BCA 2012 Market Forecast

COMMERCIAL AIRCRAFT
MARKET
FORECAST
2012-2031
BOMBARDIER COMMERCIAL AIRCRAFT
MARKET FORECAST 2012-2031
02 TABLE OF CONTENTS
Executive Summary
Economic Trends
Airline Industry Trends
The Forecast
Conclusion
Geographic Details
03
07
16
28
36
38
03
EXECUTIVE
SUMMARY
04 EXECUTIVE SUMMARY
Welcome to the Bombardier
Aerospace Commercial Aircraft
Market Forecast, our 20-year view
of the market for 20- to 149-seat
aircraft.
World airline protability in 2011 was estimated
by International Air Transport Association
(IATA) to reach $7.9 billion, the second
consecutive year in which all regions were
break even or protable. This expansion
was fueled by continuous trafc growth and
steady increases in overall ticket prices.
These positive trends were countered by
rising oil prices, continued nancial turmoil in
the Eurozone and increased political tension
in the Middle East and North Africa. While
airline protability was considered fragile,
it was contrasted by another record year for
aircraft orders. The growing backlog in the
large single-aisle aircraft segment remains
a concern, as a sharp increase in trafc demand
would be required to absorb the excess
capacity represented by these orders. After
even a few tough years of industry consolida-
tion and tremendous discipline in constraining
capacity growth, it is difcult to understand
the rationale behind deliberately introducing
excess capacity back into the system. As op-
timization is always the survival instinct of the
aviation industry, it will eventually nd its way
to adapt, adjust and ascend going forward.
MATURE MARKETS
IHS Global Insight reduced its long term
forecast of GDP growth from 3.4% last year
to 3.26% in 2012. North America and Europe
are forecast to have below-average GDP
growth for the next 20 years. In a mature
market, where route network and business
models are fully established, most demand
12,800 20- to 149-seat total
DELIVERY FORECAST (UNITS)
Segments Deliveries
20- to 59-seat 300
60- to 99-seat 5,600
100- to 149-seat 6,900
Source: Bombardier Commercial Aircraft Market Forecast 2012-2031.
for commercial aircraft will result in the need
to rejuvenate an ageing eet as it approaches
retirement. Even though these regions are
expected to see only small organic growth
year over year, their signicant installed bases
will continue to require a large number of new
aircraft for the next 20 years.
GROWTH REGIONS
The growth regions of Africa, Asia/Pacic,
Latin America, Middle East and Russia & CIS,
where long-term GDP growth is forecast
above average, will require a signicant
number of new aircraft to support the growth
of the aviation industry. In addition to more
capacity, new airline business models and
network connectivity are being tested or
optimized by airlines and entrepreneurs.
Aircraft in various capacities are all needed
to help shape the development of the
industry in these growth regions.
OPTIMIZATION
The nancial viability of the airline industry
is extremely dependent on the external envi-
ronment, yet the industry is also very resilient,
due to its relentless drive for optimization.
The increased price of oil predicted by the
U.S. Energy Information Administration (EIA)
is the single most concerning factor in airline
economics over the forecast period. This
concern is further amplied by the increase
in oil price forecast, since EIA issued its
Annual Energy Outlook last year, by nearly
$20, reaching $126 per barrel average for
next 20 years. While airlines successfully
managed increasing fuel costs by raising
ticket prices last year, the continuous pressure
transferred from cost to ticket price will soon
reach the tipping point of consumer price
resistance. Aircraft with the lowest cost and
high performance capability will therefore
be favored going forward.
Airlines strive to optimize their eet
solutions to best serve their customers
needs. Airline customers expect frequency,
schedule, comfort and competitive fares
while traveling on modern aircraft. New
aircraft designs continue to focus on
optimizing performance, lowering fuel
consumption, reducing environmental foot-
print and maximizing cabin comfort.
0
4,000
8,000
12,000
16,000
20,000
2011 2031
9,000
6,800
1,200
5,100
2,500
3,600
20- to 59-seat
60- to 99-seat
100- to 149-seat
Source: Bombardier Commercial Aircraft Market
Forecast 2012-2031, OAG Aviation Solutions.
Total Fleet
Units 11,200 17,000
TOTAL FLEET UNITS
THE 20- TO 149-SEAT MARKET
Aircraft deliveries in the 20- to 59-seat market
will decline substantially over the next 20 years.
This capacity will gradually shift to larger and
more economical regional aircraft. Demand
for new aircraft in this larger, more economical
regional aircraft segment is expected to
increase in the latter half of the forecast
period, driven mainly by the anticipated
availability of new technology. Some 300
units will be delivered by the end of the
forecast period. In the near and mid-terms,
the pre-owned markets will continue to
supply the aircraft needed in this segment.
In particular, Russia, Africa and Latin America
will see considerable absorption of used
50-seat regional jets.
Regional airlines are gradually anchoring
their business models around large regional
aircraft in the 60- to 99-seat segment, both
turboprops and jets. With increased capacity,
lower per-seat operating costs and a seam-
less service ofering, large regional aircraft
connect route networks by adding new city
pairs. This service provides connections not
only between major airports, but also linking
secondary and tertiary airports. With some
5,600 units forecast for delivery, this segment
will experience the strongest eet growth
over the next 20 years.
The 100- to 149-seat aircraft segment will
enjoy the strongest growth in terms of deliv-
eries. This segment is currently dominated
by ageing aircraft. Thanks to step change
