Beechcraft Corporation, a world-leading manufacturer of business, special mission, light attack and trainer aircraft, has identified India as one of the most attractive markets in the world for business aviation, and it is making major investments in the country to support this fast-growing sector. The company recently celebrates the opening of a new office in New Delhi, India.
Recent analysis by the company of the latest available market data reveals that 65 business aircraft were delivered to India between 2008 and 2012, representing an increase of 38 per cent compared to the 47 business aircraft delivered during the previous five-year period (2003-07).
Beechcraft’s analysis also reveals that there are currently more than 254 business aircraft in India, the largest business aviation base in the region. Beechcraft anticipates that the fleet could continue to grow in parallel with India’s increasing international trade, particularly as the country’s leading entrepreneurs develop foreign trading partners. This sector is expected to grow dramatically, with the number of wealthy entrepreneurs forecast to double between 2012 and 2022 (individuals with net assets of more than $10 million increasing from 8,481 to 17,032).
In addition to the new sales office, Beechcraft recently announced the appointment of Arrow Aircraft Sales and Charters Private Limited (ARROW) as the company’s exclusive sales representative for India. Founded in 2009, ARROW has developed into a significant provider of business aviation services, including sales, charter and operation management, supporting customers from its headquarters in New Dehli, as well as offices in Mumbai and Kolkata.
“Having served customers in India for more than 50 years, the country continues to be an exciting market for us,” said Richard Emery, Beechcraft President, APAC and EMEA. “With significant growth in deliveries over the past decade, the country continues to show huge potential for future growth. This is why we have decided to make a significant investment in increasing our presence in India. Our market share in the business turboprop category currently stands at 79 per cent, and these investments will help ensure that we remain at the forefront of Indian business aviation.”
Research for Beechcraft amongst global professional investors and senior business executives found that 96 per cent of them forecast growth for the Indian economy over the next five years, with 2 in 5 (41 per cent) stating that this growth will be significant. Linked to these predictions, 53 per cent believe that the business aviation sector in India will grow significantly over the coming decade.