30 | Flight International | 22–28 May 2018 flightglobal.com

BUSINESS AVIATION

Special report

KATE SARSFIELD LONDON

Pilatus Aircraft

Cautious optimism

Europe’s business aircraft market took a hammering from the financial crisis, but rising

wealth, innovative ownership plans and new models are finally heralding a sales rebound

E

urope’s business aviation industry is

finally emerging from one of the

gloomiest periods in its history, and

its rebirth is being greeted with a

mixture of relief, optimism and, perhaps un-

derstandably, a little caution.

The region is a significant market. Flight

Fleets Analyzer data shows that Europe has

accounted for some 20% of global business jet

shipments worldwide over the past decade

and 13% of turboprop deliveries. It is also

home to the world’s second-largest installed

base of business jets, with around 2,700 units,

and the third-largest inventory of turboprops,

with 900 examples.

But sales in Europe of new turbine aircraft

have slowed considerably over the past dec-

ade. The financial crisis of 2008-2009 was

crippling, with business jet deliveries plum-

meting from a market peak of 339 aircraft in

2008 to just 121 in 2017. Shipments of busi-

ness turboprops more than halved during the

same period, from 76 to 37 aircraft.

Cost-conscious buyers still maintained a

relatively healthy appetite for pre-owned

models during this challenging time – and

there were rich pickings because of a huge

oversupply of aircraft being sold at historical-

ly low prices. This activity has helped to keep

Europe’s installed base of jets and turboprops

relatively stable over the past 10 years.

All-new Pilatus PC-24 superlight jet will

enter service in Europe imminently