Sep 14, 2018   SOURCE: BusinessWire

The Global Fixed-Wing Turbine Aircraft Market - Forecast to 2023: The Numbers of Millionaires in the World are Rising at a Tremendous Pace - ResearchAndMarkets.com

The "Global Fixed Wing Turbine Aircraft Market - Trends, Up to 20 Seats Analysis, and Forecasts (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.

The numbers of millionaires in the world are rising at a tremendous pace. The number of millionaires in the world increased by more than 13% in 2015, as compared to 2014, taking the total number past 17 million mark. In China alone, the number rose by 25% in 2015, only second to the US. It is projected that the millionaire population would contribute half of the world's income by 2019.

This statistic presents a tremendous opportunity for the players of General Aviation Market, with Asia Pacific Region witnessing huge growth over the forecast period on account of rising number of millionaires and high growth economies of India and China.

US accounted for more than 65% of the General Aviation Aircraft sold across the world with 1,529 units while 823 units were sold across the rest of the world, which is extremely low. India and China have huge potential to be future market leaders and that would drive the demand for general aviation aircraft's over the coming years.

The Large cabin jets are currently performing the best with increase in the penetration into newer markets, increase in margins and sales, whereas the small cabin jets or the light jets continue to face an uphill battle on all the fronts. The Launch of the HA-420 Honda Ultra Light Jet priced at just $4.5 Million has further intensified the battle in this category.

Another Reason for this trend is that the Customers from Developing or poor Countries who seek to buy a business jet fall into the Ultra Rich Category and prefer to buy a large cabin jet instead of cheaper small one hence the large cabin jets continue to enjoy strong demand.

Market for such aircraft is the largest and contains the largest number of aircraft. All of the business jets, except the heavy jets like the A 320, A 380 fall under this category and make up the bulk of the sales in this category. Gulfstream controls the highest share in the market in this category.

The business jet segment is booming currently fuelled by increasing demand from the Middle East and the Asia Pacific region.

North America continues to hold more than half of the share of the market, but is expected to give up some of its share to the Asia Pacific region which would increasingly contribute to higher sales owing to improvements in the infrastructure and loosening of the tight regulations.

Key Market Developments

  • Embraer and Wideroe, which is the largest airline in Scandinavia for the E190-E2 aircraft, agreed on a Flight Hour Pool programme for the new E2 aircraft.
  • World Leading Turboprop manufacturer ATR announced that they will be adding a brand new Full Flight Simulator to its training center in Toulouse, France, which will help the crew members of the company to receive training on the ATR 72-600.
  • One Aviation reported flying an aerodynamic, proof-of-concept wing intended for its in-development Eclipse EA700 very light jet (VLJ).

Company Profiles

  • ATR
  • Bombardier
  • Embraer
  • Boeing
  • Airbus
  • EADS CASA
  • Alenia Aermacchi
  • Textron Aviation
  • Pilatus
  • Grob
  • Dassault Falcon Jet
  • Gulfstream

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