On the runway to recovery - Business Aviation Study 2020
The long-term prospects in the business aviation industry are as promising as those for the aerospace sector. However, the recovery will take its time.
The authors of "Business Aviation 2020", estimate that after the severe downturn in 2009 and 2010, the market for turbojet business aircrafts will pick up speed in 2011 and continue to grow at an annual average rate of 6.9%. For 2020 they forecast a total market size of USD 30.7 m. Along with other industry experts they expect that new aircraft sales will recover once pre-owned inventory and prices have returned to normal levels.
The study, which outlines the development of the business aviation aircraft industry for the next 10 years, says that future market growth will be driven mainly by the global economic upturn. New business aircraft programs focusing on the reduction of fuel consumption and environmental impact are also likely to foster growth. With an estimated growth rate of 20.4%, China is expected to outperform the market, but North America and Europe will remain by far the largest markets for business aircrafts.