transport, military aviation out of which, the general aviation segment is
expected to provide vast opportunities in the market on account of huge
demand from the industrial and commercial sector.
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North America region is projected to contribute more than 40% in the global
revenue owing to the improved infrastructure and loosening of the strict
regulations. U.S. market is the highest contributor in the region that
accounted for 64% of General Aviation Aircraft sales across the world. Asia
Pacific region is projected to have significant growth attributing to high
growth in the developing economies such as India and China and increase in
the number millionaires in the region. The defense expenditure has
increased to a large extent which has led to the growth of the market in Asia
Pacific and Middle East & Africa region. The manufacturers in the market
would get huge opportunities for both the military and business jet segments
in the Middle East & Africa region.
Increased in the Number of Millionaires and Affordable Aircrafts
to Boost the Market Demand
The number of millionaires in the world is increasing rapidly. It is estimated
that millionaire population would contribute more than half of the world’s
income in 2020. Moreover, the prices of the aircraft have now become
affordable for the targeted customers. The developing countries are hugely
investing in the product. The customers in these countries are increasingly
adopting the product for their luxury and business purposes. These factors
are expected to drive the growth of the market.