The first half of 2025 marked a more sustainable expansion in business aviation. The JETNET mid-2025 market snapshot noted that flight activity rose roughly 3 percent year over year and remained about 10 percent above pre-2019 levels, while inventory of pre-owned jets edged up by only about 1 percent. Manufacturer new deliveries were plentiful, well ahead of 2024 by more than 10 percent, and demand remained robust across key segments. However, buyers became more deliberate. Transaction volumes grew, while the average time to sell increased. Pricing showed signs of normalization, with average asking prices declining and the inventory mix shifting toward more light jets. These trends set the stage for H2 2025 performance, which saw nearly a 30 percent increase in pre-owned retail jet sales compared with H1.

This report analyzes H2 2025 (July–December) market dynamics for large, medium, and light business jets using JETNET market summary and transaction data. Fractional and share sales are excluded. The analysis explores inventory levels, asking and selling prices, transaction volumes, and buyer-seller patterns across segments, highlighting changes between July and December 2025.

In this Report

• Introduction and Market Context
• Global Market Context – WINGX Insights
• Large Business Jets
• Mid-Sized Jets
• Light Jets
• Comparative Analysis & Key Takeaways
• Outlook
• YoY Comparison: H2 2025 vs H2 2024
• Consolidated Key Insights

Global Market Context – WINGX Insights

To place the H2 2025 market in a broader context, it is useful to consider recent trends in global business jet activity. Analysis from WINGX highlights the following:

• Record activity in 2025: Global business jet movements in 2025 were 5 percent higher than in 2024, with WINGX recording 3.9 million departures, the highest annual total on record. September delivered 9 percent year-over-year growth, making Q3 the busiest period of the year.
• Regional disparities: North America retained a 72 percent share of global traffic but grew only 1 percent year over year. Europe’s market was largely flat, up just 1 percent in 2025. The first week of 2026 brought a modest 3 percent uptick, with Italy and Switzerland expanding while the UK and Germany contracted.
• Emerging market momentum and corrections: Latin America, Africa, Asia, and the Middle East posted strong growth in 2025, up 11 percent, 15 percent, 4 percent, and 7 percent, respectively. However, Week 1 of 2026 exposed a sharp correction: Latin America and Asia saw double-digit declines, the Middle East slipped 7 percent, while Africa still grew 4 percent.
• Geopolitical shock: A U.S. military operation in Venezuela triggered a 76 percent drop in business jet departures from Venezuelan airports in Week 1 of 2026. No civil flights departed on the day President Maduro was captured.
• Short-term trends: Rolling four-week data in early 2026 showed global departures running 2 percent ahead of the same period a year earlier. Texas and Florida were each up 3 percent, while California was flat.
• Drivers of growth: WINGX Managing Director Richard Koe attributes the 12-month upswing to factors including the post-Q4 2024 recovery, the ascendancy of the Trump administration, strong economic growth, buoyant equity markets, and increased corporate investment in AI. He notes that Europe’s slower demand reflects stagnant regional economies, while Middle Eastern demand has been driven by geopolitical instability, growth in the high-net-worth population, and significant investment in business aviation infrastructure.
• Week 1 2026 snapshot: Global private jets logged approximately 63,000 departures in the first week of 2026, essentially flat year over year. The rolling four-week total exceeded 281,000 departures, up 2 percent year over year. North America generated more than 45,000 departures and grew 1 percent year over year, with Texas up 8 percent, Florida up 4 percent, and California down 2 percent. Europe recorded around 6,500 departures, up 3 percent, led by Italy and Switzerland, while Germany and the UK declined.
• Week 3 2026 snapshot: In Week 3 of 2026 (12–18 January), global business jet flights reached 66,445, a 2 percent increase versus the same week in 2025. The rolling four-week trend was up 4 percent, and activity through 18 January was 3 percent higher than a year earlier. The weekend preceding the World Economic Forum in Davos drew 191 business jet arrivals, 4 percent more than the prior year, including 110 arrivals on 18 January, more than double typical daily volumes.
• Regional performance (Week 3 2026): North America expanded 2 percent year over year, with Florida up 7 percent, Texas up 5 percent, California up 6 percent, and states such as New Jersey, Illinois, and Indiana posting double-digit gains. Europe grew 2 percent overall but showed internal divergence: France surged 10 percent, the UK and Italy posted solid growth, Switzerland slipped 1 percent, and Germany declined 7 percent. Outside North America and Europe, Week 3 activity increased 7 percent, with Africa and Asia up 11 percent, South America up 8 percent, and the Middle East down 2 percent.

