While purchase interest remains steady and business aircraft utilization is still increasing, optimism ebbed in Asia-Pacific, the Middle East, and North Africa in the third quarter from 79.7% to 77.2%, according to Asian Sky Group’s (ASG) third-quarter market briefing.

However, within that, optimism is on the upswing in Greater China, increasing from 63.2% to 68.8%, and in Oceania, which went up from 63.6% to 75%, according to survey respondents. Additionally, respondents from Southeast and Northeast Asia still logged the highest optimism level among all subregions at 86.5%.

Business aircraft use increased for 48.8% of the respondents in ASG’s survey while decreasing for 26.2% and remaining unchanged in the remaining 25%. Of those reporting an increase, 19% reported flying at least 20% more. However, business aircraft departures from the Asia-Pacific region in the third quarter fell by about 100 movements quarter over quarter, to 28,351.

Meanwhile, more than half of the respondents—56.6%—indicated an interest in buying an aircraft in the coming year. ASG said this was consistent with its second-quarter report.

Of those, 34% planned to turn to the preowned market, and 22.6% preferred new. Those looking at new have declined from 29.1% in the fourth quarter of 2023—a decrease that ASG said may be attributed to increased costs of new purchases and economic uncertainty.  

However, only 29.4% of respondents viewed the preowned market as “relatively balanced,” down from 43.3% in the second quarter. And 41.2% deemed it a buyer’s market, while 20.6% considered it a seller’s market.

As expected for the surveyed regions, large jets and twin turbines remain the most popular choices for fixed-wing aircraft and helicopters, respectively. More than half of the respondents in Greater China—53.3%—and one-third from the Middle East and North Africa preferred large jets. However, some 30.8% in South Asia and 31.3% in Southeast and North Asia favored medium jets.

Slightly fewer respondents, 44.4%, indicated plans to charter aircraft in the next three months.  This was down from 48.7% in the previous survey.

ASG’s third-quarter survey on the industry’s mood and intentions drew more than 200 responses from business aviation professionals, with nearly a third coming from Southeast and Northeast Asia and another 23.9% from Greater China. Oceania, South Asia, the Middle East, and North Africa represent most of the rest. About half of the respondents were from the business jet sector, with the remainder involved with turboprop and turbine-helicopter activities.