Beijing :More than 9,200 new business jets are expected to be delivered in the next ten years at a cost of USD 270 billion, an annual global business aviation outlook report has said.
The deliveries, worth about USD 270 billion , are a 3 to 5 per cent reduction over the value noted in the 2014 forecast, Honeywell Aerospace Asia-Pacific’s Shanghai headquarters said.
According to the report, slow growth means that only about 700 new business jets are expected to be delivered in 2015.
Brazil, Russia, India and China retain a very strong near-term demand profile with 48 percent of new purchases scheduled for the next two years, state-run Xinhua news agency reported.
Brazil recorded the strongest new aircraft purchase plans, while China and Russia are expected to show slight improvements compared with 2014.
“While emerging markets like Brazil continue to be a bright spot for business aviation over the medium term, we have seen weaker demand across other key growth markets. They may affect near-term order and delivery levels,” said Brian Sill, president of Honeywell’s business and general aviation division.
The report noted that global operators continue to focus on larger-cabin aircraft ranging from super mid-size through ultra long-range and business liner. They are expected to account for more than 80 per cent of all expenditures on new business jets in the near term.
According to the study of Honeywell Aerospace, the longer-range forecast for the industry through 2025 projects 3 percent average annual growth.