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Who are the major players in the aircraft leasing market?

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If you are interested in the aviation industry, you might wonder who are the major players in the aircraft leasing market. Aircraft leasing is a lucrative and competitive business that involves renting out planes to airlines, governments, or other customers for a fixed period and fee. In this article, you will learn about the main factors that influence the demand and supply of aircraft leasing, the types and benefits of leasing contracts, and the top companies that dominate the global market.

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Bijan Vasigh, Ph.D.

Professor, Embry Riddle Aeronautical University

1 Demand and supply factors

The demand for aircraft leasing depends on various factors, such as the growth and volatility of air travel, the availability and cost of financing, the regulatory and tax environment, and the fleet management strategies of airlines. For example, leasing can help airlines cope with seasonal or cyclical fluctuations in demand, avoid high capital expenditures, diversify their sources of funding, and access newer and more efficient models. On the other hand, the supply of aircraft leasing is influenced by the production and delivery of new aircraft, the retirement and disposal of old aircraft, the competition and consolidation among lessors, and the risk and return expectations of investors. For instance, leasing can provide lessors with steady and long-term cash flows, diversify their portfolio of assets, and benefit from tax advantages and depreciation allowances.

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Bijan Vasigh, Ph.D.

Professor, Embry Riddle Aeronautical University
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The overall economic and aviation industry conditions can influence leasing decisions. During economic downturns, airlines may prefer leasing over purchasing to conserve capital.

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2 Types and benefits of leasing contracts

There are two main types of leasing contracts: operating leases and finance leases. Operating leases are short-term or medium-term agreements that give the lessee the right to use the aircraft without owning it. The lessor retains the ownership and the residual value risk of the aircraft, and is responsible for its maintenance and insurance. Operating leases are flexible and convenient for lessees who need to adjust their fleet size and composition quickly and frequently. Finance leases are long-term or permanent arrangements that transfer the ownership and the residual value risk of the aircraft to the lessee at the end of the lease term. The lessee pays a higher rent that covers the depreciation and interest costs of the aircraft, and is responsible for its maintenance and insurance. Finance leases are suitable for lessees who want to acquire the aircraft as an asset and enjoy the tax benefits of ownership.

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Bijan Vasigh, Ph.D.

Professor, Embry Riddle Aeronautical University
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Leasing provides airlines with flexibility in adjusting their fleet size and composition based on market demand. This is especially advantageous in a dynamic and competitive industry where route networks and demand patterns can change.

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3 Top companies in the market

According to the Airfinance Journal, the top 10 aircraft leasing companies in the world by fleet value as of December 2020 are AerCap, GECAS, Avolon, Air Lease Corporation, SMBC Aviation Capital, BOC Aviation, BBAM, ICBC Leasing, DAE Capital, and CDB Aviation. Combined, these companies account for approximately 70% of the total aircraft leasing market which is estimated to be worth $279 billion and with over 8,000 aircraft in service or on order. However, there are also many other smaller and niche players that offer different services and solutions to customers in different regions and segments. AerCap is the largest aircraft leasing company in the world with a fleet value of $34.7 billion and 1,080 aircraft in service or on order. GECAS follows as the second largest with a fleet value of $31.4 billion and 1,549 aircraft in service or on order while Avolon is third with a fleet value of $27 billion and 837 aircraft in service or on order. Air Lease Corporation is fourth with a fleet value of $21.9 billion and 413 aircraft in service or on order. SMBC Aviation Capital is fifth with a fleet value of $19.8 billion and 663 aircraft in service or on order while BOC Aviation is sixth with a fleet value of $16.6 billion and 571 aircraft in service or on order. BBAM is seventh with a fleet value of $14.6 billion and 510 aircraft in service or on order followed by ICBC Leasing with a fleet value of $13.4 billion and 555 aircraft in service or on order. DAE Capital is ninth with a fleet value of $12.9 billion and 411 aircraft in service or on order while CDB Aviation is tenth with a fleet value of $11.6 billion and 434 aircraft in service or on order.

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4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Who are the major players in the aircraft leasing market?

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3

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1 Demand and supply factors

2 Types and benefits of leasing contracts

3 Top companies in the market

4 Here’s what else to consider

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