engine technology, the arrival of new aircraft
specically designed for this segment will
invigorate market demand to further optimize
airline route networks and protability. We
forecast deliveries of 6,900 aircraft in the 100-
to 149-seat segment over the forecast period.
The commercial aviation industry is an
integral component of the global economy.
The long-term economic outlook supports
continuous demand for new, optimized
capacity and more fuel efcient aircraft, with
deliveries of 12,800 new aircraft predicted
over the next 20 years
07
ECONOMIC
TRENDS
08 ECONOMIC TRENDS
ECONOMIC AND AIR TRAVEL
GROWTH
The worlds recovery from the 2008 nancial
crisis began in 2009 and has continued, at
varying paces and with varying degrees of
success into 2012. Growth in gross domestic
product (GDP) has reected this variation,
reaching 4.1% in 2010 and 2.7% in 2011. The
recovery has slowed due to continuing eco-
nomic concerns, notably the Eurozone crisis,
high and volatile oil prices (as discussed
below) and Chinas ability to sustain its
comparatively rapid growth, the recovery
has slowed. As a result, IHS Global Insight has
reduced its expected rate of GDP compound
annual growth for the 2012 2031 forecast
period, from 3.4% (2011 2030) to 3.26%.
The economic recovery is taking longer than
expected in mature markets, while growth
in emerging economies has returned to
pre-crisis rates; whether they will be able to
sustain this pace remains to be seen.
Demand for air travel, and with it the health
of the worlds airline industry, depends heavily
on the strength of the economy. Most recently,
IATA reported a 7.4% increase in international
passenger travel (based on revenue passenger
kilometers (RPKs)) for the month of April 2012,
compared to April 2011. Demand for air travel
is also reected in orders for new aircraft. New
aircraft order intake (encompassing 20 - 220
seats) more than quadrupled from 2009 to
2011. Net orders rose to 2,381 units in 2011, up
from the 2010 tally of 1,414 units, which itself
more than doubled the 2009 pace of 556
aircraft orders.
Section: Economic Trends - Economic and Aviation Industry Growth
Chart: World Real GDP Growth
WORLD REAL GDP GROWTH %, 2011
Source: IHS Global Insight 2012.
Note: GDP = Gross Domestic Product
1.8%
World Average 2.7%
4.2%
1.8%
3.44%
4.8%
9.2%
6.8%
1.3%
09 ECONOMIC TRENDS
The continuing recovery in demand for air
travel is also expected to see a return to
commercial service of some of the aircraft
currently parked. The parked commercial
aircraft eet has declined by 9% year-over-
year, to approximately 2,220 at the 2011 year
end. This total is down from the peak of 2,496
aircraft idled in 2009, but it remains above the
10-year low of 1,681 aircraft parked in 2007.
Regionally, economies outside North America
and Europe are expected to lead the world in
GDP growth from 2012 to 2031. According to
IHS Global Insight, China is expected to grow
at 6.6% annually, followed by Africa, at
4.4%; Latin America, at 4.1%; Middle East,
3.8% and Asia/Pacic at 3.4%. In contrast,
the North American economy is expected
to grow at 2.6%, with Europe trailing, at 2.1%.
The overall compound annual growth rate,
as noted, is expected to be 3.26%, with
non-North American or European economies
accounting for 61% of the growth.
COMMERCIAL AIRCRAFT ORDERS AND GDP GROWTH
Sources: Bombardier Analysis, OAG Aviation Solutions, IHS Global Insight
3500
3000
2500
2000
1500
1000
500
0
1971 1975 1980 1985 1990 1995 2000 2005 2010
Commercial Aircraft Orders GDP Growth
7%
6%
5%
4%
3%
2%
1%
0%
-1%
-2%
-3%
Demand for air travel
is also reected in orders
for new aircraft.
10 ECONOMIC TRENDS
North America and Europe have historically
represented both the largest commercial
aircraft eets and the largest markets for
new aircraft. This year, the Bombardier
Commercial Aircraft Market Forecast antici-
pates total demand for new aircraft in the
20- to 149-seat segments to be evenly di-
vided between mature and emerging markets.
Although starting from much smaller base-
lines (and assuming proportionate growth
in aviation infrastructure), demand for new
aircraft is expected to be particularly strong in
emerging markets, such as China, Asia/Pacic
(including India) and Latin America. Europe,
Africa, and the Middle East are expected to
require somewhat fewer aircraft during the
period and North American forecast
demand remains unchanged.
As a countrys per capita GDP grows, so
does its residents desire for travel, and this
desire in turn fuels demand for aircraft. The
Bombardier Commercial Aircraft Market
Forecast, which anticipates long-term growth
through the continuing economic recovery,
presents a positive picture of commercial
aircraft demand through the 20122031 period.
Overall eet growth of 52% (2.1% CAGR) and
12,800 new aircraft deliveries approximately
half of which will be needed to meet the
worlds growing demand for air travel - is
estimated over the forecast period.
POPULATION GROWTH AND
URBANIZATION
The propensity for air travel is closely as-
sociated with wealth (as represented by
per capita GDP) and urbanization. As both
wealth and urbanization increase, particularly
in emerging markets, the impact on commer-
cial aviation is expected to be profound.
The Organization for Economic Co-operation
and Development (OECD) estimates that
middle-class consumer spending, as a reec-
tion of a regions per capita GDP, will expand
rapidly in emerging markets. In Asia/Pacic
(including China and India in the OECD
analysis), middle-class consumer spending
is expected to balloon, from $5.0 trillion in
2009, to $32.6 trillion in 2030 on a purchasing
Passengers originating from respective country, GDP in 2005 USD.
Sources: IHS Global Insight 2012, MIDT data, Bombardier Analysis.
0.01
0.1
1
10
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000
T
r
i
p
s

