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In five years, business aviation will grow by 13.8%

Consultancy Frost & Sullivan has published a forecast of the business aviation market. According to published reports, in a five-year term projected growth in business aviation market by 13.8%, to $ 24.55 billion. Last year to $ 27.94 billion. In 2020. "Charter, leasing and equity business model will be affected, as companies seek to reduce costs", - said the director of the Aviation and Defense Frost & Sullivan Wayne Plucker. "But as the economy stabilizes, the efficiency of innovative projects will" push "the sale and display the global market for business aviation to new heights."
After the fall of the world's business aviation market during the recession of 2008, he was supported by growth in sales of business jets with large lounges. At the present time, according to experts of the company, the market is showing "significant signs of recovery" due to the segment of medium business jets. According to the forecast, North America and Europe will remain the largest market, while Asia-Pacific, China, India and the Middle East will become a significant growth centers.
"Manufacturers of business jets will finally be able to profit from the demand that will grow as buyers expect an improvement in the economy", - continues Wayne Plucker. "While the segment of heavy aircraft will maintain the level of production, light jet segment in the near future will also show rapid growth."
Global economic conditions continue to be the most prominent challenge for the industry. While in North America, sales improved, experts Frost & Sullivan noted that in Europe, they are still limited. Nevertheless, it is expected that European sales will grow, especially in the segment of medium and large aircraft, with the improvement in the economy and the need to replace older aircraft, which revives the consumer confidence index.
In Asia, inappropriate business models and government restrictions affect sales, although the boom in the economy should maintain strong growth. "Social and state restrictions hamper revenue in the Chinese market," - the researchers conclude.

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