Large Business Jets (Large, Long Range, Ultra Long Range)

Market Summary (Aircraft for Sale)

According to JETNET data, key supply metrics for large jets softened through H2 2025. Key trends include:

• Inventory contraction: The fleet for sale peaked at 518 aircraft in September and fell to 418 by December (a decline of 14.9% vs July).

• Smaller share of active fleet: The percentage of the operational fleet for sale slipped from 7.06% in July to 5.85% in December.

• Lower asking prices: Average asking prices dropped from $14.06M to $10.73M (a fall of 23.7%) as sellers adjusted expectations.

• Longer sales cycle: Average days on market rose slightly, from 261 days to 272 days, suggesting more deliberate buyer behaviour.

Other notable points from the market summary:

• For‑sale distribution: The number of aircraft marketed by end‑users remained small (around 37 on average). Exclusive brokers dominated listings, averaging 379 aircraft, while dealers handled about 83 aircraft. Domestic listings accounted for roughly 64% of the fleet for sale and shrank noticeably in December (–16%), whereas international listings fell more gradually.
• Pricing dispersion: High asking prices stayed elevated at $62.5M until November, when they dropped to $51.9M. The lowest asking prices fell from $375k in July to $175k by September and remained there through year‑end. The wide range underscores the mix of vintage and near‑new aircraft in the market.
• New to market: New listings were volatile, with 67 large jets entering the market in July before declining to 47 by December. This contraction in new supply likely reflects a mix of sellers choosing to wait for firmer pricing and a smaller pool of motivated sellers later in the year. Notably, this occurred alongside a roughly 30% increase in transaction volume in H2 versus H1, indicating that demand strengthened even as fresh inventory slowed, rather than reflecting a weakening market.

Retail Sales Summary

Large jet retail transactions reveal wide pricing dispersion and variable volumes:

• Price range: Low selling prices ranged between $3.0M and $5.37M, while high selling prices ranged from $52.1M to $69M.
• Average selling prices: Average selling prices dropped from $23.45M in July to $19.00M in September before rebounding to $21.01M in December; the six‑month average was $20.35M.
• Variable volumes: Total transactions varied month to month, ranging from 43 in August to 113 in December. These swings suggest sensitivity to aircraft age, specification and seasonal factors.

Transaction Activity

Key patterns in large jet transaction activity include:

• Total transactions: 413 large jet transactions occurred in H2 2025.

• End-user dominance: 179 deals (~43%) were end-user to end-user transfers.

• Broker involvement: Dealer brokers sold 44 jets to end-users (~11%), while leasing companies sold 15 jets directly to end-users (~4%).

• Lease transactions: There were 15 lease transactions, six from leasing companies (including four to end-users).

• Foreclosures and seizures: No foreclosures occurred; three seizures were recorded in November when end-user-owned aircraft were seized by other end-users.

• Off-market vs on-market: 118 off-market transactions (aircraft withdrawn from public listings) occurred versus 368 on-market transactions.

• Written-off aircraft: Three aircraft were written off during the period.

