According to a report from Research and Markets, the global business jet market continues to be weak amid an unusual, sustained cyclical trend which has affected demand levels for new business jets globally with industry delivery volumes staying way below the pre-crisis levels on a routine basis.

The significant competitive pressures from used jet inventory, fastidious buying behavior from businesses and downturn in the global energy sector have been impacting demand for new jets as reflected in the order intake and book to bill ratios across most key industry OEMs over recent years. The market, however, has shown signs of a slow movement towards stabilizing and recovery in 2017 with a spurt in activity level for the first half of the year despite continued pressure from the used jets market.

Aircraft utilization levels across most operators and users, however, remain at a decent level, thereby, driving the requirements and revenues from aircraft service and aftermarket activity for the industry.

Further, regulatory mandates, like the FAA’s upcoming ADS-B requirement, and aircraft upgrades are likely to drive aircraft modernization and upgrade activity over the near term.