While Asia may be the hot spot for economic growth, private jet manufactures are looking to the U.S. to drive big orders as the world's largest economy turns a corner.
"The main driver fueling investment in a private jet is how comfortable business executives are in terms of the growth in their own business, and the stability of the economy," Jose Eduardo Costas, vice president, marketing and sales, executive jets at Brazilian aerospace conglomerate Embraer (Sao Paulo Stock Exchange: EMBR-BR) told CNBC on the sidelines of the Singapore Airshow.
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"The U.S. is the main market to be watching - and that's where the rebound is coming from," Costas said.
Home to the world's biggest population of high net worth individuals, the U.S. is the largest market for private aviation, with around two-thirds of the world's 20,000 private business jets based in the country, according to Embraer.
The U.S. will continue to be the major source of demand over the coming years, said Costas. He forecasts the country will account for 50 percent of global demand in the next ten years, compared with around 20 percent in Asia. New business jet deliveries are expected to total $250 billion or 9,250 aircraft over this time frame.
Nilesh Pattanayak, vice president, sales, Asia-Pacific at Canadian aerospace and transportation company Bombardier (Toronto Stock Exchange: BBD.B-CA) shared an equally upbeat outlook for U.S. demand.
"This is going to be a phenomenal year in the U.S. Demand is coming back because of the economic recovery and upgrader demand. People who wanted to upgrade have been waiting for a long time," said Pattanayak.
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"Also remember, the market is a lot more mature than everywhere else in the world," he added.
Business tool or wealth symbol?
There is a key difference in the perception of private jets in the West and the East that partially explains the wide gap in the size of the U.S. and Asian markets, said experts.
In mature markets such as the U.S., a private jet is widely viewed as a business tool that brings flexibility to business executives. While in Asia, they are still largely seen as a symbol of wealth.
Furthermore, the infrastructure for private jets is far less developed in Asia as compared with the U.S.
"Infrastructure is a challenge for the sector- there's a shortage of skilled manpower - experienced pilots and mechanics - and ground infrastructure - such as airports, fixed-base operators," said Pattanayak.