Summary
- Overall, private jet flight hours decreased slightly in 2023.
- However, there were companies that showed significant and rapid growth during the year.
- This includes Flexjet, Northern Jet, VeriJet, Baker Aviation, and Volato.
While one might think that following the pandemic, private jet travel, including flights operated by Federal Aviation Administration (FAA) Part 91 or Part 135, operating under fractional ownership and charter models, respectively, has boomed, in 2023, the total amount of flown hours by these operators has gone down.
According to data from Private Jet Card Comparisons, the overall flight hours of the top 30 private jet operators have decreased by 1.3% in 2023 compared to a year prior, perhaps alluding to inflation affecting the top earners as well. Nevertheless, despite the sector’s slight bump, some operators have grown massively.
As noted by the Private Jet Card Comparisons, the company has combined the flight hours of one group of operators, which includes, for example, combining the flight hours of Executive Jet Management, NetJets US, and NetJets Europe under one NetJets banner. Furthermore, the data is for operators only and does not include off-fleet brokerage activity. The following companies are sorted by the percentage growth of their flight hours, not total flight hour growth.
5 Flexjet
Flight hour growth of 11.6%
- Last year’s ranking: 2
- Flight hours in 2022: 183,548
- Flight hours in 2023: 204,836
First on the list is Flexjet, a US-based private jet operator. In 2022, the company was ranked the second-busiest private jet operator by Private Jet Card Comparisons, with Flexjet keeping its ranking for 2023 with 204,836 flying hours.
Photo: Embraer
The company has continuously developed its hospitality, including in November 2023, when it announced that it has launched a new training program for its flight attendants. According to the statement it issued at the time, the ‘finishing school’ style training will take place in The Red Label Academy, located at its facilities at Farnborough Airport (FAB), adding to its operations at the site.
Explaining the cabin standard, the company said that Red Label is its exceptional service and hospitality ethos, which includes several differentiators. In addition to unrivaled cabin service, customers can also expect boutique hotel-style cabins, crew dedicated to each aircraft, and a range of invitations to curated private events.
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4 Northern Jet
Flight hour growth of 53.1%
- Last year’s ranking: not ranked
- Flight hours in 2022: 10,028
- Flight hours in 2023: 15,741
The second on the list is Northern Jet, which was not ranked a year prior due to its relatively low flying hours. As such, the company now ranks 12th due to operating 15,741 flying hours with its aircraft, which includes light, medium, and super mid-sized jets, according to its website.
Photo: InsectWorld | Shutterstock
In September 2023, the company announced that it would add the Cessna CJ3 to its fleet. According to Northern Jet, the addition of the CJ3 has only solidified its position as an industry trailblazer, setting new standards for its services. The aircraft have been available since September 5, 2023.
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3 VeriJet
Flight hour growth of 70.9%
- Last year’s ranking: 30
- Flight hours in 2022: 8,324
- Flight hours in 2023: 14,223
While VeriJet was the last company on the list a year prior, its growth has enabled it to move up the rankings to number 13, with the operator deploying its fleet for 14,223 flight hours during 2023. As such, the 70.9% growth of its flight hours has been one of the most impressive during the year.
One of the biggest developments of the year for the company was its abandoned attempt to go public via a special purpose acquisition company (SPAC). While on February 1, 2023, New Vista Acquisition Corp, the SPAC, signed a letter of intent (LoI) to merge with VeriJet, on February 16, the plans were dropped, with the SPAC’s leadership deciding against the plan.
Photo: Cirrus
Incidentally, the co-founder of New Vista Capital, the parent company of the SPAC, is Dennis Muilenburg, the former president and chief executive officer (CEO) of Boeing, who was ousted as the plane maker was battling the Boeing 737 MAX crisis. His replacement, David Calhoun, is scheduled to leave the company at the end of 2024.
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2 Baker Aviation
Flight hour growth of 122%
- Last year’s ranking: not ranked
- Flight hours in 2022: 3,440
- Flight hours in 2023: 7,636
Another company that was not ranked last year, Baker Aviation, has managed to squeeze through into the rankings in last place. Nevertheless, the newcomer was able to appear on the list due to more than doubling its flight hours Year-on-Year (YoY), going from 3,440 in 2022 to 7,636 in 2023.
Photo: BlueBarronPhoto | Shutterstock
The private jet company shares little information on its website, apart from the fact that its fleet is available on-demand for charters to the US, Canada, Mexico, and the Caribbean. The company also prides itself on being the leader in Lithium-Ion battery fire containment, and its fleet was completely overhauled before it entered service with Baker Aviation. The operator flies the Cessna Citation X, for one.
1 Volato
Flight hour growth of 137%
- Last year’s ranking: not ranked
- Flight hours in 2022: 5,268
- Flight hours in 2023: 12,487
The last company is Volato, with another non-ranked operator, who shot up the rankings a year prior due to impressive flight hour growth. Similar to Baker Aviation, Volato more than doubled its flight hours between the years, with its 2023 result of 12,487 hours earning it a ranking of 16th, according to the list compiled by Private Jet Card Comparisons.
Photo: Oleh Yatskiv | Shutterstock
While a 2024 development, it is still worth mentioning that on April 15, the company went public at the New York Stock Exchange after it had merged with an SPAC in December 2023. The company began operating in 2021, which was another sign of its impressive growth during the past three years.
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