Research conducted by Frost & Sullivan has found that a growing population of wealthy individuals and improving government regulations are making their mark on the business aviation market. As a result of these trends, a greater adoption rate of private business jets can be seen in Asia-Pacific. “There is significant latent potential in the market for original equipment manufacturers to form strategic partnerships with local participants to ensure local presence and reduced turnaround times,” it states.
According to the report, the Asia-Pacific market for FBOs is set to witness stable growth in the maintenance and ground handling segments as service providers prepare to tap the potential from VIP completions in the future. The firm estimates that the market (excluding VIP completions) was worth $43.7 million in 2008 and will reach $74.23 million by 2018. “With a current market potential of more than $45 million and an expected surge in potential by 70 percent through 2018, the future of the Asia-Pacific market is expected to remain on the growth track,” said Frost & Sullivan research analyst Gautam Ratan Kanal.
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