Asia to become a major private jet market

Updated: January 16, 2013

Based on new research, Asia will become a major private jet market in the next five years.

According to K.K. Yong—VP of Jetsolution International Services, Asians can own as much as 20 percent of private jets worldwide. Experts are confident that Southeast Asia will deliver the next demand wave of private jets, benefiting numerous companies, including: General Dynamics, Embraer, and Textron.

Based on reports, mining and property booms in China and India are fuelling the demand for private jets in Southeast Asia. Also, potential investors in Asia are steadily increasing.

“When people get wealthy they tend to buy what they wish to have eventually,” said Yong in a related interview. “Demand for business jets is highly correlated to wealth creation, which is largely driven by economic growth in the region.”

According to the latest count, as many as 15,200 private jets were flying around the globe by the end of 2011 and around 5 percent of them were in Asia.

Source: Bloomberg

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