The worldwide market for private jets totals 4.7 million flights annually. The US represents the vast majority of these flights, with 3.1 million annual flights or 65% of the market. Europe is the second largest segment accounting for 15% of the market, followed by Asia, South America and Canada.
The private jet aviation market consists of three segments; non-commercial, commercial, and the fractional segment. The non-commercial segment, also known as Part 91 in the U.S. market, consists primarily of individual owned planes used for non-commercial purposes. In the U.S., it represents the largest segment on an activity basis with approximately 1.6 million annual flights. The commercial segment, known as Part 135 in the U.S., represents aircraft that is used in for profit purposes. This is the second largest segment of the U.S. market with annual flights of approximately 1.1 million. The fractional segment is a multi-ownership structure where many individuals own a portion of the aircraft and share their access based on the ownership. This segment is the smallest segment, accounting for just under 400k flights in the U.S.
Mint Air addresses the Part 135 market. This segment consists of four plane types including turbo-prop, light jet, mid-size and heavy jet representing a total of 2.8 million annual flight hours and revenues of $10.7 billion. Within the Part 135 market, Mint Air focuses primarily on the mid-size and heavy jet segments. These two segments account for most of the market opportunity in the U.S. with annual revenues of $7.9 billion, or 74% of the total Part 135 market.