic growth and ongoing demand for business aviation are expected to underpin a healthy business jet market.

 

DID YOU KNOW AN OPERATING LEASE PROVIDES AN OWNERSHIP EXPERIENCE WITHOUT BEING IN THE FULL BUSINESS OF OWNING AN AIRCRAFT?

GLOBAL JET CAPITAL RECENT TRANSACTIONS

Global Jet Capital is a leader in the business jet financing market, providing leases and loans for both new and used aircraft. Our clients are diverse but all value flexible financing solutions for their aircraft. Below is a brief overview of a few recent transactions that Global Jet Capital has facilitated.

RECENT TRANSACTIONS

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RECENT TRANSACTIONS

A long-time client, who has consistently valued operating leases from Global Jet Capital for their flexibility and ease of the post-lease process, needed to quickly acquire an additional aircraft to support growing lift requirements.

At the same time, they aimed to preserve capital for core business investments. Building on our trusted relationship and history of successful transactions, GJC delivered a tailored operating lease solution and guided the client throughout the acquisition process. Leveraging our market expertise and close collaboration, we closed the deal swiftly and enabled the client to remain focused on their primary business.

 

AIRCRAFT CLASS
Light

NEW/PRE-OWNED
Pre-Owned

REGION
Americas

FINANCIAL PRODUCT(S)
Operating Lease



RECENT TRANSACTIONS

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Jet-icon

RECENT TRANSACTIONS

Recognizing their current aircraft no longer met their operational requirements, a valued client turned to Global Jet Capital to support a replacement solution and a seamless transition.

After successfully disposing of their aircraft, the client quickly identified a replacement that aligned with their operational goals. Given the competitive market and strong interest from other buyers, the client, who values the predictability of an operating lease, needed to act fast to secure financing and finalize the acquisition. Leveraging our ability to execute efficiently and our deep understanding of the client’s preferences, GJC delivered a tailored lease solution that enabled them to confidently move forward with the purchase of their new aircraft.

AIRCRAFT CLASS
Heavy

NEW/PRE-OWNED
Pre-Owned

REGION
Americas

FINANCIAL PRODUCT(S)
Operating Lease



RECENT TRANSACTIONS

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Jet-icon

RECENT TRANSACTIONS

Demonstrating expertise and flexibility, Global Jet Capital supported a new client through a complex, multi-jurisdictional transaction.

As always, we worked closely with the client to thoroughly understand their lift requirements and their broader corporate objectives. By leveraging our finance experience and our international reach, we delivered a solution that aligned with the client’s needs while addressing the client’s jurisdictional registration preference, ensuring a seamless process. By navigating these complexities, we ensured the client could meet their strategic goals and address their lift requirements while maintaining focus on their core business operations.

 

AIRCRAFT CLASS
Super-mid

NEW/PRE-OWNED
New

REGION
Middle East / India

FINANCIAL PRODUCT(S)
Finance Lease

Notes

iOxford Economics,  iiWhite House,  iiiWells Fargo,  ivYahoo Finance accessed 7/24/25,  v White House,  viYahoo Finance accessed 7/24/25,  viiWells Fargo,  viiiWhite House Agreement with Japan; White House Agreement with Indonesia; White House Agreement with EU;  ixWingX and Global Jet Capital analysis,  xCompany financial reports and GJC analysis,  xiJetNet and Global Jet Capital Analysis. Units are in parentheses.,  xiiAmstat and Global Jet Capital Analysis,  xiiiJetNet and Global Jet Capital analysis,  xivAircraft Bluebook and Global Jet Capital analysis

PREVIOUS MARKET BRIEFS

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