Mid-2025 Market Snapshot: Business Jet Inventory, Pricing & Activity

The first half of 2025 reflects a shift from the post-pandemic boom to a more sustainable growth trajectory in business aviation. Although the market is no longer surging, it continues to operate at a significantly elevated baseline compared to 2019. Usage levels are rising, inventory is gradually building, and pricing is becoming more rational. Buyers, especially for newer aircraft, remain active. OEMs are steadily delivering new units and working through robust backlogs. This report examines the current state of the business aviation market in detail, including demand, supply, pricing, and economic trends, to provide a clear picture of where the industry stands and what lies ahead in the remainder of 2025.

In this Report

1. Market Highlights
2. Flight Activity and Usage Trends
3. Pre-Owned Aircraft Inventory and Supply
4. Transactions and Demand Dynamics
5. Aircraft Age and Buyer Behavior
6. Ownership Models and Buyer Profiles
7. Inventory and Pricing Dynamics
8. Pricing Trends and Aircraft Values
9. Pre-Pandemic vs. Post-Pandemic: A New Normal
10. Outlook for the Second Half of 2025

Market Highlights

• Business jet flight activity rose approximately 3% year over year in H1 2025, with the U.S. leading the recovery. Global activity remains more than 10% above pre-COVID levels.

• Inventory of pre-owned business jets increased by about 1.3% from January to June 2025. While modest, this rise remains well below pre-2020 averages and continues to support a seller-favored market environment.

• Whole-aircraft retail transaction volume grew 13.3% in H1 2025 compared to the same period last year. At the same time, the average time to sell increased by nearly 20%, suggesting more deliberate decision-making by buyers.

• Aircraft pricing is showing modest signs of normalization in the business jet segment. Average asking prices declined by approximately 9% year over year. However, it's worth noting that the average unit sold in H1 2025 was one year older than in the prior year, and the overall inventory mix included 3% fewer large jets and 3% more light jets. Newer aircraft, particularly those with modern avionics and low hours, continued to command premium valuations despite the broader pricing shift.

• The inventory pool is aging. The average age of aircraft listed for sale reached 22 years, with older models taking significantly longer to transact than newer, low-time aircraft.

• New aircraft deliveries are gaining momentum. A total of 455 new business jets were recorded in H1 2025, with Q2 activity outpacing Q1, indicating improved OEM production capacity. According to JETNET iQ, our latest forecast projects 820 new business jet deliveries in 2025, representing an 8% year-over-year increase.

• The market has reached a new equilibrium. Demand remains structurally higher than before the pandemic, supported by stronger usage trends, price resilience, and broader adoption among new customer segments. While the JETNET iQ presentation does not quantify first-time buyers directly, sustained optimism among operators and elevated transaction levels suggest that many of the new entrants who entered the market during the pandemic continue to participate actively.

• Macro-economic conditions have been largely favorable. Lower interest rates, easing inflation, and the reinstatement of 100% bonus depreciation have contributed to a more supportive financing environment. However, trade policy shifts and ongoing geopolitical uncertainty continue to present potential risks.

Flight Activity and Usage Trends

Global business jet activity regained upward momentum in early 2025. According to WINGX data, worldwide business jet departures in H1 2025 were approximately 3% higher than the same period in 2024, marking a clear recovery after last year's relatively flat performance.

The United States continues to lead this growth, driven by strong demand from both charter and fractional operators. By the end of Q2, weekly U.S. business jet departures were tracking 5 to 8 percent above year-ago levels. This increase is largely fueled by healthy corporate travel activity and steady demand in key states such as Texas and Florida.

In contrast, Europe experienced a slight year‑over‑year dip in traffic, partly due to an exceptionally high baseline in 2024 driven by major international events. For example, business jet activity in Europe "peaked during the summer months amid the Paris Olympics," according to WINGX. Meanwhile, other regions, including the Middle East and Asia, showed modest growth, contributing to the overall global recovery.

Importantly, global business jet flight volumes remain well above pre-pandemic benchmarks. Despite some cooling from the 2022 peak, departures in H1 2025 were more than 10 percent higher than in the first half of 2019. The pandemic introduced a new wave of private flyers, many of whom have continued to use business aviation despite a partial return to commercial airline travel.

"Business jet activity continues to grow year on year… underscoring a systemic expansion of the user base over the last five years." - Richard Koe, Managing Director, WINGX

This structural shift is evident in the data. For example, in H1 2023, global business jet departures were already 13.1 percent higher than the same period in 2019. The persistence of this elevated flight activity into 2025 suggests that business aviation's value proposition, centered on flexibility, time savings, and enhanced privacy, has secured a lasting role for many users.

In short, while demand has moderated from the explosive growth of 2021 and 2022, it remains well above pre-pandemic norms. Business jet usage appears to have reached a more sustainable and resilient baseline, reflecting the sector's long-term growth trajectory.

Pre-Owned Aircraft Inventory and Supply

One of the clearest signs of a normalizing market is the gradual rebuilding of used aircraft inventory. Following historic lows during 2021 and 2022, the number of business jets listed for sale has steadily increased through the first half of 2025.

