One of the most lavish commodities that any man could ever own, private jets still remains a dream for the common man. In the initial days, business jets were deemed as a thing for the billionaires. Although this hasn’t changed significantly, there are factors that have the potential to pivot business jets from a dream to practicality. Although this may take some doing, private concepts such as electric aircraft have created exciting future prospects. Several companies have begun to offer business jets on lease and this has got everyone thinking!
Jet Token Raises $10 Million for Leasing Private Jets Through Crypto Currency
Jet Token, a US-based start-up is raising up to $10 million in ‘Regulation A’. The company plans to offer its Ethereum-powered private jets on a lease, wherein customers would have the option to pay through crypto-currencies. The addition of crypto-currency would enable flexibility in the payment options. It would further simplify the booking process for private jets, which, on record, has been described as a tedious process. This is obviously, in addition to the existing benefits of Ethereum-powered ‘ER20’ cryptocurrency. Although it is currently under trial and development phase, once functional, it would be a step forward in the business jets industry.
Can ‘Electric Jets’ Deliver the Same Speed?
As companies are putting in maximum effort to bring down the costs associated with business jets, several innovations are likely to grace the world in the coming years. Recently, a US-based firm Eviation, unveiled a prototype for its electric business jet concept. The company is working on a nine-passenger electric business jet that will be able to deliver a speed of 276 miles per hour, with a total capacity of 650 miles. Although this speed cannot be compared to the natural speed delivered by fuel-powered jets, use of electricity will encourage customers, to compromise on this front. Eviation’s electric aircraft, ‘Alice’, is deemed as the ‘game changer’ in the aviation industry. But this isn’t, by any means, the end of the story. Eviation has naturally encouraged several other start-ups and businesses alike and if rumours are to go by, we can expect many more innovations in the next two years.
With Growing Economies, ‘Leasing’ is No Longer the Only Option to Fly Private
It is quite obvious that the aviation industry is one of the costliest industries in the world. The downfall of it, evidently, is that economies are churned through only the wealthiest; ‘billionaires’ and ‘multi-millionaires’, to be more specific. As billionaires account for a very small percentage of the global population, companies are taking in more efforts now, to involve the common man. Increasing economies have certainly made a case for the poor; justifying the fact that middle income and low-income salaries can play an integral role in the business jets industry. Not only that, more start-ups mean that people have more opportunities to present their ideas. Newer opportunities would then open up newer brand deals as companies are focused on promotions and brand deals. With ‘customer-satisfaction’ emerging as the primary aspect of any start-up/businesses almost in all parts of the world, it has become a trend to ‘fly them in’ in private jets.
What About the Air Traffic?
The story of business jets has naturally created certain doubts and raised unanswered questions. The most common question is, however, regarding air traffic. Most private jets fly at a higher altitude than commercial airplanes and this is the only reason why we haven’t heard much about what seemed to be a cause for concern. Rather, air traffic is a factor that private-goers are not really worried about. The money is where the problem still exists, but as discussed earlier, may just have found the solution for overcoming the financial barriers too. The demand for business jets is rising faster than you would have guessed. Technological advances, higher fuel economies, increased onboard passenger capacity, and increasing global economies have all contributed to the growth of the business jets industry in recent years. As per data provided by Fortune Business Insights, the global business jets market will reach an astonishing $ 36 billion by the end of 2026.
