While general aviation began to show signs of recovery in 2012, boosted by strong growth in rotorcraft and the agricultural turboprop aircraft segment, the slow economic recovery and economic uncertainties continued to plague business jet and multi-engine piston deliveries. However, “We see growth in business aviation demand over the long term driven by a growing U.S. and world economy, especially in the jet, turboprop and turbine rotorcraft markets,” the FAA said in its “Aerospace Forecast for Fiscal Years 2013-2033,” released yesterday.
After growing rapidly for most of the past decade, and then slowing over the past few years, the business jet market is finally seeing an end to the hard impact of the recession, according to the most recent shipment activity, the agency said. The forecast calls for robust growth in the long-term outlook for business jets, driven by higher corporate profits and the growth of worldwide GDP, though at rates lower than those predicted last year. Additionally, continued concerns about safety, security and flight delays keep business aviation attractive relative to commercial air travel.