Private jet services operators have experienced significant growth due to a steady demand from affluent individuals and private enterprises in Asia. This has led MJets, a private jet operator based in Thailand, to announce plans for an expansion across all Southeast Asian countries by 2026.
William Heinecke, co-owner and director of MJets, highlighted the rapid growth of private aviation globally. He noted the potential in the sector not only from wealthy individuals in Southeast Asia and China but also from a rising number of private companies in the region seeking private jet services for business engagements.
Despite the challenges posed by the pandemic, MJets managed to sustain its operations by retaining its pilots and flight attendants, enabling a swift recovery compared to commercial airlines.
Mr. Heinecke emphasized that the high cost of fuel hasn’t significantly affected their clients, given their substantial purchasing power. He also mentioned that the fuel costs for private jets are relatively manageable compared to those for commercial aircraft.
As Thailand aims to become an aviation hub, Mr. Heinecke believes that the private aviation segment could play a vital role in boosting tourism and the corporate sector in the country.
According to market research by Mordor Intelligence, the private jet and general aviation market in Southeast Asia is projected to reach $906 million by 2029, showing substantial growth potential from the current $463 million valuation.
Natthapatr Sibunruang, the CEO of MJets, expressed confidence in the increasing demand for private jet services over the next decade, particularly in Southeast Asia. MJets, which currently operates five private jets for short to long-haul flights, plans to add two more aircraft this year to enhance its services.
The company’s revenue sources are diversified, with over half coming from private jet charter services, 30% from ground handling, and the rest from various services. Corporate travelers make up a significant portion of their clientele, with a growing interest in blended business and leisure travel offerings.
MJets recently made a strategic investment of S$17 million in WingsOverAsia, a private jet service provider in Singapore, aiming to bolster its growth prospects. This collaboration is expected to contribute to MJets’ sustained double-digit growth trajectory.
In Thailand, MJets is focusing on further investments in its fixed-base operator facility at Don Mueang airport. Despite new entrants into the sector like seaplane operators, MJets anticipates minimal impact as seaplanes cater to specific runways that private jets cannot access.
With plans to provide aircraft maintenance and brokerage services for renowned brands like Cessna and Textron, MJets aims to capitalize on opportunities in the evolving aviation landscape.