India market soars for business jet makers

New Delhi: With the number of billionaires and high net worth individuals in India growing, business jet makers are intensifying efforts to sell their aircraft in India which industry sources say will need over 250 aircraft in the next 10 years.
"We are very optimistic about India. We have good business here as India is an expanding market," said Roger Sperry, vice president, sales, of the US-based Gulfstream.
Gulfstream Aerospace Corp is a wholly owned subsidiary of General Dynamics. It had a record sale of 250 business jets in 2008 when recession spread worldwide. It is looking to increase its presence in the Asian market.
Another player in the growing segment is Canada-based Bombardier. Its market forecast said that 1,030 deliveries will take place in the next 10 years (2009-18).
And this includes 250 business jets for India and 300 for China.
"India represents tremendous opportunity for business aviation," Avid Dixon, Bombardier's regional vice president, sales (Asia Pacific), told IANS.
An Ernst & Young report had earlier said India forms 12 per cent of the worldwide business jets market, quoting the Brazilian executive jet manufacturer Embraer. The report said the demand for private or business jets in India is expected to grow at 50 per cent on an annual basis over the next few years.
Embraer, which has been showcasing its new mid-size jet, Legacy 500, in the country, is aiming to garner $1 billion by selling executive jets in the next 10 years.
Aviation industry reports say the demand for business jet is expected to go up by 14 percent a year in the next 10 years.
04/04/10 IANS/Times of India

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Categories: Indian Aviation- In General Apr 2010