NEW YORK, Sept. 12, 2016 /PRNewswire/ --
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. It is forecasted that the global demand for new business jets will reach 9,100 by 2025. Over the next decade, North America is expected to lead the market for new jets followed by Europe & Africa. It is the small and medium jets segment that will drive the demand for new business jets. The business jets sector is facing turbulence due to economic difficulties in Europe, China, and Brazil.
While both North America and Europe 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, North America has steadily gained market share in the past 3 years. In Europe, it is expected that, new aircraft deliveries will be offset by older jets exiting the market which will result in almost zero net fleet growth through 2020.
It is projected 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 Middle East business jets market has a promising outlook although currently the business jets fleet in the area represents just 3% of the world total. With the region's GDP projected to rise at an average of 3.8% over the next two decades, the prospects of the business jets sector are bright. Saudi Arabia has the biggest fleet of business jets in the Middle East at 188 aircrafts followed by Turkey at 157 and UAE at 135.
Why should the report be purchased?
The report 'Study of the Global Business Jets Market 2016' 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, India and Middle East's 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., Boeing and Dassault Aviation have been profiled. The report contains latest industry leader's opinion.
Research methodology and delivery time
Smart Research Insights has conducted in depth secondary research to arrive at key insights. Data collected from key public industry sources and publications has been scanned and analyzed impartially to present a clear picture of the industry. All recent developments which impact the sector dynamics have been captured and used to support the research hypothesis.
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