p
e
r

C
a
p
i
t
a

2011 Per Capita GDP
PROPENSITY TO TRAVEL
New Zealand
Russia
China
India
United
States
Germany
Brazil
Qatar
Italy
Israel
Portugal Switzerland
Netherlands
Hong Kong Norway
1 1 ECONOMIC TRENDS
power parity basis. In other emerging markets,
the increase is expected to be substantial, if
not spectacular. Spending in Central/South
America is expected to grow from $1.5 trillion
to $3.1 trillion, while the sub-Saharan Africa
will see middle-class consumer spending
grow from $0.8 trillion to $2.0 trillion by 2030.
Spending in the Middle East and North Africa
is expected to grow from $0.3 trillion to $0.8
trillion over the same period.

Sources: IHS Global Insight, Feb 2012, Bombardier Analysis.
3.26%
7.4%
6.6%
4.4%
4.1%
3.8%
2.6%
2.4%
2.0%
1%
2%
3%
4%
5%
6%
7%
8%
World India China Africa Latin
America
Middle
East
North
America
Asia/Pacic
(ex. China,
India)
Europe
GDP GROWTH RATES
(2012-2031)
$5.6 $8.1
$1.5
$0.3
$0.8
$2.0
$0.8
$5.0
$5.8 $11.3 $32.6 $3.1
MIDDLE-CLASS CONSUMER SPENDING IN TRILLIONS USD*
Source: OECD. * On a purchasing power parity basis.
North
America
Europe Asia/Pacic
Central & South America
Middle East & North Africa
Sub-Saharan Africa
2009
$21.3
2030
$55.7
PROJECTED
12 ECONOMIC TRENDS
In contrast, while middle-class consumer
spending in mature markets is expected to
continue growing, the increases are much
smaller, with the result that, by 2030, Europe
and North America together are expected to
account for approximately 30% of the worlds
middle-class consumer spending, compared
to approximately 64% in 2009.
ASIA, AFRICA AND LATIN AMERICA URBANIZATION
Latin
America
Rest of
Aisa
2
China India Africa Europe North
America
561
1,042
862
494
661
560
341
Population living in urban areas
Millions
2025
2009
461
739
624
356
399
531
285
1
Urban population according to national denitions.
2
Excluding China and India.
Sources: United Nations Population Division Department of Economic and Social Afairs,
World population prospects: The 2009 revision, March 2010; McKinsey Global Institute analysis.
13 ECONOMIC TRENDS
Rapid urbanization is also a feature of many
of these fast-growing economies and presents
an even more dramatic picture of large-scale
global change. The United Nations estimates
that the population of the worlds urban areas
will increase by more than 1.1 billion people
over the period from 2009 to 2025. Urbaniza-
tion will continue in Europe, and more so in
North America. However, approximately 92%
of that urban growth will occur in Africa, Latin
America, India, China, and the rest of Asia,
leading to increased demand for air travel in
those regions.
CHINA EXPENDITURE ON AIR TRAVEL
AND GROSS DOMESTIC PRODUCT
Billions of 2005 U.S. $
Expenditure on air travel (left scale) Gross Domestic Product (right scale)
Source: Bombardier Analysis and IHS Global Insight.
0
2,000
4,000
6,000
8,000
10,000
12,000
0
10
20
30
40
50
60
70
80
90
100
1
9
9
0