Medium Size Jets (Mid Size/Super-Mid Size)  

Market Summary (Aircraft for Sale)

JETNET data show that medium jet supply contracted modestly through H2 2025. Key indicators include:

• Inventory contraction: Aircraft for sale declined from 453 in July to 423 in December (a reduction of 6.6%).
• Lower fleet share: The share of the operational fleet for sale fell from 7.50% to 6.94%.
• Slightly lower asking prices: Average asking prices eased from $4.67M to $4.50M (a decline of 3.7%).
• Longer time on market: Average days on market lengthened from 399 days to 470 days, suggesting buyers became more selective.
• Older aircraft: The average aircraft year declined from 2002 to 2001.

Other observations:

• Listing channels: Medium jets posted larger proportions of exclusive‑broker listings (approximately 336 aircraft) relative to end‑user listings (∼58 aircraft). Dealers represented roughly 65 aircraft. Domestic listings made up about 73% of all medium jets for sale.
• Pricing range: The highest asking price held steady at $25.95M, while the lowest asking price remained fixed at $295k. The average make‑offer or inquiry volume was high, with around 257 requests per month.

• Technical condition: Average airframe time hovered around 7,276 hours, while engine time averaged 6,196 hours. New listings averaged 52 per month, though there was a sharp drop in November followed by a small rebound in December.

Retail Sales Summary

Medium jet retail sales exhibited variability across price points and volumes:

• Price range: Low selling prices ranged from $0.94M to $2.52M, while high selling prices peaked at $27.5M.

• Average selling prices: Average selling prices were $6.35M in July, spiked to $11.01M in August due to a handful of high‑priced sales, and finished at $13.86M in December; the six‑month average was $9.72M.

• Sales volume: Total transactions per month ranged from 33 in July to 88 in December, with activity generally building through the fall. This variation indicates shifting demand and underscores the price sensitivity of buyers.

Transaction Activity

• Total transactions: 347 deals were completed.

• End‑user dominance: 182 end‑user‑to‑end‑user transactions (~52%) underscored strong direct‑buyer engagement.

• Unidentified purchasers: 38 transactions (~11%) involved end‑user sellers and unidentified purchasers.

• Broker involvement: Dealer brokers sold 30 jets to end‑users (~9%).

• Charter company activity: Charter companies sold 16 jets to end‑users and purchased 15 jets from end‑users, indicating an active charter presence.

• Leasing companies: Leasing companies sold 14 jets to end‑users.

• Lease transactions: 14 leases were recorded, including seven from leasing companies to end‑users and five from end‑users (generally transferring aircraft to charter companies or unidentified lessees).

• Off‑market vs on‑market: 71 off‑market transactions occurred versus 306 on‑market transactions.

• Written‑off aircraft: 22 aircraft were written off during H2 2025.

• Foreclosures and seizures: No foreclosures or seizures were reported.

Light Jets (Light, Super Light, Very Light)

Market Summary (Aircraft for Sale)

• Stable inventory: Inventory declined slightly from 820 to 811 aircraft, a decrease of 1.1%.
• Marginal decline in fleet share: The share of the operational fleet for sale eased from 7.53% to 7.41%.
• Flat asking prices: Average asking prices remained around $2.71M with negligible change.
• Slightly longer sales cycle: Average days on market increased from 400 to 418 days.
• Aircraft age unchanged: The average aircraft year stayed at 2002.

Additional insights:

• Listing distribution: Approximately 554 light jets were listed domestically and 289 internationally, reflecting strong U.S. supply. Exclusive brokers marketed about 554 aircraft, dealers about 155, and end‑users about 133. The high listing volume underscores the diversity of this segment, which includes older models alongside more recent very‑light jets.

• Pricing spread: The highest asking price remained flat at $15.45M until December, when it edged up to $15.99M. The lowest asking price held steady at $113k. The number of “make‑offer” or inquiry listings averaged 430 per month, reflecting abundant buyer interest.

• Technical attributes: Average airframe time was around 5,281 hours, with engine time averaging 4,646 hours. New‑to‑market entries averaged 102 aircraft per month, though the number spiked in September before declining toward year‑end.

