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Global appetite for business jets is continuing to recover, albeit slowly, from 2009's sharp downturn led by demand from developing countries such as China and India, Bombardier Inc. said Wednesday.
Releasing its annual aircraft market outlook, Bombardier, the world's third biggest plane maker, said it sees a return to "sustained growth" in the business jet market although this year would still be tepid.
"While industry deliveries are not expected to improve significantly in 2011, key indicators are showing an upward trend, and it is expected that business aircraft deliveries will continue to grow in 2012," Bombardier said in a statement.
Manufacturers will deliver 24,000 business jets between 2011 and 2030, representing total revenues of $626 billion US for the industry, Bombardier forecast. That was 2,000 fewer than its forecast a year ago.
More than half of the deliveries are expected to take place in the second half of the period, said Bombardier, which makes the LearJet 85 and Global series of business aircraft.
North America, Europe and China will be the three most active markets over the next two decades, the company said, adding that it is seeing a widening customer base for business jets in fast-growing economies.
On the commercial aircraft side, Bombardier said it expects demand for 20- to 149-seat aircraft to result in 13,100 new deliveries for the industry over the next 20 years, worth about $639 billion.
That is 300 more aircraft than last year's forecast, despite concerns about the rising cost and volatility of oil prices.
Bombardier, which services this market with its Q400 turboprop, CRJ and new CSeries aircraft, said appetite is growing for larger-capacity commercial aircraft.