1
9
9
2

1
9
9
4

1
9
9
6

1
9
9
8

2
0
0
0

2
0
0
2

2
0
0
4

2
0
0
6

2
0
0
8

2
0
1
0

2
0
1
2

2
0
1
4

2
0
1
6

2
0
1
8

2
0
2
0

2
0
2
2

2
0
2
4

14 ECONOMIC TRENDS
OIL PRICE AND VOLATILITY
The outlook for consistently high oil prices
and continued oil price volatility presents
some of the biggest challenges for the world
airline industry. Jet fuel which closely tracks
the price of crude oil represents airlines
largest single expense, now amounting to 34%
of operating costs on average, according to
IATA. With this large and growing inuence,
oil prices and oil price volatility are major de-
terminants of the size and other make-up of
the commercial aircraft eet of the future.
From an average price of $80 a barrel in 2010,
oil prices rose by $20 to $100 per barrel in
2011. In the nal months of the year, the prices
spiked higher, and continued upwards by
8% in the rst ve months of 2012. Although
peak prices have not reached the $147 per
barrel experienced in July 2008, neither have
they retreated to the December 2008 low of
less than $35 per barrel. With 2011 average oil
prices 25% higher than 2010, we anticipate
that prices will remain above $100 per barrel
through 2012 and, indeed, throughout the
20-year forecast period. In fact, the U.S.
Energy Information Administration (EIA)
revised its 20-year average oil price forecast
from $107 per barrel in 2011 to $126 per barrel
in 2012 (Annual Energy Outlook 2012 Early
Release), a nearly $20 increase.
0.0
1.0
2.0
3.0
4.0
5.0
6.0
U
n
i
t

O
p
e
r
a
t
i
n
g

C
o
s
t

(
C
e
n
t
s

p
e
r

A
v
a
i
l
a
b
l
e

S
e
a
t

M
i
l
e
)

LABOUR AND FUEL UNIT COST HISTORY
Fuel
Labour
Source: Air Transport Association of America, 2012.
1
Q
0
0
3
Q
0
0
1
Q
0
1
3
Q
0
1
1
Q
0
2
3
Q
0
2
1
Q
0
3
3
Q
0
3
1
Q
0
4
3
Q
0
4
1
Q
0
5
3
Q
0
5
1
Q
0
6
3
Q
0
6
1
Q
0
7
3
Q
0
7
1
Q
0
8
3
Q
0
8
1
Q
0
9
3
Q
0
9
1
Q
1
0
3
Q
1
0
1
Q
1
1
3
Q
1
1
Source: Energy Information Administration. Note: 1. FOB = Freight on board
AVERAGE OF WEEKLY CUSHING AND BRENT SPOT PRICE FOB
1
(Dollars per Barrel)
$60
$70
$80
$90
$100
$110
$120
$130
2
-
1
0

