NEWTOWN, Conn., Dec. 4, 2012 (GLOBE NEWSWIRE) -- In a newly issued study, "The Market for Business Jet Aircraft," Forecast International projects that a total of 10,431 business jets will be produced between 2012 and 2021. The Newtown, Connecticut-based market research firm estimates the value of this production at $232 billion in constant 2012 U.S. dollars.
Forecast International predicts that business jet production in 2013 will total 761 aircraft. Though relatively modest, this production is expected to mark the start of a recovery in annual business jet build rates that will extend at least through 2019. The recovery is anticipated to be gradual in its year-to-year growth. The study predicts that during the 2012-2021 forecast timeframe, annual business jet production will not achieve the 2008 production level of 1,313 aircraft.
The business jet market is struggling to recover from the severe downturn that followed in the wake of the global economic and financial collapse that occurred in the fall of 2008. According to Forecast International Senior Aerospace Analyst Raymond Jaworowski, "Demand for business jets from customers in emerging markets in Asia,Eastern Europe, Latin America, and Russiahas helped to fuel the rebound so far. More recently, the large North American business jet market is starting to show some signs of renewed demand."
Nevertheless, at the present time, the business jet market can best be characterized as sluggish. Reasons for cautious optimism do exist, however. Key indicators are mostly moving in the right direction. Business aircraft traffic is generally recovering, the number of used jets on the market is declining, and corporate profits are relatively strong. These indices, and others, point to considerable latent demand in the business jet market.
Fractional ownership has been a significant element in the business jet market for years, but its role in the market is changing. Cessna-owned CitationAir has withdrawn from the fractional arena, having been one of the world's four largest fractional outfits. Most other fractionals have been consolidating and rationalizing their aircraft fleets for operational efficiency reasons. "Over the next several years, fractional ownership will be more of a stabilizing force in the business jet market rather than the growth driver that it once was," said Jaworowski.
Forecast International's market forecast indicates that Cessna, Bombardier, and Embraer will be the top three business jet manufacturers during the 2012-2021 time period, as measured by unit production. When the market is measured in monetary value of production, the top three companies are expected to be Gulfstream, Bombardier, and Dassault.
Forecast International, Inc. (www.forecastinternational.com) is a leading provider of Market Intelligence and Analysis in the areas of aerospace, defense, power systems and military electronics. Based in Newtown, Conn., USA, Forecast International specializes in long-range industry forecasts and market assessments used by strategic planners, marketing professionals, military organizations, and governments worldwide. To arrange an interview with Forecast International's editors, please contact Ray Peterson, Vice President, Research & Editorial Services (203) 426-0800, firstname.lastname@example.org. Questions regarding sales may be directed to email@example.com.
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CONTACT: Contact: Raymond Jaworowski, Senior Aerospace Analyst Phone: (203) 426-0800 Web site: www.forecastinternational.com E-mail: firstname.lastname@example.org Forecast International, Inc. 22 Commerce Rd. Newtown, CT 06470 USA
Source:Forecast International, Inc.