Retail Sales Summary

Light jet retail sales spanned a broad pricing spectrum and fluctuating volumes:

• Price range: Low selling prices ranged from $0.40M in August to $2.69M in October; the high end ranged from $11.40M to $14.50M.
• Average selling prices: Average selling prices were $5.60M in July, dipped to $4.25M in August, surged to $7.09M in September, moderated to $5.66M in October, eased to $4.57M in November and ticked up to $4.91M in December. The six‑month average was roughly $5.43M.

• Sales volume: Total transactions per month were 118 in July, 112 in August, 88 in September, 114 in October, 111 in November and 143 in December. Activity peaked in December and was lowest in September. 

Transaction Activity

• Total transactions: 686 deals were completed across the six‑month period, highlighting robust activity within the light‑jet segment.
• End‑user dominance: 331 transactions (~48%) were end‑user‑to‑end‑user deals.
• Unidentified purchasers: 109 transactions (~16%) involved end‑users selling to unidentified buyers.
• Broker involvement: Dealer brokers sold 86 aircraft to end‑users (~13%).
• Charter company sales: Charter companies sold 29 aircraft (~4%) directly to end‑users.
• Other categories: Aviation‑related businesses and leasing companies each accounted for less than 3% of total transactions.
• Lease transactions: 27 leases were recorded, including 14 from leasing companies (mostly to end‑users) and 12 from end‑users.
• Foreclosures and seizures: No foreclosures or seizures occurred.
• Off‑market vs on‑market: 141 off‑market transactions were recorded compared with 596 on‑market transactions.
• Written‑off aircraft: 36 aircraft were written off during the period.

Comparative Analysis & Key Takeaways

Inventory and Pricing Trends

The data reveal varying supply dynamics across segments. Large jets experienced the largest contraction in inventory (–14.9%), reflecting fewer new listings and increased buyer selectivity. Medium jets saw a moderate decline (–6.6%), while light‑jet inventory remained almost flat (–1.1%). Pricing behaved similarly: average asking prices for large jets fell by 23.7%, medium‑jet prices by 3.7%, and light‑jet prices barely changed (–0.4%). This divergence suggests that buyers became especially price sensitive in the large‑jet segment, perhaps due to the higher capital outlay and greater exposure to macro‑economic risks.

Transaction Volumes

Transaction volumes were highest for light jets (622 deals), followed by large jets (411 deals) and medium jets (347 deals). Lease activity remained modest across segments, with 15 leases in large jets, 14 in medium jets and 27 in light jets, but offered alternatives to outright ownership for some operators. Off‑market transactions (aircraft withdrawn from public listings) were significant: 118 for large jets, 71 for medium jets and 141 for light jets, suggesting a healthy balance between private and public sales channels. On‑market transactions totalled 368 for large jets, 306 for medium jets and 596 for light jets. Written‑off aircraft were relatively few, ranging from 22 in medium jets to 36 in light jets.

Buyer–Seller Patterns

Across all segments, end‑user to end‑user transactions dominated (≈44% of large‑jet deals, ≈52% of medium‑jet deals and ≈48% of light‑jet deals). End‑users selling to unidentified buyers ranked second, underscoring the importance of trusts and holding companies in structuring transactions. Dealer brokers played a significant but secondary role; their market share was highest in the light‑jet segment (≈13%), reflecting the volume of smaller transactions they facilitate. Charter companies were more active in medium and light jets than in large jets, both as sellers and purchasers.

Market Implications

The H2 2025 data indicate that the pre‑owned business jet market is stabilizing but not uniformly across segments. Large jets are adjusting to a more price‑sensitive environment with declining inventories and lower asking prices. Medium jets face lengthening sales cycles and a growing emphasis on leasing and off‑market deals rather than rapid turnover. Light jets show resilience, with steady inventories and strong transaction volumes driven by a diverse buyer base. In all segments the dominance of direct end‑user transactions underscores the maturity of the pre‑owned market and the importance of buyer–seller relationships.

