Asian Aerospace BOOM!
Cessna says China will be in the top ten of business jet markets by 2025 and other Asian countries will combine to take a significant share of production. In a presentation at the Singapore Air Show, Trevor Esling, Cessna's VP of sales for the region said the performance of of the Asian market through the global recession has positioned it for major growth in medium to long term.
"The region's economic resilience during the global financial crisis, rising national prosperity and Chinese liberalization make it likely that the business aviation market will mature at quite a rapid pace," Esling said. "Cessna, therefore, expects demand for light and mid-size aircraft to rise accordingly." If the bizjet OEMs are optimistic, the airline side is downright bullish.
Airbus VP of Sales John Leahy said the company expects the Asia-Pacific region to buy almost 10,000 airliners worth $1.3 trillion over the next 20 years. According to Reuters, Leahy said he expects the region to surpass the U.S. as the busiest place for air travel in that time. Rapid urbanization and economic growth are combining to create a huge middle class in Asia and that will translate into Asia-Pacific becoming the most important market for the industry.
OEM's are "Original Equipment Manufacturers.