In a study, Research and Markets said that over the next decade, North America is expected to lead the market for new jets followed by Europe and Africa.

The study also shows that the small and medium jets segment will drive the demand for new business jets and that the business jets sector is facing turbulence due to economic difficulties in Europe, China and Brazil.

According to the study, 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. It is forecasted that the global demand for new business jets will reach 9,100 by 2025.

While both North America and Europe have a comparable size of economy, the private jet flight activity in North America is 3.5 times larger. With emerging markets experiencing pressure, North America has steadily gained market share in the past three years.

In Europe, it is expected that new aircraft deliveries will be offset by older jets exiting the market which will result in almost zero net fleet growth through 2020.

It is further projected 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. Although the corruption crackdown and the new government’s policies have slowed the economic pace of China, outlook is still bright. The greater China area is expected to take delivery of 2,420 business jets in the study period.