The world economy has seen somewhat of a resurgence in the past decade. Although the great recession of 2008 was a nightmare for businesses across the world, it is only now that companies are recovering fully. The spoils were, in no manner, evenly shared. It seemed that the economic downfall was more inclined towards the aircraft businesses. As per statistics, the overall business drops in the recession period accounted for an estimated 30%. Given that these facts are derived on a global scale, 30% is a massive number. That being side, things were not all the same within the business jets industry. The upper half of the market; the ones with a lesser number of jets but highly-priced products saw a growth of 1-2%. The lower half that comprised SMEs took a real hit. There was a downfall of over 50% in the smaller and medium businesses. Fast forwards ten years, the business jets industry has made a successful recovery.
The Backdrop: Why More Start-ups Are Looking at Business Jets…
One of the most lavish commodities that any man could ever own, private jets still remains a dream for the common man. In the initial days, business jets were deemed as a thing for the billionaires. Although this hasn’t changed significantly, there are factors that have the potential to pivot business jets from a dream to practicality. Although this may take some doing, concepts such as electric aircraft have created exciting future prospects. Several companies have begun to offer business jets on lease and this has got everyone thinking!
Jet Token Raises $10 Million for Leasing Private Jets Through Crypto Currency
Jet Token, a US-based start-up is raising up to $10 million in ‘Regulation A’. The company plans to offer its ethereum-powered private jets on lease, wherein customers would have the option to pay through crypto-currencies. The addition of crypto-currency would enable flexibility in the payment options. It would further simplify the booking process for private jets, which, on record, has been described as a tedious process. This is obviously, in addition to the existing benefits of ethereum powered ‘ER20’ cryptocurrency. Although it is currently under trial and development phase, once functional, it would be a step forward in the business jets industry.
Can ‘Electric Jets’ Deliver the Same Speed?
As companies are putting in maximum efforts to bring down the costs associated with business jets, several innovations are likely to grace the world in the coming years. Recently, a US-based firm Eviation, unveiled a prototype for its electric business jet concept. The company is working on a nine-passenger electric business jet that will be able to deliver a speed of 276 miles per hour, with a total capacity of 650 miles. Although this speed cannot be compared to the natural speed delivered by fuel-powered jets, use of electricity will encourage customers, to compromise on this front. Eviation’s electric aircraft, ‘Alice’, is deemed as the ‘game changer’ in the aviation industry. But this isn’t, by any means, the end of the story. Eviation has naturally encouraged several other start-ups and businesses alike and if rumours are to go by, we can expect many more innovations in the next two years.
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With Growing Economies, ‘Leasing’ is No Longer the Only Option to Fly Private
It is quite obvious that the aviation industry is one of the costliest industries in the world. The downfall of it, evidently, is that economies are churned through only the wealthiest; ‘billionaires’ and ‘multi-millionaires’, to be more specific. As billionaires account for a very small percentage of the global population, companies are taking in more efforts now, to involve the common man. Increasing economies have certainly made a case for the poor; justifying the fact that middle income and low-income salaries can play an integral role in the business jets industry. Not only that, more start-ups mean that people have more opportunities to present their ideas. Newer opportunities would then open up newer brand deals as companies are focused on promotions and brand deals. With ‘customer-satisfaction’ emerging as the primary aspect of any start-up/businesses almost in all parts of the world, it has become a trend to ‘fly them in’ in private jets.
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What About the Air Traffic?
The story of business jets has naturally created certain doubts and raised unanswered questions. The most common question is however, regarding air traffic. Most private jets fly at a higher altitude than commercial airplanes and this is the only reason why we haven’t heard much about what seemed to be a cause for concern. Rather, air traffic is a factor that private-goers are not really worried about. The money is where the problem still exists, but as discussed earlier, may just have found the solution for overcoming the financial barriers too. The demand for business jets is rising faster than you would have guessed. Technological advances, higher fuel economies, increased on-board passenger capacity, and increasing global economies have all contributed to growth of the business jets industry in recent years. As per data provided by Fortune Business Insights, the global business jets market will reach an astonishing $ 36 billion by the end of 2026.
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