Analysis reveals growth in Canadian business aviation market

New research by Horizon Aircraft (“Company” or “Horizon”), a Canadian based innovative leader in hybrid electric Vertical Take-off and Landing (eVTOL) aerial vehicles, reveals Canada is seeing strong growth in its business aviation sector. In 2022, there were 182,354 business aircraft departures in Canada, which was 35.63% more than in 2019 (before the pandemic) when the corresponding figure was 134,445. Globally, there was a rise of 16.78% in the number of business aircraft departures between these two years.

The study showed that the Canadian business aviation sector continues to grow in 2023. Between the 1st of January 2023 and the 1st of May 2023 there were 53,824 business aircraft departures in Canada; a rise of 2.85% over the same period from last year. The corresponding figure globally is -3%. Canada continues to be a thriving business aviation market.

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.

Brandon Robinson, CEO of Horizon Aircraft, said: “Canada’s business aviation market is of huge importance to the country. It enhances productivity, supports small communities and regional economies, and both directly and indirectly supports over 40,000 jobs. It also contributes as much as $5 billion in GDP2.

“There are several reasons why business aviation in Canada is growing. Many business executives and high net worth individuals flew privately for the first time during the pandemic and now don’t want to go back to using commercial aviation. However, the biggest driver of growth has been the strong economic performance of Canada. The country has solid economic fundamentals, including robust population growth, a strong labour market, and a well-regulated and well-capitalized financial system. In 2022, Canada’s economy posted the fastest growth in the G7.”3

Horizon Aircraft is building a new hybrid electric Vertical Takeoff and Landing (eVTOL) aircraft that will be used by business aviation travellers as early as 2026. Their “Cavorite X5” is an eVTOL built for longer-range regional passenger, cargo, as well as special missions. It will take off and land vertically like a helicopter but will fly almost twice at a fraction of the cost. It will have a maximum passenger capacity of four plus a pilot, a payload of 500 kg (1,100 lb), and a range of 800 km (500 miles) with full fuel reserves.    

Horizon’s 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.