Furthermore, the infrastructure for private jets is far less developed in Asia as compared with the U.S.
"Infrastructure is a challenge for the sector- there's a shortage of skilled manpower - experienced pilots and mechanics - and ground infrastructure - such as airports, fixed-base operators," said Pattanayak.
Nevertheless, jet markers are continuing to focus their efforts in the Asia-Pacific region given the vast growth potential.
Ultra-high net worth (UHNW) Asian owners account for only 6 percent of private jet owners globally, according to Wealth-X. This is despite the region accounting for 22 percent of the world's UHNW individuals.
Where's demand in Asia?
In addition to economic powerhouses China and India, business jet makers are highly optimistic on the demand outlook out of Southeast Asia, in particular Indonesia and Malaysia.
"We get caught up with the China/India story but the real story is in Indonesia and Malaysia - there's a tremendous amount of demand in these markets," said Pattanayak.
"I spend more of my time in Malaysia and Indonesia, than China and India - that's a testament to where the market growth is," he added.
(Read more: IATA says cargo is biggest worry for airlines)
However, the potential of the China market cannot be understated, with the mainland set to become the world's third largest private aviation market after North America and Europe two decades from now, according to Bombardier.
"With China now the second largest economy in the world and still growing rapidly, the Chinese market will be crucial to the overall growth of Asian demand for private jets over the next 20 years," said Rajiv Biswas, chief economist, Asia-Pacific at IHS.
"A key obstacle to the development of the Chinese private jet market has been regulatory restrictions on private jets, with much of Chinese airspace controlled by the military. However some gradual reforms are expected to these airspace restrictions, which will encourage the greater use of private jets in China over the decade ahead," he said.
—By CNBC's Ansuya Harjani. Follow her on Twitter: @Ansuya_H