The slow and bumpy market recovery for business aircraft is expected to continue into the next decade, according to a report from Forecast International, a Connecticut market research firm. Sputtering U.S. and European economies have forced demand for business jets lower than the rising demand for private aircraft in the Middle East, Brazil, Russia, India and China.
Here are some highlights from Forecast International’s study.
- The most substantial build growth rates won’t be seen until 2013.
- Long-range, large-cabin jets see the most demand.
- Between 2011 and 2020, 10,907 jets will be produced, worth an estimated $230.3 billion
Several new designs are in the works, and industry analysts expect them to both enjoy high sales in the improving economy and to stimulate the aircraft industry. Click the links below to see pictures of the exciting new designs.
- Cessna Citation M2
Speaking of Bombardier and the improving bizjet market, the Canadian aircraft company reported its 2011 third quarter earnings on Dec. 1, 2011. The news is generally good, with Bombardier posting revenues of $2.3 billion in the third quarter, up from $1.8 billion from the same period last year.
While the business jet market certainly isn’t skyrocketing or experiencing the levels of 2008, the increase in orders and demand seen recently demonstrates a sustainable pattern of growth that those in the business jet industry should be excited about. Happy New Year!