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Europe is a key market for business aviation aircraft with the in-service fleet expected to rise from more than 4,200 aircraft in 2024 to more than 5,700 by the end of 2033, according to the Aviation Week Business Aviation Fleet & MRO Forecast.
The in-service fleet expansion marks a 3.4% compound annual growth rate, higher than the world average of 1.4%.
The European market is important to manufacturers and others in the business aircraft industry.
“In Europe, the demand for traveling efficiently within the region remains high,” says Amod Kelkar, Honda Aircraft senior vice president and chief commercial officer. “Europe is our second largest HondaJet market in terms of aircraft number and utilization and continues to grow.”
Of the 9,000 business jets forecasted for delivery worldwide during the 10 year-period from 2024-2033, 1,585 are projected to be delivered to the European market, according to Aviation Week’s forecast. At the same time 496 of the 2,789 turboprops forecasted for delivery during the decade are expected to be shipped to Europe.
The large business jet market in Europe is expected to be the largest over the next decade, with 3,100 deliveries, followed by 523 small jets and 344 medium jets.
Textron Aviation, Gulfstream and Bombardier aircraft are projected to be the most popular of the new deliveries into the region, with deliveries worth $46.5 billion at retail prices, out of the $63.0 billion total deliveries into Europe.
At the same time, maintenance, repair and overhaul demand for business aircraft in the region by dollar is expected to grow at an annual growth rate of 5.2%, compared to 2.9% globally before inflation.
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