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The large jet segment is expected to confront a slight dip in their growth rate. North America and Europe is expected to contribute to the growing demand in the very light jet segment. It is expected that APAC would contribute significantly in the growth of the large jet segment. Latin America is expected to experience growth in the light and mid-size segment.
Key players profiled in the report are Bombardier Inc. (Canada), Gulfstream Aerospace Corporation (U.S.), Cessna Aircraft Company (U.S.), Dassault Aviation S.A. (France), and Embraer S.A. (Brazil).
North America (comprising the U.S. and Canada) accounted for the largest share-52%-of the global business jet market in 2013. The already established infrastructural capacity and the highest number of older aircraft in the world are expected to be the cause of increased demand for new aircraft, thereby driving the growth in the North American region.
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Europe is still the second largest market for business jets. The demand for business jets in Europe still remains below the pre-recession average, as the after effects of the sovereign debt crisis continue to hamper the consumer and business confidence across the region.
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Latin America, APAC, and Africa are expected to be the key growth regions in the business jet market. Latin America accounts for 11% of the global market. It has the oldest aircraft fleet in the world. Hence, expected replacements will account for a significant number of deliveries in this region. APAC constitutes about 12% of the global market, with China and India being the key players. Under developed infrastructure, high aircraft import taxes, and high user fees are the reasons for the small business jet fleet in these countries. Continued globalization and a burgeoning economy are expected to increase the penetration level of business jets in this region.
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