Rising affluence and business travel in Asia-Pacific, especially China, has fuelled the region's private jet market.
New research sourced from Global Jet Capital, the private jet financier, shows that aircraft deliveries to the region over the past five years leapt 51% on the preceding five-year period.
Between 2011 and 2015, the region took deliveries of 386 mid-to-large private jets, the focus of the research, with a combined value estimated at over US$19.3 billion, compared to 255 recorded in 2006-10.
Leading the way in acquiring aircraft of such capacity was China, with deliveries numbering 196 in 2011-15, up from 50 in the previous five-year stretch.
There are 972 mid-to-large private jets in Asia-Pacific, and 30% (294) of these are in China, which is more than any other country in the region.
Overall, 37% of the region's overall fleet of business aircraft are of medium-to-large capacities, and the corresponding figure for the global fleet is 32%, according to Global Jet Capital.
These mid-to-large aircraft typically cost between $25 million and $75 million each.
On closer look, the number of deliveries for the mid-to-large aircraft in the region's larger markets showed variations over the past five years from the preceding period.
Deliveries to India dipped to 23 in 2011-15, compared to 48 in 2006-10, while Hong Kong's numbers jumped to 68 from 40 in the previous five-year span.
Deliveries to Australia fell to 13 from 27 earlier, with Thailand seeing a similar downward trend to eight from 11 earlier, the research said.
Asia-Pacific makes up 11.8% of the world market for private jets, with the US taking the lion's share at 49.7%, followed by Europe (20.8%), Latin America (11.6%), and Africa and the Middle East (6.1%), according to the General Aviation Manufacturers Association, a Washington-based industry group.
Global Jet Capital research also showed that 10% of the mid-to-heavy private jets in Asia-Pacific are aged 20 years or older, and 5% are at least 30 years old, with an average age of 16 years.
There is a significant market in the Asia-Pacific region of private jet owners considering upgrading their aircraft, it pointed out.
Global Jet Capital managing director Leona Qi said a number of owners of these older jets in Asia-Pacific will be looking to sell and upgrade to newer aircraft.