With a full year of new aircraft approvals, flight testing, and new technology introductions, 2024 was a success for the business aviation market. Let’s look back on some of the notable developments in the industry:
Falcon 6X, G700, and More Marked Major Aircraft Approvals and Deliveries
Calendar year 2024 marked significant milestones in aircraft certifications and first deliveries. Following its certification in 2023, Dassault delivered the first Falcon 6X in 2024. Gulfstream also achieved a major milestone with its G700, which received approval from the FAA, EASA, and other international aviation authorities around the world. The first G700 entered service shortly after its certification. Additionally, 2024 saw the certification of an upgraded engine for the Cessna Citation Ascend and the approval of an autothrottle for the HondaJet Elite II.
Pilatus, flyExclusive, and StandardAero Lead Corporate Moves
There were several major corporate moves in 2024, beginning in January with Pilatus announcing its plans to assume production capacity, including employees and machinery, from RUAG’s aerostructures facility in Switzerland. After a lull in the spring, activity picked up in late summer when flyExclusive announced plans to become the aircraft management services provider for fractional operator Volato. Under the agreement, Volato will shift all fleet operations to flyExclusive, and the two companies are in talks to merge fully. The largest move of the year came in late September when StandardAero announced the launch of its initial public offering. Shares debuted on October 1.
IADA Experiences a Year of Growth and Success
The International Aircraft Dealers Association (IADA) had a banner year in 2024. Early in the year, IADA announced that its exclusive aircraft listing website, aircraftexchange.com, had reached its fifth anniversary. During this five-year period, IADA dealers sold over 6,500 aircraft worth $60 billion via the portal. Additionally, IADA welcomed eight new companies in 2024, bringing the total number of members to 169. These members had a strong presence at NBAA-BACE 2024, with 87 member companies attending the show. Finally, IADA announced that Louis C. Seno, Jr. would succeed Wayne Starling as the organization's executive director.
Engine and Airframe Flight Testing Push Business Aviation Technology Forward
The business aviation industry continued to innovate in 2024, with several new aircraft and engines beginning flight test programs. In April, Rolls-Royce began flight testing its Pearl 10X engine, which will power Dassault’s Falcon 10X. The flight test campaign achieved all its objectives in just over six months. Following the U.S. Federal Aviation Administration (FAA) Type Inspection Authorization (TIA) earlier in the year, Textron Aviation’s Beechcraft Denali began certification flight tests in May. A month later, Textron Aviation reached another milestone when the second Cessna Citation Ascend flight-test article took to the air for the first time. In August, Gulfstream officially began the flight test program for its G400, which was first announced in 2021. November marked another achievement for Gulfstream as its G800 test-article designed for cabin interior testing completed its inaugural flight. These developments illustrate the industry's commitment to innovation and set a trajectory for the future of the market.
GJC Celebrates Tenth Year of Strong Market Performance
After celebrating its tenth year of operations in 2024, Global Jet Capital remains a major player in the market. Since 2014, Global Jet Capital has provided more than $4 billion in aircraft financing to users of new and pre-owned aircraft. Global Jet Capital also closed two securitization deals in 2024 worth a combined $1.2 billion, providing additional capital for future growth. Demonstrating the company’s consistent stable credit performance, along with ability to pay down debt, S&P raised the ratings for two of three tranches of the company’s 2022-1 securitization in November 2024.
Introduction of LEO Satellite WiFi Changes Business Aircraft Connectivity
New technology to deliver the internet to aircraft became available in 2024. To date, connectivity has primarily been delivered to aircraft via air-to-ground networks or from satellites orbiting over 22,000 miles from Earth. Starting in 2024, low Earth orbiting (LEO) satellites, orbiting less than 400 miles away from Earth, emerged as a viable third option. Gulfstream and Textron both received supplemental type certificates (STCs) to install SpaceX’s Starlink on their aircraft. A number of other companies were named Starlink dealers in 2024. GoGo, a popular air-to-ground network operator, announced partnerships to begin installing Galileo LEO systems on aircraft, starting in Europe. GoGo also acquired Satcom Direct, enabling it to offer connectivity via air-to-ground networks as well as multiple satellite networks.
Manufacturers Achieve Key Milestones in New Aircraft Programs
In 2024, several original equipment manufacturers (OEMs) achieved significant milestones in new aircraft programs. Dassault began producing major subassemblies for the Falcon 10X, which will eventually be fully assembled for testing. While Dassault progresses towards delivering the Falcon 10X by 2027, Pilatus debuted an upgraded version of its PC-24 at NBAA in October. This upgrade includes an increased payload and range, as well as new seating configurations. Meanwhile, Bombardier commenced construction of the first production model of its new Global 8000. Also at NBAA, Textron announced upgrades to its Citation CJ4, CJ3, and M2, which will be part of the company’s Gen3 lineup. All three aircraft will feature Garmin’s Emergency Autoland technology and upgraded avionics systems. The Citation CJ4 Gen3 flew for the first time in October and began flight testing shortly after. As with the updates to flight testing, the introduction and beginning of production for new models demonstrate the industry’s commitment to innovation.
Manufacturers Work to Resolve Supply Chain and Labor Issues
After working for several years, manufacturers made progress in 2024 toward resolving supply chain and labor issues. As a result, deliveries increased at a healthy rate for the year. Two major OEMs resolved labor disputes in 2024, enabling them to commence a period of stable production for the foreseeable future. In addition, Bombardier celebrated the opening of a new production plant and the final Global 7500 to be built at the old line was delivered in March. With backlogs at healthy levels and orders for new aircraft continuing to be made, production rates are expected to remain strong going forward.
Pre-Owned Market Remains Active
Transaction volume in 2024 was down slightly compared to 2023, hampered by economic uncertainty (despite stronger than expected GDP growth) as well as inertia between sellers looking to maintain post-pandemic value gains and buyers waiting for values to return closer to historical levels. Still, the market showed signs of picking up as the year went on, with stronger than usual activity levels over the summer. Large operators also continued to work towards updating and expanding their fleets. For example, Wheels Up announced plans in October to transition its fleet to Embraer Phenom 300/300E and Bombardier Challenger 300/350-series aircraft.
Business Aviation Expands Sustainability on Two Fronts
In 2024, the business aviation industry continued to lead the way toward a sustainable future through two primary areas of activity. The first area focused on developing new technologies to reduce fuel usage. In this vein, Bombardier expanded its EcoJet project by adding new partners to develop a blended-wing body (BWB) aircraft design. Daher also made significant progress in developing a hybrid-electric TBM model, which is slated for delivery in 2027.
The second major front for improving sustainability involved the development and distribution of sustainable aviation fuel (SAF). Several companies, including Sonoma Jet Center, Signature Aviation, Avflight Mesa, and Jet Aviation, announced new or increased availability of SAF. Thanks to these various avenues of progress, the International Air Transport Association (IATA) announced that global SAF production is set to triple in 2024 compared to 2023.