Latin America Could Be Key in Bizav Recovery
Latin America, which has historically been the third-largest market for business aircraft, is poised to play an important part in business aviation’s recovery, according to aviation consultant Brian Foley. There are nearly 31,000 private business jets and turboprops worldwide, with 62 percent based in the U.S. and Canada, followed by 13 percent in Europe and a “surprising” 12 percent in Latin America. “What the world is watching now is market activity,” Foley said, “and this is another area where Latin America will likely shine. Europe’s debt crisis and the lagging U.S. economy have made those aviation markets sluggish. Latin America, being relatively insulated from these difficulties, should later prove to have been a bright spot in the overall recovery.” Foley’s confidence in Latin America is based partly on regional stock-market performance, which is one indicator of general aviation health.