2025-06-11-Jefferies-泰特波罗机场动态_5月全球商务机起飞架次同比增长3_年初至今增长3_22页_1mb

Global Business Aviation Market Trends Summary (June 11, 2025)

1. Overall Market Growth

   • Global business jet departures increased 3% year-over-year in May 2025, with a 30% increase from 2019 levels.
   • Flight hours rose 3% YOY and 35% since 2019.

2. Regional Performance

   • North America (72% of global departures): +3% YOY in activity; average flight length: 1.6 hours.
   • Europe (16% of global departures): +1% YOY; utilization at 1.7 hours per flight.
   • Asia Pacific (5% of global departures): -3% YOY; +87% from 2019 on departures; flights last 2.2 hours on average.

3. Operator Type Growth

   • Fractional/Charter Operators: +7% YOY in departures and flight hours, outpacing other categories.
   • Private Flight Departments: +2% YOY.
   • Corporate Flight Departments: -10% YOY (slowest recovery).
   • Aircraft Management: -7% YOY.

4. Top Operators

   • NetJets: +8% YOY in departures and +7% in flight hours.
   • Flexjet: +21% YOY in departures and flight hours.
   • Wheels Up: Down 19% YOY in departures (excluding charter ops via Air Partner).
   • flyExclusive: +11% YOY.

5. OEM (Original Equipment Manufacturers)

   • BBD (Bombardier): +3% YOY; correlation between deployments and services revenue: 0.55.
   • TXT Aviation (Textron): -1% YOY; correlation with services revenue: 0.79.
   • Dassault: -6% YOY.
   • Embraer: +15% YOY.
   • Gulfstream: +6% YOY in May.

6. Valuation Insights

   • Bombardier: UNDERPERFORM rating, priced at €32.41.
   • General Dynamics Corp.: HOLD, price target $277.37.
   • Textron Inc.: BUY, price target $77.85.
   • Wheels Up: RESTRICTED, price target $1.52.

Key Takeaways:

• Strong growth in fractional/charter operators and Asia Pacific region.
• Corporate flight departments lagging due to market-specific challenges.
• North America remains the largest market (72% of departures).
• OEM-specific data highlights varied performance (Embraer and Gulfstream showing positive trends).