The market for executive jets in Asia-Pacific has started to regain altitude with the improvement of the business environment.
Embraer, the world's leading executive jet makers, said in its latest forecast demand from Asia-Pacific excluding China between 2017 and 2026 will reach 460 aircraft worth an estimated US$13 billion.
China alone would require 570 new aircraft in the 10-year period, valued at $22 billion. The Middle East is expected to acquire 200 aircraft in the same period at $8 billion.
"Demand in those markets has begun to pick up again after a slowdown as austerity has appeared to settle down," Claudio Camelier, vice-president of sales for Asia-Pacific and the Middle East for Embraer Executive Jets, told the Bangkok Post.
Globally the Brazil-based aircraft manufacturer sees demand for 8,400 executive jets worth $244 billion over the next decade.
North America remains the world's largest market for executive jets with 4,700 aircraft, worth $128 billion, projected over the period. Europe and Africa are expected to acquire 1,900 aircraft worth $60 billion, while Latin America is projected to buy 570 aircraft worth $13 billion for the period.
Embraer defines Asia-Pacific as countries from Pakistan to Japan, stretching south to New Zealand.
Embraer's executive jet fleet in the region has grown since the company entered the global market in 2000. The first delivery of an Embraer executive jet in Asia took place in 2004, and presently over 80 Embraer executive jets are in service across Asia-Pacific.
There are more than 330 Embraer aircraft of several types in 17 countries in Asia-Pacific including China. Of this number, there are more than 200 commercial aircraft in service with over 20 operators and airlines throughout the region.
Its global fleet exceeds 1,000 aircraft in operation in over 60 countries, representing 17% of the world market share.
Embraer's current campaign in Asia-Pacific focuses on the new Legacy 450, a mid-light business jet that was certified in August 2015. He described the Legacy 450 as a new corporate jet with a best-in-class 6-foot tall, flat-floor cabin.
Starting at $16.7 million, it is the first business aircraft in its segment with full fly-by-wire technology, featuring side-stick flight controls, the state-of-the-art Rockwell Collins Pro Line Fusion avionics suite and a heads-up display system.
The jet is powered by two fuel-efficient Honeywell HTF 7500E turbofan engines and has a range of 5,371 kilometres, carrying up to nine passengers and cruising at Mach 0.83.