3
-
1
0

4
-
1
0

5
-
1
0

6
-
1
0

7
-
1
0

8
-
1
0

9
-
1
0

1
0
-
1
0

1
1
-
1
0

1
2
-
1
0

1
-
1
1

2
-
1
1

3
-
1
1

4
-
1
1

5
-
1
1

6
-
1
1

7
-
1
1

8
-
1
1

9
-
1
1

1
0
-
1
1

1
1
-
1
1

1
2
-
1
1

1
-
1
2

2
-
1
2

3
-
1
2

2011 Avg.: $103.16
2010 Avg.: $79.72
YTD 2012 Avg.: $110.94
15 ECONOMIC TRENDS
Further, as observers have noted, a continua-
tion of the unrest in the Middle East, particu-
larly the threatened closure of the Strait of
Hormuz (a major oil trading passage), could
drive oil prices to the $150 per barrel range,
resulting in an estimated 2012 average price
of $135 per barrel.
While oil prices directly afect airlines prot-
ability, they also inuence eet decisions and
drive network optimization strategies. These
inuences are reected in increasing demand
for highly fuel-efcient, high-productivity
solutions, such as modern turboprop aircraft.
Oil price volatility challenges airlines ability
to forecast passenger volumes, airline work-
loads and eet replacement timing decisions,
whether on a daily, monthly or annual basis.
Looking ahead, we believe that oil prices
will remain signicantly above the historical
averages from just a few years ago and that
prices will continue to demonstrate signicant
volatility over the near term.
Although continuing high oil prices will
challenge airlines protability at least
through 2012, the arrival of new aircraft
incorporating technological advantages
that deliver direct operating cost reductions
will accelerate the retirement of older, less
fuel-efcient aircraft types.
Source: Annual Energy Outlook (AEO) by Energy Information Administration.
0
20
40
60
80
100
120
140
160
1
9
8
0

1
9
8
2

1
9
8
4

1
9
8
6

1
9
8
8

1
9
9
0

1
9
9
2

1
9
9
4

1
9
9
6

1
9
9
8

2
0
0
0

2
0
0
2

2
0
0
4

2
0
0
6

2
0
0
8

2
0
1
0

2
0
1
2

2
0
1
4

2
0
1
6

2
0
1
8

2
0
2
0

2
0
2
2

2
0
2
4

2
0
2
6

2
0
2
8

2
0
3
0

AEO2012 Early Release Reference
AEO2011 Reference
Average: $126 per barrel
Actual Forecast
OIL FORECAST
16
AIRLINE
INDUSTRY
TRENDS
17 AIRLINE INDUSTRY TRENDS
FRAGILE PROFITABILITY
The nancial outlook for the worlds airlines
remains in a state of ux as broad economic
concerns continue to work their way through
our deeply interconnected, interdependent
global economic system.
Against this backdrop, demand for air
transportation remained strong through
2011 and into 2012. IATA reported that total
passenger demand increased 5.9% in 2011,
with a 4.8% expected increase in total
passenger kilometers own in 2012.
IATA data covering the rst four months
of 2012 reected an overall 7.1% increase in
passenger trafc, while capacity (available
seat kilometres (ASKs)) increased 4.9%. As a
result, passenger load factors grew to 77.5%.
Global airline revenues have increased
throughout the period of economic recovery,
from a low of $476 billion in 2009, to $547
billion in 2010, and to $597 billion in 2011,
representing a 9.3% year-over-year increase.
According to IATA, global airline protability
improved signicantly, from a net loss of
$4.6 billion in 2009 to total net prots of $15.8
billion in 2010, before declining to $7.9 billion
in 2011. Should the world economy slip further
to a growth rate of just 2%, IATA observes
that historically, this slow growth rate has
resulted in the airlines sliding into industry-
wide losses.
Region 2007 2008 2009 2010 2011 2012F
World 12.9 15.8 7.9 3.0
North America 3.7 4.1 1.3 1.4
Europe 6.4

0.0

1.9 0.5 -1.1
Asia/Pacic 3.0

2.6

8.0 4.9 2.0
Middle East 0.9 1.0 0.4
Latin America 0.1

0.9 0.3 0.4
Africa

-16.0 -4.6
-9.6 -2.7
-4.3
-4.7
-0.1 -0.3 -0.6
-1.4 -0.5
-0.2 -0.1 -0.1

0.1 0.0 -0.1
AIRLINE INDUSTRY NET PROFITS
(Billions U.S. $)

Source: International Air Transportation Association (IATA), June 2012.

