Aerospace is a robust and growing market, with civil aviation leading the charge. Industry pundits anticipate increased, and even potentially record, growth in commercial aviation—while military aviation is largely stagnant and general aviation, including business jets (bizjets), starting to emerge from a period of stagnation.
What’s happening in the bizjet community? Something that hasn’t been seen in decades, roughly since the dot-com explosion (boom) of the late 1990s: record growth in the number of millionaires and billionaires worldwide. Just ask the biweekly business magazine Forbes:
“This year Forbes welcomes a record 268 first-time faces to our annual listing of the World’s Billionaires, including 42 women, the most ever. They minted their fortunes from social media in Silicon Valley, real estate in China, fashion in Nigeria and every combination in between. The largest contingent – 50 – hails from the United States, followed by China (37), Germany (26) and Brazil (23). In aggregate they are worth some $510 billion – roughly the GDP of Norway – another record.”
More millionaires and billionaires means greater demand for travel—and not just any travel, but luxury air travel. Business jet manufacturers came out in droves this month at the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland. The European Business Aviation Association (EBAA), the leading association for business aviation in Europe, and the National Business Aviation Association (NBAA), the leading voice for the business aviation industry in the United States, co-host the annual EBACE event.
This military and aerospace (mil/aero) geek loves a business jet event, where virtually all the bizjet leaders show off their aircraft in a static display. This year, they packed the Geneva International Airport with Bombardier, Airbus, Cessna, Dassault, Cirrus, AgustaWestland, Socata, Eclipse, Embraer, Gulfstream, Pilatus, Beechcraft, and more.