Some scholars, journalists, and educators have written many and varied articles about how the emergence and rapid adoption of the Internet and World Wide Web has led to unprecedented globalization. Certainly it is much easier to get in touch with people all over the world, and corporations can source their products and materials from a wide variety of locations. Globalization has also had a palpable impact on the private jet market.
But the increased globalization of the private jet market has less to do with Internet technologies and more to do with the frustratingly stagnant economy in the U.S. and Europe. Whereas most private aircraft were sold to companies and individuals in the Western world, now aircraft manufacturers have turned their eyes to emerging markets in Asia and Africa.
On Feb. 25, United Press International (UPI) reported that Embraer wants to “expand its share of an international executive market, which is seeing more players than a decade earlier.”
And the General Aviation Manufacturers Association’s (GAMA) 2012 General Aviation Statistical Databook and Industry Outlook clearly demonstrates the growth in demand for business jets throughout the world.
- Deliveries to Asia-Pacific rose from 4.2% of total deliveries in 2007 to 11.8% in 2012.
- Deliveries to Latin America rose from 7.5% of total deliveries in 2007 to 11.6% in 2012.
- Deliveries to Middle East and Africa rose from 5.2% of total deliveries in 2007 to 6.1% in 2012.
While Asia-Pacific demand has more than doubled the region’s share of business jets, the market in Africa has experienced more fluctuations. However, earlier this year, Cessna and Bombardier both showed a keen interest in African markets.
As the private and business jet market segments continue to slowly grow, look beyond the U.S. and Europe for opportunities. It only makes sense that jets, a vehicle that can cross timelines in mere hours, would be truly global commodities.