Business Jets Industry Projected to Record Exponential Growth on a Global Level
There used to be a time when air travel in itself was a luxury for millions of people all across the world but low cost airlines completely overhauled the airline market but a private jet was always considered a luxury that could be afforded only by the utlra rich. As a result, it was an industry that not many thought would grow substantially over a period of time, however the latest projections released by the agency Research and Agency would certainly make for great reading for anyone who is directly or indirectly involved with the global private jet industry. The agency projects that the industry would grow into a globale $33.2 billion industry by the year 2020 and that does make for excellent reading for anyone who might have thought that the current economic climate might damage the rate of growth of an item that is usually used by high net worth indivduals whose wealth depends on industrial growth.
The global economic downturn that has been triggered by the depression in China this year is not going to be a huge factor when it comes to the global business jet industry, according to the study and the order for those jets are going to increase at a consisten pace over the next four years. The industry was pegged at $20.3 billion dollars in the year 2013 and it has been growing ever since. The report states that it expects the industry to be worth $33.2 billion in 2020 and the yearly growth is pegged at 6.86$ (by CAGR). Europe and North America are going to lead the list as far as order are concerned and significant sales are projected to take place in Africa as well and it is interesting to note that the smaller variants of the business jets are going to drive the growth that the industry is predicted to see in the next four years.
Emergin markets like Asia and countries in South America might have seen a slowdown of sorts and that might affect the number of orders from those continents but the demand from North America is going to increase 3.5 folds in the years to come. Overall, there is no denying that industry is on the right track.
