(MENAFN- America News Hour) The middle-east and african business jet market
is anticipated to record a CAGR of over 3% during the forecast period.
– The growth of tourism in this region is mainly driving the business jet market. Also, charter services are expanding their routes and presence, which is aiding the growth of the market.
– The emerging aviation emission norms and the diversified requirement of the clientele to personalize their travel experiences have bolstered the demand for newer generation aircraft. Moreover, the presence of a large high net worth individual (HNWI) clientele in Middle-East and Africa has had a positive effect on the demand-side dynamics of the market, while the associated ownership benefits, in terms of evolving fractional ownership or private jet card programs, have been a decisive factor, promoting the growth of the market.
– Technological advancements in avionics systems, new product launches, and long-term procurement and service agreements are some of the major factors driving the demand for business jet OEMs.
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Key Market Trends
Increasing Number of High Net Worth Individuals (HNWIs) Bolstering the Demand for Long-range Business Jets
The lifestyle of a majority of HNWIs requires frequent traveling to attend to their business and private affairs. Although the HNWIs in North America dominated the global business jet market for decades, regulatory changes in the emerging economies have resulted in the internationalization of the demand for business jets. Statistics reveal that the Middle Eastern HNWIs prefer to buy more expensive planes than their counterparts, nearly 2.5 times higher than the global average, primarily due to their luxury requirements. Also, it has been observed that customers in the Middle-East prefer large-cabin, long-range models over light and mid-size jets. Besides, several airlines, such as the Emirates, have diversified their services to attract more HNWIs by launching their dedicated fleet of business jets that can be operated on a chartered model. A projected positive outlook for the Middle Eastern economy and an increase in the current HNWI population in the region may enhance the demand for business jets in the region and result in more deliveries and innovative business models for the charter operators in the region to maximize their profits.
South Africa to Register the Highest CAGR During the Forecast Period
In South Africa, air travel is no longer a luxury commodity, it is a necessity with the lack of rail and road infrastructure. In recent years, significant investments were channeled toward chartered services. For instance, in July 2019, with the help of new investment partners, the South African passenger charter carrier, Fly Titan, rebranded itself as Private Sky Charter. It aims to expand its scale of operations in the upcoming period. On the other hand, in July 2019, ExecuJet, a member of the Luxaviation Group, added the second Pilatus PC-24 into its managed fleet of the jet portfolio for the African region. South Africa also hosts several air shows that enable general aircraft manufacturers to showcase their latest offerings to the prospective end-users and gather valuable inputs and insights for product refinement. Aero South Africa, Africa's largest general aviation trade show, covers the full spectrum of services and products for the aviation industry. In 2019, the show attracted over 35,000 visitors from 60 countries, while over 100 exhibiting companies showcased their latest innovations at the event.
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The Middle-East and African business jet market is characterized by the presence of many global players, such as Gulfstream Aerospace (General Dynamics Corporation), Textron Inc., Bombardier Inc., Dassault Aviation, Embraer SA, and Airbus SE. The market is highly competitive with all the players competing to gain the maximum market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are the key factors that pose a threat to the growth of the market. In-house manufacturing capabilities, global footprint network, product offerings, R&D investments, and a strong client base are the key areas to have the edge over the competitors. The international players may strengthen their presence worldwide through acquisitions during the forecast period. The improving global economic conditions are expected to fuel the market growth during the forecast period, thereby, making it an ideal time to launch new products. For instance, in October 2019, Gulfstream launched the G700 business jet to compete with the Bombardier Global 7500 jet in the long-range segment. Similar rivalries may foster new product development and drive innovations in the Middle-East and African business jet market.
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