“Latin America is an important market for Textron Aviation,” Bob Gibbs, vice president of sales for Latin America for the Cessna and Beechcraft parent company said. “Although the total Latin American market has remained stable over the last year, with a slight slowing of business in Brazil while the focus of the country was on the World Cup, the economic outlook for the region remains bright, with expectations of robust growth in wealth creation over the coming decade.”
According to Gibbs, Brazil, Mexico and Venezuela remain the company’s primary markets for business aircraft, with Brazil alone home to one third of the region’s business aircraft. “We expect these markets to continue leading Latin America’s considerable demand for business air travel in the coming years,” he added, “though the steadily growing economies of Paraguay, Peru and Chile are also expected to experience a growth in demand.”
Just fewer than 3,000 business aircraft are based in South America, Gibbs added, representing 9 percent of the global business aircraft fleet. “However,” he continued, “with Latin America’s ultra-high-net-worth population growth expected to outstrip both of those regions between now and 2023, we expect there to be a surge in demand for high-quality, flexible and efficient business aircraft as Latin American businesses impose themselves on the regional and global stage.”
Those sentiments were echoed by Fabio Rebello, regional senior vice president international sales in Latin America for Gulfstream Aerospace. “Gulfstream has had a lot of success in Latin America and has increased the number of aircraft in the region in 2014,” he added. “In the past five years, Gulfstream’s fleet in Latin America has grown nearly 70 percent. In total, we have more than 175 aircraft based in Latin America, with the three largest markets in Mexico, Brazil and Venezuela. The Gulfstream fleet in Brazil has nearly tripled in the past five years making it one of the fastest growing markets in Latin America for Gulfstream.”
Diverse Region, Diverse Missions
Although the need for regional transportation once drove the demand for business aircraft across Latin America, today’s buyers are increasingly seeking the ability to travel across borders and continents.
However, manufacturers of smaller aircraft are quick to note that demand for transportation to remote locations–many of which are not easily accessed by ground-based modes of transportation–remains strong in the Latin American market.