Asian business aircraft market growing at rapid rate

Who would have thought that Asia has, or is developing a love for private / personal / business jets? We all know their economy is ever growing but do they even have enough millionaires to base a market on? Recently Bloomberg wrote an excellent article on the Asian market and their private jet / traveling habits. In no way can we improve on that article, so we’re just going to give you the gist of it. For those that like to read the original article on Bloomberg be sure to check it out here “How to Fly Like an Asian Tycoon: Bring the Bling”.

Asian jet market

There’s always been tension between the United States and China. Sometimes I think it’s purely economically driven as each one wants the title of the world’s strongest economy. The United States have been one of the strongest economies in the world for a while but China and neighboring Asian countries are on the rise. According to Bloomberg statistics indicate that Asia is busy creating millionaires at a rapid rate and is expected to create more wealth than the United States within the next 10 years. So what does this have to do with private jets? We’ll one thing we know for sure it that the rich love luxury and private jets are at the top point of luxury. Analysts believe when these jets get purchased the current private jet fleet will be tripled in China.

Private jet manufacturers including Gulfstream, Airbus and Bombardier are seeing definite positive trends in Asian market. These companies are now moving to provide better services to this market as they have predicted that more than 15% of the world wide private jet fleet will be Asian based by 2017. 15 % might not sound that much but when these Asian entrepreneurs start purchasing jets that cost upwards to $70 million the numbers start to make sense.

An aviation company in Singapore says that Asian entrepreneurs love spending money on private jets, paying up to seventy million dollars and that’s before they’ve ordered a custom paint job and upgraded interiors.

Furthermore it is estimated to over 9000 jets, some are currently in production and some still needs to be ordered, will be provided to customers by 2024. Can you guess how much money that amounts to? The revenues from these private jets will be in the range of $250 billion, yes billion. These estimates come from Bombardier and they believe about 1500 of these jets will be delivered to Asian customers.

We’ll be cutting this post short and continuing in the part 2 with more information on Asian private jet markets. Be sure to visit our website to find a private jet for sale in South Africa here