Bombardier sees a demand for nearly 800 new business aircraft in Latin America over the next decade. The company’s most recent market forecast, released earlier this year predicts business aviation deliveries of 790 aircraft in the region for the 10-year period covering 2016-2025. According to the Canadian airframer, Latin America, which will see an average economic growth of 2.3 percent a year, is the third largest market for business aviation and a relatively mature market for business jets, with Argentina, Brazil, Mexico and Venezuela accounting for more than 80 percent of the existing fleet of 2,015 aircraft.

Bombardier’s Latin American fleet consists of approximately 570 aircraft, equating to a 28 percent market share. The manufacturer noted the Challenger 350 and Global 6000 models were its best selling models in the region.

“Latin America received approximately 10 percent of the world’s business jet deliveries in 2015,” a company spokesman told AIN. “Deliveries in Latin America are expected to remain steady over the next few years as the region’s economy continues to improve.”

Of those 790 predicted aircraft deliveries, more than 80 percent will be in the light and midsize class, with an overall approximate value of $20 billion, Bombardier’s forecast stated. The light category will account for more than 50 percent of all Latin American deliveries over the 10-year period with an anticipated 390 units valued at $4.5 billion, while 275 midsize jet deliveries are forecast over same period, with a value of $8 billion.

Despite the economic slump which Brazil is currently in the throes of, Bombardier remains bullish on the country, which just hosted the summer Olympic games. Currently the OEM has 140 aircraft operating in the country.

“Brazil is an established market in which the industry delivered about 125 aircraft for the last five years,” the spokesman added. “This shows how important Brazil is for the business jet aviation industry in Latin America. We expect Brazil to remain a key market in Latin America.”

Over the course of the forecast window, the Canadian manufacturer sees a worldwide market of 8,300 business jet deliveries worth a total of $250 billion.