In the first six months of 2016, global business jets shipment fell by 4.3% to reach 292 as compared with 3025 jets in the same period in 2015.
Overall 2016 is expected to be a year of slow growth for the business jets industry caused largely by decreasing demand from emerging countries due to economic difficulties in Europe, China, and Brazil coupled with falling prices.
It forecasted that the next decade will see a global demand of 9,100 business jets valued at USD 259 billion. This is the total market value of the sector and is projected to grow at 3% CAGR annually over the next decade. Over the last decade, a total of 8,190 business jets were delivered, amounting to USD 198 billion. Globally, the United States continues to be the strongest market for business jets and is expected to remain so for the coming decade. The US market has been resilient despite the oil price plunge.
At present India has over 250 business jets, of which 130 are private aircrafts, owned by owned primarily by successful business men including Mukesh Ambani, Nita Ambani, Ratan Tata, Lakshmi Mittal and Anil Ambani. It is predicted that India will have close to 1,340 private planes in the next 20 years. Even though India is a strong growth market, the business jets industry is still in its nascent stage.
The private jet fleet in the country has recorded a compound annual growth rate of 8% over the past eight years, but still the fleet size is very less when compared with the leading private jet markets such as North America.
Currently, India outnumbers both China and Japan when it comes to the number of private jets. Most Indians who can afford a private jet refrain from buying one due to the infrastructural challenges, high costs and maintenance. However, the situation is now changing and more rich Indians are opting to fly on private jets.
Key Topics Covered:
1. Global Business Jets Market
2. India Aviation Sector
3. India Business Jets Market
4. Competitive Landscape
5. Other Emerging Business Jets Markets
6. List of Charts & Graphs
7. Research Methodology
- Bombardier Inc.
- Cessna Aircraft
- Dassault Aviation
- Embraer S.A.
- Gulfstream Aerospace Corp.
- Honeywell International Inc.
For more information about this report visit http://www.researchandmarkets.com/research/w48wf3/a_study_of
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SOURCE Research and Markets