Wednesday, 2 December 2015
Posted on 03:04 by Ambica Prasad Basa
The global business jets demand which was nearly halved during the financial crisis has now improved and large players are launching new models in the wake of increasing demand from Middle East, Asia and North America. The global business jets market was worth USD 20.9 billion in 2013 and is projected to grow at a CAGR of 6.86% to USD 33.8 billion by the end of 2020.
Both North America and Europe are showing recovery in business jets demand. While both the regions have a comparable size of economy, the private jet flight activity in North America is 3.5 times larger.At the end of 3Q 2015, North America accounted forapproximately 66% of global deliveries in the private jet market, up from 45% of the market share before 2008.With emerging markets experiencing pressure, the North America has steadily gained market share in the past 2 years. In Europe new aircraft deliveries are will be offset by older jets existing the market which will result in almost zero net fleet growth through 2020.
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In the Asian region, the players are focused on China and India. It is expected that in the next decade the business aviation industry in India will grow three times and emerge as the third largest aviation market by 2020. Although the corruption crackdown and the new government’s policies have slowed the economic pace of China, outlook is still bright. The Greater China area is expected to take delivery of 2,420 business jets in the period 2013 to 2032.
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The report ‘Global Business Jets Market 2015: Competitive Landscape & Opportunities’ highlights key drivers of and trends emerging in the global business jet market. The current market scenario and future prospects of the sector has been examined in detail. The North America, Europe, China and India business jets market have been studied in detail. All key global players in the business jets industry including Gulfstream Aerospace Corp., Bombardier Inc., Cessna Aircraft, Honeywell International Inc., Embraer S.A. and Dassault Aviation have been profiled. The report contains latest industry leaders verbatim.
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