South America Business Jet Market - Growth, Trends and Forecast (2018 - 2023)
The largest business charter fleet in the region is based in Brazil, Venezuela, Argentina and Colombia. South America has the oldest aircraft fleet in the world. Hence, expected replacements will account for a significant number of deliveries in this region. A large number of high net worth individuals (HNIs) in the region, improvement in demand-side dynamics, increase in ownership benefits and growing number of aircraft programs and initiatives, are the major factors driving the business jet market in South America. Embraer is one of the dominant players of the South America Market, with its range of Business jets selling in high numbers, especially in Brazil. Organizations, including ASEAN and APEC, along with International Civil Aviation Organization (ICAO), International Business Aviation Council (IBAC) and the Asian Business Aviation Association (AsBAA) have been continuously involved to revise transportation regulations, to implement more efficient solutions for business jet operations.
With the rise in demand for business aviation services, there is also a significant concern about the shortage of aviation professionals in the region. The shortage of aviation professionals is critical to the business aviation industry, apart from pilots, mechanics and engineers, who tend to ask for higher salaries to join the business aviation industry. The investment is required to train certified flight crews, mechanics, and even after such investment, the standards and experience to cater to needs of the business jet industry are unmet.
Technological Advancements in the South America Business Jet 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 akin to Mach 1.0 and are typically designed to carry about 10-12 passengers. At present, SSBJs is 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.
Key Developments in the Market