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Demand for executive jets slips to 10-year low
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CHINESE demand for business jets is slowing as its economy weakens, with customers looking to diversify from large aircraft, industry executives said at the Singapore Airshow.
China’s business jet fleet grew 6 percent last year, the slowest in the past decade, according to figures from Embraer SA, one of the largest business jet manufacturers.
“In the past, customers would simply buy the biggest and best plane out there,” said Claudio Camelier, vice president of marketing and sales for Middle East and Asia-Pacific at Embraer Executive Jets.
“Nowadays they may consider a mid-sized jet if their travel needs are only within certain region.”
Earlier this month, Embraer delivered a Legacy 500 — its new mid-sized jet with a list price of US$20 million — to its first Chinese customer, movie star Jackie Chan.
David Dixon, president of Jetcraft Asia, a business jet brokerage based in Hong Kong, said he has seen signs of a less buoyant market in China — slower order flow, deferment of delivery and cancelation of orders, but also signs of maturing customers.
“There are people who used to place large orders, speculative orders,” he said.
“That has largely gone away in the case of China.”
Some industry executives are more optimistic.
Roger Sperry, Gulfstream’s head of sales for Asia, said his company is talking to more potential buyers now than two years ago.
“Is it growing the way it was two years ago? No,” he said of Chinese demand.
“Are we concerned about it? No, because we’ve seen this time after time.”
Gulfstream, a unit of General Dynamics, had the largest share — 32 percent — of the China’s business jet market in 2014, according to consultancy Asian Sky Group.
Longer term, the country is still seen as having good potential.
Embraer forecast a total of 800 business jets to be delivered to China in the next 10 years, compared with the country’s fleet of 360 at end of last year.
China’s increasing business interest overseas is also expected to create new demand.
“China is moving into Africa. It’s moving in South America. Those are a long way away from here. You’ll find the only way to get there is to have a private airplane,” said Dixon of Jetcraft Asia.
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