Business Aircraft Inventory for Sale (H1 2025)

Source: JETNET Marketplace Data

Key Trends:

• Inventory rose approximately 4% from January to April 2025.
• The percentage of fleet for sale hovered around 6.5% by mid-year-up from pandemic lows (~4%) but still below the pre-COVID norm of 10-11%.
• June's inventory of 3,117 aircraft marks a notable rebound, though availability remains historically constrained.

Another indicator of a calmer, more balanced market is the slower turnover of inventory.

• As of H1 2025, the average time that active listings have remained on the market, whether they eventually sell or are withdrawn, has increased to around 12 to 13 months. This points to longer holding times and more selective buyer behavior.
• Meanwhile, the average Days on Market (DOM) for aircraft that actually sold rose from approximately 385 days in January to about 403 days in June. This suggests that even completed transactions are taking longer to materialize.

This stands in stark contrast to the ultra-fast sales cycles of 2021-2022, when aircraft often sold within days or weeks. Today, the market is characterized by:

• More aircraft listings
• Greater buyer selectivity due to increased inventory
• Longer lead times to sell

Overall, the gradual rise in both inventory and time on market reflects a healthy market correction rather than oversupply. Buyers now have more options, while sellers retain leverage, particularly for desirable aircraft, resulting in a more balanced playing field.

Transactions and Demand Dynamics

Demand for pre-owned business aircraft remained strong in the first half of 2025, even as the market continues to normalize from the extremes of the pandemic-driven surge.

Key Highlights:

• 1,912 whole-aircraft transactions (jets and turboprops) were recorded in H1 2025, reflecting a healthy and resilient market.
• Although volumes have eased from the record-breaking highs of 2021 and 2022, activity remains robust and aligned with the broader market stabilization following 2023's moderation.
• Quarterly pacing revealed a front-loaded trend:
  • Q1 2025: approximately 998 transactions
  • Q2 2025: approximately 914 transactions
  • This reversal of typical seasonal patterns may reflect delayed closings from late 2024 or stronger buyer urgency early in the year.
• Monthly sales remained steady, ranging from 291 to 366 units, indicating sustained demand across the first half of the year.

Table 1: Pre-Owned Business Jet Transactions - H1 2024 vs. H1 2025

Source: JETNET

Aircraft Age and Buyer Behavior

The average age of aircraft sold showed modest fluctuations throughout the half, indicating a market in transition. Newer, well-maintained jets continue to sell more quickly, while older aircraft tend to stay on the market longer and often require price adjustments to attract buyers.

Average Age of Aircraft Sold by Month and Category

Source: JETNET

This age profile reinforces the narrative of a selective but active market. Buyers continue to prioritize aircraft pedigree, configuration, and maintenance history, which increasingly factor into price negotiations and sales velocity.

Ownership Models and Buyer Profiles

End-users, including both private individuals and corporate operators, were the primary buyers in H1 2025. These buyers acquired aircraft directly or via brokers, reflecting a still-strong appetite for private aviation.

• ~82% of listings in H1 2025 were represented by brokers or dealers, confirming their dominant role in aircraft marketing.
• Only 23% of closed sales listed brokers or dealers as the recorded seller, reflecting cases where they held ownership or inventory.
• The disparity between listings and seller records underscores that most brokers act as intermediaries, not title holders.
• Broker-facilitated transactions remain the norm, even if not reflected in official seller data.
• The continued involvement of intermediaries supports an efficient, well-functioning resale market.

Alternative access models also contributed meaningfully to transaction volume:

• JETNET data reported 903 fractional share transactions in H1 2025, in addition to intra-program trades.
• This reflects ongoing popularity of fractional ownership and jet card programs, particularly among pandemic-era entrants who have stayed in the market.

Inventory and Pricing Dynamics

Alongside strong sales activity, modest changes in inventory and pricing illustrate the market's shift toward equilibrium.

Table 2: Inventory of Pre-Owned Business Jets - H1 2024 vs. H1 2025

Source: JETNET

Key Takeaways:

• Inventory rose slightly year over year but remains within a healthy "seller's market" range.
• Asking prices declined moderately, especially for older aircraft, as buyer selectivity increased.
• The average aircraft listed for sale is aging, which is contributing to longer sales cycles.
• Despite these shifts, the market remains balanced, with ample demand absorbing most of the available supply.

Pricing Trends and Aircraft Values

After the extraordinary price surge witnessed during the pandemic, the business aviation market in 2025 is undergoing a gradual and healthy correction. While sellers no longer command the steep premiums of 2021 and 2022, aircraft values remain historically elevated, and the market continues to operate on strong fundamentals.

