The Asia-Pacific Business Jet Market is expected to register a CAGR of more than 1.5% during the forecast period (2020-2024). Growth in travel and tourism in south-east Asian countries and the growth in business aviation in countries like China has been the primary growth driver for the market. The business jet market in Asia-Pacific is primarily being driven by China, Australia, and India.
China is the largest market in the Asia-Pacific region, accounting for more than 50% of the market in the region. The country is also expected to continue its dominance in the market in the years to come.
China is planning to establish as many as 500 general aviation airports catering to the needs of around 5,000 general aviation aircraft by the end of 2020, which is also a supportive factor for the market. As China is becoming a business hub, business aviation in the country is growing at a high pace. Also, many local Chinese banks are supporting the financing of private jets in the country, which is enabling the procurements of business jets.
Compared to the demand from other countries, the Chinese customers are increasingly opting for long-range aircraft as Chinese companies go abroad for business exploration amid globalization. Thus, large and long-range (>5000Nm) business jets are being opted more by the Chinese customers in the recent past.
Source: Mordor Intelligence