Wed, Feb 25, 2015
Industry Expected To Grow Nearly Seven Percent Annually
A new research report "Opportunities in the Global Business Jets Market 2015" forecasts the worldwide business jet industry to grow at a CAGR (Compound Annual Growth Rate) of 6.86% to $33.8 billion by the end of 2020.
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. 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.
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.
The global business jets sales, which fell sharply during the financial crisis is now witnessing slow recovery and is expected to account for $250 billion in sales in the period 2013-2023. In Asia, the total number of business jets has grown about 12% per annum over the last five years, from which large-cabin, long-range jets accounted for 77% of the total sales.
In the Asian region, China is now a key market for business jets. The Greater China area is expected to take delivery of 2,420 business jets in the period 2013 to 2032. The rising number of wealthy in China coupled with continued government support is driving the market.
The report 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 report contains latest industry leaders verbatim.
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. Given the economic strengths and the rising demand from India, the business jets sector is betting highly on the market's potential. Currently, India outnumbers both China and Japan when it comes to private jets. The report "Assessment of the Indian Business Jets Market" 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 report contains latest industry leaders verbatim.
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