Outlook

While this report focuses solely on H2 2025, the broader market snapshot suggests that the industry is entering a new equilibrium: demand and flight activity remain structurally higher than pre‑pandemic levels, yet buyers are becoming more value‑conscious. Inventory is rebuilding gradually, and aircraft pricing is normalizing. As manufacturers continue delivering new aircraft and macro‑economic conditions remain favourable, the pre‑owned market is likely to stay active but with increased emphasis on aircraft age, specification and pricing. The findings presented here provide a baseline for assessing upcoming 2026 market conditions and will be complemented by additional market context and predictions in future analysis.

Year‑Over‑Year Comparison: H2 2025 vs H2 2024

While the sections above detail H2 2025 performance, comparing this period with the second half of 2024 provides deeper insight into how the pre‑owned market evolved. The comparative figures throughout this section are drawn from JETNET market summary and transaction data. The 2024 data used in this comparison correspond to July–December 2024 for the medium‑and large‑jet segments and to April–September 2025 for light jets (as supplied by the client). Fractional and share transactions are not included.

Large jets: stability across years

• Steady supply and pricing: Inventories, asking prices, aircraft utilisation and sale metrics were essentially unchanged between H2 2024 and H2 2025, highlighting a stable supply‑demand balance.
• Minimal transaction change: Total transactions differed by just one deal year‑over‑year, and the high and low price ranges, aircraft age and average days on market were nearly identical.

• Market equilibrium: These consistent metrics suggest that the large‑jet market had already reached equilibrium by 2024 and continued to trade within a tight band throughout 2025.

  
  

Medium jets: lower prices but higher activity

• Inventory decline: Supply fell from about 482 aircraft in H2 2024 to 459 aircraft in H2 2025 (roughly a 4.8% drop), even as the active fleet expanded.
• Lower asking prices: Average asking prices decreased by about 8% (from roughly US$5.1M to US$4.7M), and the floor of asking prices rose to US$295k, indicating that deeply discounted jets were scarce.
• More hours and fewer new listings: New listings declined and the typical airframe accumulated more hours, suggesting an aging inventory.
• Retail pricing shifts: On the retail side the lowest selling price fell to US$1.93M from US$3.51M, and the average selling price slipped about 11% to US$9.7M.
• Higher activity: Despite lower prices, total transactions increased from 311 to 347 deals (approximately an 11% increase), and buyers were purchasing aircraft that were, on average, two years newer.
• Longer sale cycle: Average time on market lengthened by roughly 28 days, pointing to more negotiation and due diligence.

• Buyer‑friendly conditions: The combination of falling prices and rising transactions underscores that 2025 was a buyer‑friendly market, with lower prices attracting more buyers and boosting deal activity.

Light jets: higher prices and stronger demand

• Slightly larger inventory: The number of light jets for sale increased by about eight aircraft in H2 2025 compared with H2 2024, and the operational fleet also grew slightly.
• Higher asking prices: Seller expectations rose: the average asking price increased roughly 3.7% to US$2.81M, while the minimum asking price held steady at US$113k.
• Shift toward newer aircraft: Brokers handled more listings, domestic inventory expanded and more low‑time jets entered the market. Average engine hours fell by roughly two‑thirds versus 2024, indicating that older high‑time jets were cleared out.

• Retail pricing gains: Retail sale prices mirrored this shift: the average selling price averaged about US$5.68M across the six‑month period; the high‑end sale price peaked at US$14.50M; and the floor of completed deals varied between US$0.395M and US$2.69M, indicating fewer deeply discounted transactions.

• Transaction surge: Although the number of retail sales per month declined (from 20 to 17), total whole‑aircraft transactions increased from 570 to 622 (an increase of roughly 9%).
• Buyer benefits: Buyers paid higher prices but gained access to a broader selection of newer aircraft and benefited from shorter marketing periods.

