Asia-Pacific Business Jet Market - Growth, Trends and Forecast (2018 - 2023)
The Asia Pacific Business Jet Market is expected to register a CAGR of 9.61% during the forecast period, 2018 to 2023. In the Asia Pacific region, China accounted for 60% of the market share in 2015. China emerged as the largest market for business jets, accounting to around 300 business jets operating in the region.
The growth of the APAC business jet market is dominated by upper end of large jets attracting significant sales and profits, along with higher margins, compared to middle and lower ends. However, in APAC, the increasing trend of owning an aircraft has grown to a significant extent, which provides for a significant growth opportunity in the small business jet category. The APAC business jet market is however predominated by business jet charter.
The largest business charter fleet in the region is based in India, China and Australia. There is a significant number of millionaires and billionaires, which comprises of major chunk in the charter demand, where China is the major leader in the business charter market.
One of the major areas of development that the business jet manufacturers have been involved is in the introduction of the supersonic business jet (SSBJ). These business jets are planned to be small, intended to travel at speeds just over Mach 1.0 and are typically designed to carry about 10-12 passengers. At present, SSBJs are only a concept, where several manufacturers have been working on the designing of these jets. For instance, Aerion SBJ is a concept for a supersonic business jet, designed by Aerion Corporation.
China to Dominate the Market Growth
China holds 60% of the market with a fleet size of 300 as of 2015. Business jet market in China is expected to register a CAGR close to 10% during the forecast period, 2018 to 2023. In addition, China occupies maximum market in Corporate Airline type jets as of 2015, in both Southeast Asia and Asia-Pacific. Compared to pre-owned business jets, new deliveries were more in number with 17 units that entered the market in 2015. Hong Kong is observed to have more business jet additions in 2015, as the Chinese executives find the country more flexible in dealing business matters.
Key Developments in the Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook