Multiple Factors Driving Growth, According To ASD Reports

The market for business jets has recently begun to gain momentum in light of the recovery following the 2008 economic crisis, according to a new report from ASD Reports.

Driving this growth is the increase of GDP in emerging markets and continuing economic recovery in mature markets such as the United States. The high net worth population, the primary customer base for business jets, has also demonstrated greater resilience to the adverse market conditions in recent years, according to the research.

The global market for business jets is expected to be worth just over $21 billion in 2015. Reflecting the improving outlook for the business jet market are the activities of leading aircraft manufacturers with a number of new aircraft programmes and enhanced versions of existing types, offering enhanced performance capabilities, optimized operating economics and with some jets, cabin sizes that are more spacious. Currently, the market is seeing high demand for aircraft in the medium / large cabin size, long range class. Leading industry OEMs include Gulfstream Aerospace, Textron Aviation and Dassault Aviation.

The business jet market is expected to continue improving in the short to medium term. Setting this trend is the strengthening North American market, new aircraft programs from several leading OEMs, an increase in the global high net worth individual population and further globalization of corporations. Long term growth factors focus on fleet renewal initiatives to replace aging airframes.

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FMI: Report