Rough Landing for Private Jet Sales in 3rd Quarter
Posted by: Prince Jets Jun 02, 2014 07:06 AM
Just when it looked like the private jet market was making a turn for the better a third quarter emerges that takes away almost all of the gains from a first half of the year that was up double digits. A new report from the General Aviation Manufacturers Association reveals a down third quarter that has the industry on track for another flat year.
Private jet manufacturers were hopeful after deliveries in the first half of the year picked up by 13% over the previous year but it wasn’t to be. Many OEM executives point to the uncertainties leading up to the elections in the U.S. as well as global economic woes.
There were just 134 private jets delivered in the third quarter which was down from 167 last year. Through the first 3 quarters private jet deliveries are up, wait for it, by 1 jet. Yep, there have been a total of 428 jets delivered.
One thing that has been growing in the general aviation sector is the deliveries of turboprop and piston aircraft. Turboprops are up over 10% so far this year. To be fair though the year isn’t over and the 4th quarter is historically the strongest for private jet makers. We’ll have to see if this last quarter can push the deliveries for business jets into the growth phase.