Latin America: The next fastest growing aviation market
According to the FAA in its latest 20 year aviation forecast, the Latin American region will experience an expected and significant growth of 4.5% per year by 2034. As seen on the latest Data Insight Business Aviation Report 2015 (FlightGlobal/Innovata). Global Fleet Distribution by region depicts clearly that Latin America’s growing aviation industry has become the second biggest contributor with 15% (Jets 2,467 – Turbopropos 1,781) and has overtaken within the last 5 years by 3% Europe’s global fleet contribution of 12%. Another significant fact is the rapid growth of Low Cost Carriers (LCCs) in the Latin region from 1 to 6 airlines in a couple of years. In 2014, a considerable portion of 18.6% of the total market share was obtained by LCCs.
These growth conditions have put the spotlight on Latin America across different sectors and industries including aviation; Brookfield Aviation International understands the importance of expanding and developing business within these developing and booming markets. Hence, as part of the company’s expansion objectives, Brookfield management team led by its CEO and Marketing Director David George attended one of the most important events held by the Colombian Consulate in the UK that aim at connecting Latin American and in particular Colombian companies with British Companies across all industries to seek mutual benefits. It is essential to highlight that Colombia has remained as the 3rd strongest economy in the region and has recorded between 4% and 5% economic growth for 5 consecutive years with a steadier and healthier growth than Mexico and Brazil, which are the first 2 main contributors to the aviation industry in the region as can be seen in the chart below.
Attendees to this event ranged from airline and aerospace professionals to aviation engineers as well as industrial experts. Brookfield CEO David George participated as one of the special guests and was interviewed by international TV for his expertise and contribution to the airline industry for the last 25 years running one of the world’s leading aviation resources companies. He said: ’Despite the recent economic downturn in 2015 that has slowed Latin American growth as a block, due to economic issues in some countries such as Argentina and Venezuela, as well as limitations and challenges imposed by civil aviation authorities in some countries, the region remains a significant and attractive emerging market with a bright forecast for the aviation industry’’
David George, CEO Brookfield Aviation International, interviewed for Colombian TV
Latin America is indeed an attractive destination, however, penetrating the region and some of its protective governments and authorities is still one of the biggest challenges along with the damage caused by their internal conflicts that prevent investment, business and international cooperation.
Brookfield Aviation International and its multilingual team of managers is committed to thriving on these challenges to develop opportunities not only for its own benefit but also as a way of conveying to the world a different message and to show the unexploited and high quality human resources and professional practitioners the region could offer to enhance the airline industry.