The inventory of pre-owned business jets on the market continues to creep up, with the number of available small and midsize jets beginning to close the gap with large aircraft, according to analyst UBS.

In its latest Business Jet Update, UBS notes that the available inventory of business jets rose by a percentage point in May, approaching 11.5 percent of the installed base. However, it is still below the historical average of 13 percent. The inventory of young aircraft (those from zero to 10 years old) was up 2 percent, while “very young” aircraft (from zero to five years old) grew 4 by percent in May. 

Over the past year, the very young inventory has inched up 3 percent while the six- to 10-year-old segment has jumped 21 percent. The six to 10 years old category has logged upticks in nine of the last 11 months, “and on an absolute basis is at an all-time high,” UBS said.

Inventories for small and midsize aircraft have swelled to 10 and 11 percent of the installed base from 8 and 9 percent a year ago. The number of large aircraft for sale has stabilized at 12 percent, led by the Falcon 7X and G450. Citations, at 7 percent, represent the smallest percentage of available young aircraft for sale.

The growing inventories, coupled with relatively stagnant flight activity, indicate continued weakness in the business jet market, particularly at the high end, UBS said. But the analyst remains positive about the outlook. “We ultimately see the market improving on pent-up corporate replacement demand in North America,” UBS told investors.