Canadian aerospace manufacturing giant Bombardier is one of the best placed companies to predict the future of the business aviation industry.
With more than 31,200 employees and a leadership position in global markets, Bombardier Aerospace designs, manufactures and supports innovative aviation products for the business, commercial, specialized and amphibious aircraft markets.
It recently published its forecast for the business aircraft industry up to the year 2025, citing that global economic conditions and market trends greatly impact business aviation market demand.
With this in mind, here are six key observations and predictions the company has made:
- In 2015 the industry was stable, backed by developed economies
- As the emerging economies return to strong growth levels during 2016 and 2017, world GDP is set to rise by three percent, meaning a higher order intake for business jets
- Significant growth is expected long term, especially in the larger business aircraft market
- North America will account for the greatest amount of new business during 2016-2025, with 3,930 new aircraft. Europe follows with 1,530.
- Emerging markets Latin America (790) and China (700) are the third and fourth largest markets for new business in this 10 year period
- In total, Bombardier forecasts 8,300 new business jet deliveries in the period, amounting to $250 billion in revenues across the industry.
Watch the video below for more insight.
Read the August 2016 issue of Business Review USA & Canada magazine