• Seller‑tilted environment: The rise in confidential “make‑offer” deals and increased broker involvement signals a competitive environment tilted toward sellers.

Summary of segment trajectories

The year‑over‑year comparison highlights divergent trajectories across segments. Large jets remained steady, reflecting a balanced market. Medium jets became more liquid as prices fell, attracting more buyers even though aircraft were older and took longer to transact. Light jets, conversely, saw prices and transactions rise as supply shifted toward newer, higher‑value aircraft. These cross‑segment differences underscore the importance of segment‑specific strategies: sellers of medium jets may need to adjust expectations and focus on differentiating high‑spec aircraft, while light‑jet buyers should be prepared for competitive bidding on newer models.

Consolidated Key Insights

The analysis across segments and the broader WINGX market context reveals several overarching themes:

• Record‑setting activity: 2025 was the busiest year on record for business jets, with 3.9 million departures globally, representing a 5% increase compared with 2024. September 2025 registered a standout 9% year‑over‑year surge in flights, contributing to a robust third quarter.
• Regional divergence: North America held a dominant 72% share of global traffic but posted only 1% growth, whereas emerging markets – Latin America, Africa, Asia and the Middle East – each logged high‑single‑ to double‑digit growth in 2025. Europe’s market was essentially flat, reflecting weaker macro‑economic conditions and varying country‑level performance.

• Short‑term corrections: Early‑2026 data show global departures tracking about 2% higher than the same period a year earlier, yet Week 1 highlighted corrections in Latin America and Asia, as political instability and macro‑economic uncertainty temporarily dampened activity.

• Geopolitical sensitivity: Business‑jet traffic can respond sharply to geopolitical events. A U.S. military operation in Venezuela triggered a 76% collapse in flights from Venezuelan airports and even a day with zero civil departures.

• Large‑jet consolidation: Within the large‑jet segment, inventory contracted about 15% between July and December 2025, and average asking prices slid 23.7%. Transactions totalled 411, with end‑user‑to‑end‑user deals comprising the largest share. The market appeared balanced year‑over‑year, with 2024 and 2025 metrics virtually identical.
• Medium‑jet buyer advantage: Medium‑jet inventories fell about 5% and average asking prices declined roughly 8% between H2 2024 and H2 2025. Average selling prices dropped 11%, yet total transactions rose 12%, indicating that lower prices attracted more buyers. Buyers acquired newer aircraft but faced longer marketing periods.
• Light‑jet resurgence: Light‑jet supply remained relatively constant, but seller expectations and transaction volumes rose. Average asking prices increased 3.7%, average selling prices climbed 6.6%, and total whole‑aircraft transactions jumped 20%. The market favoured sellers, with buyers competing for newer, low‑time aircraft.
• Segment divergence: Comparing segments shows that large jets stabilized, medium jets shifted towards a buyer’s market with lower prices and higher deal flow, and light jets trended toward a seller’s market with rising prices and heightened activity. These differences underscore the need for segment‑specific strategies when pricing aircraft and targeting buyers.
• Macro‑economic drivers: WINGX commentary attributes the uptick in activity to strong U.S. economic growth, buoyant equity markets and corporate investment in AI, along with the political tailwinds following the Trump administration’s ascendancy. In contrast, Europe’s sluggish demand reflects stagnating regional economies, while the Middle East’s growth is tied to geopolitical instability, a rising high‑net‑worth population and investment in business‑aviation infrastructure.
• Early‑2026 trends: Week‑3 2026 data indicate that global flights were 2% higher than a year earlier, with Florida (+7%), Texas (+5%) and California (+6%) leading U.S. growth and France (+10%) and Italy (+6%) driving Europe. Regions outside North America and Europe showed 7% growth, led by Africa and Asia (+11% each) and South America (+8%), while the Middle East dipped slightly. These early trends suggest continued momentum but with regional volatility.