PMI More Bearish in Latest VLJ Forecast
The market for very light jets (VLJs) is set to take a significant dip as recession sweeps across Western economies, according to PMI Media. The firm’s latest study–The Very Light Jet Market 2008-17: The impact of the global financial crisis–predicts that 4,610 VLJs worth $9.54 billion will be delivered over this 10-year period. This is almost 23 percent down on the 5,970 deliveries the UK-based firm predicted in the October 2007 edition of its VLJ market report. Published yesterday, the new report comes just days after VLJ maker Eclipse Aviation filed for Chapter 11 bankruptcy protection. PMI Media tracks the VLJ market by analyzing supplier order backlogs and purchasing trends by air taxi, corporate and individual aircraft operators. “Given the current difficult market circumstances it is difficult to see how more than one or two new aircraft entrants–outside established aircraft manufacturers such as Embraer, Diamond, Piper and Cessna–will be able to survive a prolonged period of market uncertainty,” said PMI Media editorial director Philip Butterworth-Hayes. The report forecasts annual VLJ deliveries broken down into aircraft type and geographic spread.