Embraer Executive Jets has released its 10-year market outlook for business aviation, which forecasts a global demand of 9,100 new business jets worth US$259bn. This is the total market opportunity to be serviced by all manufacturers and represents a Compound Annual Growth Rate (CAGR) of 3% per year over the next 10 years.
The analysis foresees that demand is likely to exceed the last decade’s deliveries and market value, when approximately 8,190 business jets were delivered as a value of US$198bn.
According to the forecast, the North American market will continue to drive growth with 4,850 units worth US$130bn, followed by Europe and Africa with 2,100 jets worth US$64bn; the Middle East-Asia Pacific region with 1,500 aircraft worth US$54bn; and Latin America with 650 airplanes valued at US$11bn.
The most popular type of aircraft will be large jets, in terms of both number of units and valuations, with 3,400 jets purchased at a cost of US$175bn. Embraer predicts 3,280 midsize jets will be sold at a value of US$66bn, while the light jet sector will see 2,420 deliveries worth US$18bn.