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Asia Pacific FBO Market Assessment
Frost & Sullivan, Dec 2009, Pages: 56
The Asia Pacific Market for Fixed Based Operators (FBOs) is expected to 'take-off' as a result of the minimal impact of the global economic slowdown on the business aviation market of this region and the continuous emergence of HongKong and Singapore as preferred destinations for maintenance and ground handling activities. This coupled with a growing fleet in the Asia Pacific region is expected to shape the future of the business aviation market and determine the revenues of FBOs in the region
Research Overview
This Frost & Sullivan research titled Asia Pacific FBO Market Assessment provides a comprehensive market overview including key trends, drivers, restraints and challenges. Also included are market share analysis and strategic recommendations. In this research, Frost & Sullivan's expert analysts thoroughly examine the following: fixed base operator (FBO) market, business jet fleet growth, business jet movement, maintenance, ground handling and VIP completions in the Asia Pacific market. A segment-wise investment breakdown of revenues and regional trends is also provided.
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Market Overview
Maintenance and Ground Handling Segments to Promote Steady Growth in the Asia Pacific Market for FBO
Increasing population of high net worth individuals (HNWIs) and improving government regulations are slowly but surely influencing the business aviation market. As a result of these trends, a greater adoption rate of private business jets is being witnessed in Asia Pacific. There is significant latent potential in the market for original equipment manufacturers (OEMs) that need to enter into strategic tie-ups with local participants to ensure local presence and reduced turnaround times. The Asia Pacific market for FBOs is set to witness stable growth in the maintenance and ground handling segments as service providers prepare to tap the potential from VIP completions in the future.
“The future of the Asia Pacific FBO market rests largely on the sustained growth of business aviation in Hong Kong and Singapore and the adoption of the business aviation model by China,” notes the analyst of this research. “Going forward, business aviation is likely to become a norm for large corporates and HNWIs and hence early adoption would enhance overall market potential.” The Asia Pacific FBO market is all set to gain momentum, fuelled primarily by Singapore and Hong Kong. However, government regulations, coupled with import regulations and the lack of skilled labour, are dampening the market prospects. Business aviation is gradually growing in the region. As increased aircraft movements lead to congestion at airports, the need for business jet travel is set to soar.
Tie-ups with Foreign OEMs and Operators to Open Up New Opportunities for Local Firms
One of the major challenges lies in mobilising technically sound labour. Another challenge pertains to motivating the local market participants to enter into tie-ups with business jet OEMs. “It is vital for existing service providers to understand that as a result of the global economic slowdown, overall spending patterns have been affected,” remarks the analyst. “Hence institutions that earlier encouraged private jet financing are momentarily on the retreat, even as large scale expansion of services needs to be carried out with greater care.”
Greater acceptance of the business jet operational model in the region and the emergence of Chinese aviation will ensure that the FBO market functions smoothly and grows amidst competition. “Local market participants need to closely work with OEMs and operators from Europe and North America in order to be authorised to carry out services which will provide them with greater opportunities,” advises the analyst. “This approach will also aid in expanding their customer base as a result of being certified to carry out maintenance for various types of jets.”
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