2018 marks one decade since the global economic downturn brought an abrupt end to the prosperity the business aviation industry had been experiencing. OEMs had been riding a bubble of exuberant prosperity that saw a record 1,317 business jet deliveries in 2008, but that changed swiftly.
While those once-strong correlations may have frayed somewhat over the past decade, they can’t yet be disregarded entirely, according to Kirsten Bartok, managing partner of AirFinance. “They do still apply; however, what we now see is the industry is truly global,” she told AIN, adding that while the U.S. currently accounts for more than half of the overall business aircraft market, it can’t support the industry alone. “If one economy stumbles, that can impact global unit sales, especially for new aircraft. While the U.S. economy can be strong, if the Russian economy stumbles, if we see an Asian economic flu, or the commodities tumble, that does impact sales.”