AIRLINE ECONOMICS
IATAs central forecast for 2012 anticipated
a further decline in airline protability, to
just $3.0 billion. Regionally, Asia/Pacic is
expected to perform best, as per IATAs central
forecast scenario, indicating protability of
$2.0 billion. North America airline protability
is expected to be $1.4 billion, Middle East
$0.4 billion and Latin America $0.4 billion.
Airlines in Europe and Africa are expected
to incur new losses of $1.1 billion and $0.1
billion, respectively.
In summary, the economic recovery is
continuing and demand for air transportation
also continues to build with it, subject to the
challenges posed by slow growth in global
gross domestic product and high oil prices.
In the face of these challenges airlines have
shown creativity and consistency, in address-
ing their expenses a scenario in which
operating a modern, highly fuel-efcient
aircraft eet remains the single most
important strategy for business viability
and long-term success.
AIRLINE BUSINESS MODELS
Three distinct business models are present in
the passenger segment of the airline industry:
mainline carriers (sometimes referred to as
network carriers), regional carriers and low-
fare (or low-cost) carriers. Mainline carriers
are characterized by eets of 100-plus seat
aircraft serving multiple cities and countries
through hub-and-spoke networks. Due to
cost pressures, notably high fuel prices, and
relentless competition, mainline carriers have
focused on the replacement of older equip-
ment with newer, more efcient aircraft.
Regional carriers typically operate smaller
aircraft, such as regional jets and turboprops
with fewer than 100 seats, on short- and
medium-haul routes. By representing mainline
carriers to meet passenger demand for service
and frequencies in markets with lower volumes,
regional carriers enable their mainline partners
to right-size aircraft use throughout their
networks. This specialization strategy for
network optimization has developed strong
linkages between mainline and regional car-
riers, which now account for one third of all
commercial passenger ights worldwide.
Low-fare carriers typically operate aircraft
from 70 to 200 seats on point-to-point service
connecting secondary airports. By separating
ancillary revenue from the base fare, the
low-fare carriers have thereby made air travel
accessible to passengers who could not
otherwise aford it. Low-fare carriers, which
typically have lower cost bases than mainline
carriers, are now present in nearly every
part of the world and their market share has
increased signicantly, particularly in North
America and Europe.
Source: U.S. Bureau of Transportation Statistics, May 2012.
*Most current available data. **Low-Cost Carriers are also referred to as Low-Fare Carriers
U.S. AIRLINE SEGMENTATION PROFITABILITY/LOSS*
4Q
2008
1Q
2009
2Q
2009
3Q
2009
4Q
2009
1Q
2010
2Q
2010
3Q
2010
4Q
2010
1Q
2011
2Q
2011
3Q
2011
-10.0
-5.0
0.0
5.0
10.0
15.0
O
p
e
r
a
t
i
n
g

P
r
o
t
/
L
o
s
s

a
s

%

o
f

T
o
t
a
l

O
p
e
r
a
t
i
n
g

C
o
s
t
s

Low-Cost** Regional Mainline
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2000 2005 2010 2015 2020 2025 2030
20- to 59-seat 60- to 99-seat 100- to 149-seat
COMMERCIAL AIRCRAFT CAPACITY WORLDWIDE BY SEAT CATEGORY
Actual Forecast
The growing importance of regional carriers
in the U.S. is reected inthe growing size of
regional aircraft to an average size of 37 seats
in 2000 to 50 seats in 2005 and to 56 seats
today. Regional carrier average trip length
has also increased over this period, from 296
statute miles in 2000, to 464 statute miles in
2010 and to 468 statute miles as of the rst
half of 2011. A similar pattern is recognizable
in Europe, at least partly due to less restrictive
scope clauses, where average regional aircraft
size has increased from 63 seats in 2001, to 72
seats in 2009 and to 78 seats today. Although
European average regional airline stage
lengths are shorter than their U.S. counterparts,
these have increased from 384 statute miles
to 390 statute miles over the same period.
Continued turbulence in the airline industry,
including insolvency, consolidation, outsourc-
ing, unbundling of services and attempts by
some mainline carriers to reinvent themselves
by shedding legacy cost structures, has
resulted in the three established business
models becoming less individually distinct.
However the need to right-size aircraft to
market needs remains paramount in control-
ling costs, especially as commercial aircraft
capacities range from fewer than 50 seats
to more than 600.
For longer routes with less trafc, regional
jets in the 60- to 99-seat segment present an
optimized solution. While small, single-aisle
jets provide longer-haul capacity up to 3,000
nautical miles and routing exibility, and
advanced technology turboprops are best
suited to short and medium-haul ights.

