Department of the Brazilian business aviation company bets on a recovery for next year. In a recent interview for Luxury Group during the Singapore Airshow 2004 fair, the largest of the sector in Asia, the president of Embraer Executive Jets, Marco Tulio Pellegrini believes in a turning point as from next January.
The Executive supports his analysis on three factors. The recovery of the American economy, with the local corporate market once again buying jets; the increase in the global population of UHNW – ultra high-net-worth – individuals, which currently counts over 12 million people; and a reduction in the offer and appeal of the used aircraft market prices.
Pellegrini expects that the industry’s transaction numbers reach $ 250 billion by 2024, with 9,250 new airplanes delivered. At the fair in Singapore, Embraer Executive Jets introduced their top models such as the Lineage 1000, and closed significant contracts. Only with AirCosta Indian, 50 E.Jets E2 jets were ordered by the amount of $ 2.9 billion.
For the head of the division, the Asian market, and China in particular, will be responsible for the growth of the sector. As for Embraer, the expectation is to have 805 orders – – about $ 29 billion – only from China. Although the Chinese government has surtaxed luxury items, Pellegrini remains confident. According to him, his business jets are working tools and not mere luxury goods.
With only 12 years of life, the division of Embraer private jets has delivered 739 aircrafts and currently holds 17.5% of the world market. In 2013, a year of stability in the sector, 664 new aircrafts were ordered.