New research¹ by Canadian-based Horizon Aircraft shows that Canada is seeing strong growth in its business aviation sector. In 2022, there were 182,354 business aircraft departures in Canada, which was 35.63% more than in 2019 (pre-pandemic), when the corresponding figure was 134,445. Globally, there was a rise of 16.78% in the number of business aircraft departures between these two years.
The study by Horizon showed that the Canadian business aviation sector is continuing to grow in 2023. Between the 1st of January 2023 and the 1st of May 2023, there were 53,824 business aircraft departures in Canada, a rise of 2.85% over the same period from last year. The corresponding figure globally is -3%. Canada continues to be a thriving business aviation market.
Of the types of business aircraft flown in Canada during the first four months of this year, 59% were propeller, 17% were small jets, 13% were medium-sized jets, and 11% were larger jets.
Brandon Robinson, CEO of Horizon Aircraft, said, “Canada’s business aviation market is of huge importance to the country. It enhances productivity, supports small communities and regional economies, and both directly and indirectly supports over 40,000 jobs. It also contributes as much as $5 billion in GDP².
“There are several reasons why business aviation in Canada is growing. Many business executives and high-net-worth individuals flew privately for the first time during the pandemic and now don’t want to go back to using commercial aviation. However, the biggest driver of growth has been the strong economic performance of Canada.
The country has solid economic fundamentals, including robust population growth, a strong labour market, and a well-regulated and well-capitalized financial system. In 2022, Canada’s economy posted the fastest growth in the G7.”³
Horizon Aircraft is building a new hybrid electric Vertical Takeoff and Landing (eVTOL) aircraft that will be used by business aviation travellers as early as 2026.
Their “Cavorite X5” is an eVTOL built for longer-range regional passenger, cargo, as well as special missions. It will take off and land vertically like a helicopter but will fly almost twice at a fraction of the cost. It will have a maximum passenger capacity of four plus a pilot, a payload of 500 kg (1,100 lb), and a range of 800 km (500 miles) with full fuel reserves.
References
- ¹ Horizon Aircraft analysis of WingX data, 18th May 2023
- ² Canadian Business Aviation Association
- ³ Government of Canada https://www.budget.canada.ca/2023/report-rapport/overview-apercu-en.html.
Read more business news and features here.
You must be logged in to post a comment.