LABOUR TRENDS
While airline labour costs have decreased as
a percentage of airlines total costs, largely
due to the increase in fuel prices, they remain
the airlines second biggest expense category
and one of the largest sources of optimization
opportunities.
At the industry level, selective outsourcing of
scheduled passenger operations to regional
carriers has increased the mainline carriers
access to passengers in smaller centres, who
would otherwise be cost-prohibitive to serve
with larger aircraft. As low-cost carriers,
regional airlines can generate prots on thin
routes that their mainline counterparts nd
too costly. One constraint on this strategy has
been scope clauses negotiated between
mainline carriers and their unionized ight
crews, which restrict the use, number and
seating capacity of regional airlines aircraft
in mainline carriers network. Scope clauses
are a predominantly U.S. and European
phenomenon.
Additional labour cost control outsourcing
initiatives have addressed catering operations,
maintenance services and reservations, and
have helped lower airline costs dramatically.
Continued loosening of scope clause rules
(to permit regional carriers to operate even
large aircraft) as well as the development of
new business models, will increase demand
for air transportation. Bombardier expects
these trends to continue.
Source: Air Transport Association of America (ATA), 2012
FTE: Full Time Equivalent employees, most current annual data
500
1,000
1,500
2,000
2,500
3,000
1
9
9
1

1
9
9
2

1
9
9
3

1
9
9
4

1
9
9
5

1
9
9
6

1
9
9
7

1
9
9
8

1
9
9
9

2
0
0
0

2
0
0
1

2
0
0
2

2
0
0
3

2
0
0
4

2
0
0
5

2
0
0
6

2
0
0
7

2
0
0
8

2
0
0
9

2
0
1
0

P
r
o
d
u
c
t
i
v
i
t
y
,

A
S
K
s

(
0
0
0
)

