The Asia-Pacific business jet market is anticipated to register a CAGR of over 2.5% during the forecast period 2023-2033.
– The growth in business aviation in Southeast Asian countries, such as China, due to the flexibility and comfort on offer, has been the primary growth driver for the market.
– The emerging aviation emission norms and the diversified requirements of the clientele to personalize their travel experience have bolstered the demand for newer generation aircraft. Also, the presence of a large high net-worth individual (HNWI) clientele in Asia-Pacific has had a positive effect on the demand-side dynamics of the market. Moreoever, the associated ownership benefits, in terms of evolving fractional ownership or private jet card programs, has been a decisive factor, promoting the growth of the market in the region.
– China is the largest market in the Asia-Pacific region, accounting for more than 50% of the market in the region. The country is also expected to continue its dominance in the market in the years to come.
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Key Market Trends
Long Range Segment to Dominate the Market During the Forecast Period
Currently, the long-range business jet segment has the highest share in the market, and it is also expected to grow with the highest CAGR in the years to come. Business jet manufacturers are focusing more on the development of ultralong-range jets that can travel almost halfway around the world, which can open fresh possibilities in personal and business travels. Business jet customers generally prefer jets that can provide access to the demanding, long-range routes. Even in the global market, the demand for long-range business jets is mainly generated from the customers in Asia-Pacific. Some of the prominent aircraft models in this segment are Gulfstream G500/550/650/650ER, Global 6000/Express, Challenger 604/605/650, Dassault’s Falcon 7X, and Boeing’s BBJ 777/787. Bombardier’s new Global 7500 business jet entered service in January 2019, and it is expected to generate huge sales, mainly due to its long-range capabilities. In March 2019, Bombardier announced that its Global 7500 aircraft completed the longest-range business jet flight in history, by successfully completing an 8,152 nautical-mile non-stop flight, from Singapore Changi Airport to Tucson International Airport. The biggest markets for long-range aircraft in the Asia-Pacific region are economies that are far from their main trading partners. For example, the Chinese business activities in Africa have been increasing over the years, with Chinese investors making huge investments in the African mining and agriculture sectors. With limited direct commercial flights between China and Africa, Chinese investors and corporate leaders are now opting to use long-range business jets to travel to Africa and conduct their business in an efficient way. Such developments have bolstered the demand for long-range business jets in the region.
China was the Largest Market for Business Jets in 2023
By the end of 2023, China had a total fleet of 464 operational business jets, making the country, the largest operator of business jets in Asia-Pacific. Macroeconomic factors, such as the country’s strong GDP growth, globalization of the world economy, steady development of local companies, close economy development between China, Hong Kong, and Taiwan, flourishing luxury tourism and the increasing number of High Net Worth Individuals (HNWIs) and Ultra-high Net Worth Individuals (UHNWIs) in the region are expected to drive the demand for business jets during the forecast period.
However, the growth of the market in the region is impeded by government regulations, restricted aerospace, and lack of infrastructure that supports private aviation. But in the past few years, the Chinese government made reforms to improve the efficiency and allocation of aerospace. The opening of aerospace in the region will oversee the growth of the business aviation industry. China is planning to establish as many as 500 general aviation airports, catering to the needs of around 5,000 general aviation aircraft by the end of 2020, which is also a supportive factor for the market. As China is becoming a business hub, business aviation in the country is growing at a high pace. Also, many local Chinese banks are supporting the financing of private jets in the country, which is enabling the procurement of new business jets. Over the past few years, the sales of pre-owned jets increased, due to changes in demographic profiles of buyers, as the majority of buyers are private companies using financing or leasing models, and consequently increasing utilization rates as the jets are put to business use.
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Bombardier Inc., Textron Inc., Gulfstream Aerospace Corporation, Dassault Aviation, and Embraer SA are some of the major players in the market currently. Customers in Asia-Pacific are preferring aircraft that have advanced amenities and enhanced comfort during long-distance travel, and this will be a market opportunity for aircraft OEMs to introduce newer models with advanced facilities. Aircraft models, like the Global 7500, which are introduced recently, have gained a lot of speculation. G7500 is expected to further strengthen the position of Bombardier in the market in the years to come. In February 2020, Gulfstream Aerospace Corp. announced that its new Gulfstream G700 made its first flight, and the company officially launched its flight-test program. In addition, the all-new Gulfstream G600 earned both its type and production certificates from the US Federal Aviation Administration (FAA) in June 2019, and it is expected to start its deliveries in 2019 itself, whereas the G500 model, since its entry-into-service in late 2018, has already completed more than 10 deliveries in Asia-Pacific. The focus on increasing the range, provision of spacious and technologically advanced cabin interiors, and increasing the safety and comfort of passengers during travel are some of the major considerations that the OEMs will be mindful of, in the upcoming period.
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