“All of the numbers are clear,” said Rolland Vincent, creator-director of JetNet iQ (Intelligence Quarterly) yesterday at ABACE 2013. “Asia is growing economically, and there is a lot of room indicated, from our surveys, for growth of business aviation in the Asia market.”
JetNet’s “State of the Market” briefing highlighted key trends and insights from JetNet iQ, the company’s premium business aviation forecasting and advisory service, which taps the insight of more than 4,500 business jet operators worldwide through detailed surveys.
“Out of the big three markets–North America, Europe and Asia Pacific–it is the Asia Pacific buyers who trend toward large-cabin aircraft,” said Vincent. “Bombardier and then Gulfstream are the top two preferred aircraft brands in Asia.” JetNet surveys its business jet operators every three months, so data collected stays fresh, according to Vincent. The company collects results from 500 respondents in 63 countries for the survey.
Focusing on the Asia Pacific market in his presentation, Vincent showed that the latest data indicates that Asia Pacific business jet operators have the highest equipment utilization in the world, and respondents from the region predict that they will be flying even more in the next 12 months. As far as market sentiment is concerned, survey respondents in this region are the most optimistic, feeling that the world is past the low point in the current economic crisis.
Regarding purchase preferences, respondents in the region look at an aircraft’s range, cabin size and price, in that order, when deciding what to purchase. Forty-nine percent of respondents in the region believe that they will purchase a large-cabin business jet within the next 12 months, with 47 percent indicating they will purchase a medium-cabin size business jet within one-to-five years.
“This is tough news for the small-cabin jet market in Asia,” said Vincent. Overall, however, the news from the survey is good. Jet deliveries worldwide are forecast to rise throughout the next decade. Vincent’s calculations put the worldwide fleet growing from nearly 19,000 to more than 26,800 business jets by 2022, with a value of $254 billion in 2012 dollars.o