Bombardier Business Aircraft released its annual 10-year forecast for the private aviation market at the European Business Aviation Convention and Exhibition (EBACE) in Geneva.
Current economic conditions and geopolitical issues in some markets such as Latin America, China and Russia, have had an impact on order intake levels industry-wide. Despite these short-term economic fluctuations, Bombardier Business Aircraft remains confident in the potential of the business aircraft industry with a strong outlook for long-term drivers of business jet demand, such as wealth creation and globalization of trade. With this long-term view in mind, Bombardier Business Aircraft predicts a total of 9,000 business jet deliveries from 2015 to 2024 in the segments in which Bombardier Business Aircraft competes, representing approximately $267 billion US in industry revenues.
The overall market for business aviation continues to show encouraging signs of improvement. Macroeconomic indicators for 2014 were generally stable, with growth in 2015 projected to be similar to the previous year. In 2015, the world GDP is expected to grow by 2.7%, with higher growth expected thereafter.
“With 9,000 business aircraft deliveries expected in the next 10 years, the private aviation industry continues to grow stronger,” said Jean-Christophe Gallagher, Vice-President, Strategy and Marketing, Bombardier Business Aircraft. “Bombardier continues to be well positioned for long-term market leadership and remains at the forefront of innovation and technology with the industry’s widest portfolio of business jets, including the Challenger 650, Global 7000 and Global 8000 aircraft.”
Bombardier Business Aircraft expects to deliver 210 business aircraft in 2015. Industry deliveries are expected to increase slightly in 2015 from 2014 based on the delivery guidance of manufacturers and new aircraft programs. Bombardier Business Aircraft predicts North America will account for the greatest number of new business jet deliveries between 2015 and 2024 with 3,900 aircraft, followed by Europe, which remains the second largest market with 1,525 deliveries between 2015 and 2024.
Bombardier Business Aircraft continues to invest in innovative and efficient business aircraft solutions and new aircraft development programs, including the Challenger 650, Global 7000 and Global 8000 aircraft. As an important driver for business jet growth, new aircraft programs ensure Bombardier Business Aircraft is well positioned to meet market demand.