{"id":25770,"date":"2023-06-06T02:19:53","date_gmt":"2023-06-06T02:19:53","guid":{"rendered":"https:\/\/saj.pachecostudios.com?p=25770"},"modified":"2023-06-06T02:19:55","modified_gmt":"2023-06-06T02:19:55","slug":"analysis-reveals-growth-in-canadian-business-aviation-market","status":"publish","type":"post","link":"https:\/\/stateaviationjournal.com\/index.php\/international-news\/analysis-reveals-growth-in-canadian-business-aviation-market\/%20","title":{"rendered":"Analysis Reveals Growth in Canadian Business Aviation Market"},"content":{"rendered":"\n

New\nresearch (1)<\/sup> by Horizon Aircraft, a Canadian based innovative leader\nin hybrid electric Vertical Take-off and Landing (eVTOL) aerial vehicles, reveals\nCanada is seeing strong growth in its business aviation sector. In 2022, there\nwere 182,354 business aircraft departures in Canada, which was 35.63% more than\nin 2019 (before the pandemic) when the corresponding figure was 134,445. Globally,\nthere was a rise of 16.78% in the number of business aircraft departures\nbetween these two years. <\/p>\n\n\n\n

The\nstudy showed that the Canadian business aviation sector continues to grow in\n2023. Between the 1st<\/sup> of January 2023 and the 1st<\/sup> of May\n2023 there were 53,824 business aircraft departures in Canada: a rise of 2.85% over\nthe same period from last year. The corresponding figure globally is -3%. Canada\ncontinues to be a thriving business aviation market.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n
Type of business aircraft<\/strong> <\/td> Number of Canadian business aircraft departures of this type of aircraft between 01\/01\/23 and 01\/05\/23 <\/strong> <\/td>Percentage of total business aircraft departures in Canada between 01\/01\/23 and 01\/05\/23 <\/strong> <\/td><\/tr>
Prop <\/td>\n 31,984\n <\/td>\n 59%\n <\/td><\/tr>
\n Small sized\n jet\n <\/td>\n 9,060\n <\/td>\n 17%\n <\/td><\/tr>
\n Medium\n sized jet\n <\/td>\n 7,006\n <\/td>\n 13%\n <\/td><\/tr>
\n Large sized\n jet\n <\/td>\n 5,774\n <\/td>\n 11%\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n

Brandon\nRobinson, CEO of Horizon Aircraft, said: \u201cCanada\u2019s business aviation market is\nof huge importance to the country. It enhances productivity, supports small\ncommunities and regional economies, and both directly and indirectly supports\nover 40,000 jobs. It also contributes as much as $5 billion in GDP2<\/sup>.<\/p>\n\n\n\n

\u201cThere\nare several reasons why business aviation in Canada is growing. Many business\nexecutives and high net worth individuals flew privately for the first time\nduring the pandemic and now don\u2019t want to go back to using commercial aviation.\nHowever, the biggest driver of growth has been the strong economic performance\nof Canada. The country has solid economic fundamentals, including robust\npopulation growth, a strong labour market, and a well-regulated and\nwell-capitalized financial system. In 2022, Canada\u2019s economy posted the fastest\ngrowth in the G7.\u201d3 <\/sup><\/p>\n\n\n\n

Horizon\nAircraft is building a new hybrid electric Vertical Takeoff and Landing (eVTOL)\naircraft that will be used by business aviation travellers as early as 2026. Their\n\u201cCavorite X5\u201d is an eVTOL built for longer-range regional passenger, cargo, as\nwell as special missions. It will take off and land vertically like a\nhelicopter but will fly almost twice at a fraction of the cost. It will have a\nmaximum passenger capacity of four plus a pilot, a payload of 500 kg (1,100 lb),\nand a range of 800 km (500 miles) with full fuel reserves.     <\/p>\n\n\n\n

Horizon\u2019s innovative approach and technology allows its Cavorite X5 to fly 98% of its mission in a very low-drag configuration like a traditional aircraft. Flying most of the time as a normal aircraft is also safer and should make the aircraft easier to certify than other radical new eVTOL designs. The full-scale aircraft will also be powered by a hybrid electric system that can recharge the battery array in-flight while providing additional system redundancy. Continued rigorous testing of its 50%-scale aircraft will reduce technical risk moving forward as Horizon continues development of its full-scale aircraft. Horizon Aircraft, and its flagship Cavorite X5 design, has been attracting significant interest from within the industry having won several grants, a US Department of Defence advanced research and development contract award, and being ahead of its competitors with its large-scale prototype already flying. <\/p>\n\n\n\n