Published on : Apr 29, 2016
ALBANY, New York, April 29, 2016: The market report analyzes the Middle East business jets market by stating its current value, size, market performance and statistics, and industry leaders’ opinions about the market. According to the report, the global business jets market was worth US$20.9 bn in 2013 and is expected to expand at a CAGR of 6.86% to US$33.8 bn by the end of 2020.The report comprises an in-depth study of the key dynamics of the Middle East business jets market. It contains data regarding the performance and initiatives taken by the key players around the world.
A business jet or bizjet is an aircraft designed to transport small groups of people. A business jet can also be adapted to be used for evacuation during casualties, for express delivery of parcels, and for use of government officials or the armed forces. The global demand for business jets had been cut by almost 50% due to the space of economic crises in recent times. However, currently, the market for business jets has bounced back and leading companies in the market are launching newer models in the wake of rising demand from Asia, North America, and the Middle East.
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According to the report, the Middle East business jets market may represent merely 3% of the global market, but nevertheless, the market looks promising as the region’s GDP is projected to rise at an average of 3.8% over the next two decades. With 188 aircraft, Saudi Arabia has the highest number of business jets, followed by the 157 aircraft in Turkey and 135 aircraft in the UAE. According to experts, Iran has a lot of potential for growth in the business jets market, as it is the second largest economy in the Middle East after Saudi Arabia.
Despite the political turmoil in the Middle East, the region has enjoyed steady economic growth and the aviation market thus looks set to be positive and strong in the coming years. The demand for large jets and heavy jets is high in the Middle East. 70% of the 745 total new jet deliveries by 2023 are expected to comprise heavy jets and 24% of the total deliveries would be of large jets.
The latest information on the leading players of the industry has been provided in the report. Strategies implemented by the leading companies to stay at the top of the market have been studied, along with the major challenges faced by them. Recent developments in the aircraft design implemented by the companies have also been analyzed. Major companies studied in the report are: Bombardier Inc., Gulfstream Aerospace Corp., Cessna Aircraft, Embraer S.A., Dassault Aviation, Honeywell International Inc., and Honeywell International Inc. Charts, figures, graphs, and tables have been included wherever necessary to make the report comprehensive and concise.
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