Table: H1 2024 vs. H1 2025 Market Metrics

Source: JETNET

Key Takeaways:

• Values remain elevated: Despite softening, average asking prices are still above 2019 levels.
• Asking prices declined approximately 8 percent over H1 2025, from $3.63 million in January to $3.34 million in June.
• Monthly volatility in average sales prices was driven more by aircraft mix than market depreciation.
  • In January, large-cabin jet sales lifted average selling prices above $12 million.
  • In April, sales skewed toward light jets and turboprops, bringing averages closer to $5 million.
• Newer jets continue to retain value due to limited availability and ongoing demand.
• Older aircraft face increased price pressure as more of them re-enter the market. By mid-2023, 7 percent of older jets (15+ years) were listed for sale, compared to 4.4 percent of jets under 13 years old.
• Time to sell is increasing: The average days on market rose from 184 in H1 2024 to 220 in H1 2025, indicating more buyer selectivity.
• No signs of a crash: Pricing behavior suggests a normalization phase rather than a demand-driven decline.
• High-value transactions are still happening: The highest recorded sale in H1 2025 reached $67.5 million. Some ultra-long-range jets are listed as high as $85 million.

This environment reflects a segmented, value-conscious marketplace. Sellers must now position their aircraft competitively, particularly for older models, while high-quality, low-time jets continue to command premiums. Overall, pricing is stabilizing in a way that reinforces confidence in the long-term strength of the business aviation market.

Pre-Pandemic vs. Post-Pandemic: A New Normal

Today's business aviation landscape looks markedly different from its pre-pandemic state. Before 2020, the market was stable but relatively oversupplied:

• Approximately 8-10% of the global fleet was for sale at any time.
• Aircraft values declined steadily.
• Flight activity increased modestly, in line with global economic growth.

The pandemic disrupted this trend dramatically. After an initial contraction in 2020, business aviation rebounded faster than commercial airlines. By 2021, private jet use surged as travelers sought alternatives to commercial travel. This led to:

• Record flight utilization, making 2022 the busiest year for private jets.
• A buying frenzy in the pre-owned market, especially among first-time buyers.
• Inventory shortages, with only 3-5% of the fleet for sale by late 2021.
• Aircraft selling off-market within days and some pre-owned models exceeding new list prices.

OEMs accumulated significant backlogs as new entrants entered the market during the pandemic. According to JETNET iQ, By the end of Q1 2025, backlogs among the Big 5 OEMs had stabilized at approximately $53 billion. While the post-pandemic surge has subsided by mid-2025, the market appears to have settled at a higher, more sustainable baseline.

• Flight activity is approximately 10-15% above 2019 levels.

• Charter and fractional fleets have expanded to meet demand.

• A younger and more diverse customer base has emerged, including entrepreneurs under 45.

• Surveys show a more cautious outlook for business aviation as we move through 2025. While usage among many newer private flyers remains steady, the latest JETNET iQ data indicates that overall market sentiment is mixed. In fact, the JETNET iQ Market Sentiment indicator remains in negative territory and has declined sharply in Q2 2025, reflecting a more tempered view among aircraft owners and operators.

Supply Side Trends:

• Around 6-7% of the global fleet is currently for sale-higher than 2021-22, but still tighter than pre-2020 norms.
• All OEMs are striving to ramp up production with their supply chain partners, some with more success than others in what has been an extended period of lower-than-planned factory output.
• YTD 2025 deliveries outpace those from 2024, though growth remains constrained by supply chain issues such as engine and avionics delays and labor shortages.
• Total OEM backlogs stabilized at approximately $53 billion at the end of Q1 2025. (JETNET iQ).

Outlook for the Second Half of 2025

The outlook for the remainder of 2025 is broadly positive. Industry indicators from H1 suggest that business aviation is moving into a stable, sustainable growth phase. Unless disrupted by a major economic or geopolitical event, H2 2025 is expected to extend current trends.

Key Drivers of H2 2025:

1. Pricing Stability with Gradual Softening

• Older aircraft that appreciated significantly during the pandemic are expected to see further price corrections.
• Newer, well-equipped models should retain value thanks to limited availability and extended OEM delivery timelines.
• While average asking prices may edge slightly lower, no sharp correction is anticipated due to ongoing buyer interest.

2. Strong Utilization Trends

• Business jet activity is projected to stay elevated through Q3 and Q4.
• Although Europe may not match 2024's exceptional summer (boosted by major events), U.S. usage remains strong.
• Charter and fractional providers are expected to hit record flight hours in 2025 if demand holds.

3. Macro Wildcards

• A mild economic slowdown could delay upgrades or new purchases.
• Lower interest rates, if implemented by central banks, would support financing and boost transactions.
• Spikes in fuel costs or global conflicts could either reduce regional flying or increase private jet usage if commercial services are disrupted.

Summary

The business aviation sector is shifting from the volatility of 2021-2022 to a more mature and measured market:

• Utilization is high.
• Transactions are steady.
• Pricing is correcting modestly but not collapsing.
• Buyers are becoming more selective, and time-to-sale has increased, indicating a thoughtful and balanced environment.

If current trends persist, 2025 is set to close on strong footing. The industry will enter 2026 with structural advantages that include a broader customer base, elevated visibility, and continued resilience against macro uncertainty.