According to a new study from Report Buyer, the demand for global business jets has seen improvement after a steep decline during the financial crisis.

The global business jets market was worth $20.9 billion in 2013 and is projected to grow at a CAGR of 6.86% to $33.8 billion by the end of 2020.

With both North America and Europe showing recovery in business jets demand, the Asian region is expected to see an even great spike, particularly in India. It is expected that in the next decade the business aviation industry in India will grow three times and emerge as the third largest aviation market by 2020.

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