p
e
r

F
T
E

U.S. AIRLINE LABOUR PRODUCTIVITY
TURBOPROPS AND JETS:
OPTIMIZATION IN PRACTICE
Aircraft and engine types are critical choices
in optimizing airline eets and networks. The
greatest efciencies are achieved by deploying
turboprop aircraft on short- and medium-haul
markets and jet aircraft on longer routes.
Rising fuel prices expanded the use of
turboprops worldwide and led aircraft
manufacturers to increase the size and
capability of these aircraft. These aircraft
began operating in mainline carriers eets in
signicant numbers in 2007. Advanced tur-
boprops will continue to play an integral role
in the regional airline marketplace as carriers
confront the dual pressures of rising fuel costs
and increasingly restrictive environmental
regulations. The comparatively lower fuel burn
of turboprops, compared to regional jets of
similar size, will enable carriers to maintain
capacity and shrink their overall environmental
footprint. Modern 70-passenger turboprop
aircraft represent a cost-efective replacement
on routes previously served by 50-passenger
jets, which are no longer in production.
Of approximately 5,900 aircraft to be delivered
in the 20- to 99-seat segment, Bombardiers
Commercial Aircraft Forecast for 2012 - 2031
anticipates based on oil at an average $126
per barrel that 48% will be modern tur-
boprop airliners, the rst time this product
category has achieved this degree of market
penetration. Further, of the approximately
2,850 turboprop aircraft to be delivered over
88%
55%
52%
12%
45%
48%
248
2001 Actual
319
Turboprop
Regional Jet
2012-2031 Forecast
5,900
2011 Actual
Units
Sources: Bombardier Commercial Aircraft Market Forecast 2012-2031, Energy Information Administration 2012-2031 forecast.
Oil @ $111 per barrel Oil @ $26 per barrel
Oil @ an average of
$126 per barrel
DELIVERY BY ENGINE TYPE 20- to 99-SEATS
Units, %, Actual 2001 and 2011, Forecast 2012-2031 period
the period, approximately 2,700 or 95% will
be in the 60- to 99-seat segment, which is ex-
pected to experience substantial growth over
the forecast period.
The balance of the forecast deliveries in the
20- to 99-seat segment will be larger regional
jets, which airlines will require to optimize
seating capacities, maintain passenger com-
fort and accommodate trafc growth while
reducing unit costs.
AIRCRAFT RETIREMENTS
Aircraft retirements and replacements are key
product life-cycle milestones in shaping future
aircraft deliveries and eet composition.
Historically, older aircraft are replaced to
capture the nancial, operating and mainte-
nance advantages ofered by newer, more
cost efective and more fuel-efcient aircraft,
as they become available.
Other factors that inuence aircraft retirement
timing decisions include international and
local airport noise and emissions regulations
and fees; airline branding; the competitive
environments; as well as nancial and tax
considerations (such as maintenance costs,
depreciation and incentives), airline growth
strategies, aircraft economic structural life, the
certication status of new aircraft development
programs and replacement opportunity factors,
such as delivery slots.
This year, the number of anticipated aircraft
retirements over the 20-year forecast period
has been increased by a total of 300 units,
from approximately 6,700 in our 2011 forecast
to 7,000.
Todays Fleet
(units)
2031 Fleet
(units)
4,200
17,000
12,800
Deliveries
FLEET EVOLUTION FROM
2011 TO 2031
20- to 149-seat Fleet
Replacement
Retained
Fleet
Growth
11,200
5,800
(45%)
7,000
(55%)
Much of the reason for this increase lies in oil
prices, which have seen a $20 per barrel jump
on average prices over last year, reaching an
average $126 per barrel throughout the fore-
cast period. A further factor in the increased
forecast retirements is Russian regulators
decision to ground ageing, domestically pro-
duced aircraft. However, since the utilization
of these aircraft is typically very low, they will
not be replaced on a one-to-one basis.
The increased retirements are expected
primarily in the 20- to 59-seat segment (an
increase of 200 units, from 2,500 retirements
to 2,700), as well as in the 60- to 99-seat
segment (an increase of 100 units, from 1,200
retirements to 1,300).
Gradually rising oil prices over the forecast
period add burden to aircraft operating
economics. Twenty- to 59-seat aircraft are
particularly afected due to the resulting
higher cost per seat, and hence the increased
retirements in this segment. This also applies
to the 60- to 99-seat segment towards the
end of the next decade due to the ageing
70-seat and 90-seat aircraft that entered
service in the early 2000s.
Most aircraft move through a recognizable
series of product life cycle stages. Passenger
aircraft, when removed from commercial
operation with front-line carriers, typically
move into cargo operations. Some others
move to less demanding markets and appli-
cations, serving commercial operators with
diferent utilization needs, diferent operating
environments and diferent business models.
As a signicant number of 50-seat regional
jet airliners reach 20 years of age, Bombardier
expects many will be converted into freighter
aircraft. Small freighter aircraft (with payloads
of 5,000 to 20,000 lbs) are expected to be in
demand to replace a large eet of all-cargo
aircraft currently in service around the world,
nearly all of which are limited-range turbo-
props averaging 29 years of age. The constant
evolution of the regulatory environment also
inuences the pace and pattern of aircraft
retirements and, thereby, the eet mix. During
the past 40 years, regulations imposed by
the International Civil Aviation Organization,
Committee on Aviation and Environmental
Protection (ICAO/CAEP) led to the phase-out
of noisier aircraft from U.S. and European
commercial eets. New ICAO/CAEP noise
and emission standards will further afect
the global aviation eet. Most recently, the
European Union has implemented an
Emissions Trading Scheme that, since
January 1, 2012, has applied to commercial
aircraft operating in European airspace.
IN-SERVICE AIRCRAFT 15 YEARS OF AGE OF OLDER
Sources: OAG Aviation Solutions, Bombardier Analysis.
500
1000
1500
2000
2500
10- to
19-seat
20- to
39-seat
40- to
59-seat
60- to
99-seat
100- to
149-seat
150- to
174-seat
175- to
219-seat
220+
seat
U
n
i
t
s

The typical life cycle stages of aircraft use are
also inuenced by seemingly unconnected
external events. Following the attacks of
September 11, 2001 for example, older aircraft
retirements accelerated and even some new
model aircraft were temporarily parked. Now,
almost 11 years later, not all of these aircraft
have returned to active service.

Of the current eet of 20- to 149-seat com-
mercial passenger aircraft, Bombardier antici-
pates that 60% will retire by 2031. Looking in
more detail, we expect the fewest retirements
in the 60- to 99-seat segment, and the most
70% of todays eet in the 20- to 59-seat
segment. These aircraft will be retired due to
their comparatively higher per-seat operating
costs and high fuel costs. Without the advent
of new technology-advanced, in-production
20- to 59-seat aircraft in the near-term fore-
cast period, Bombardier expects this segment
to decline dramatically, from 33% of todays
20- to 149-seat eet, to just 8% in 2031.

In sharp contrast, the near-term period will
see the introduction of new-generation 100-
to 149-seat aircraft, which are expected to
account for 53% of the total 20- to 149-seat
eet in 2031. The response to the arrival of op-
timized, new generation aircraft is expected to
result in signicant retirements and deliveries,
amounting to 3,000 retirements and 7,000
new aircraft deliveries.
More than half of the current commercial
aircraft eet will be replaced in the next 20
years, a slightly greater percentage than
expected last year, due to technical obsoles-
cence, cost inefciencies and age. The
increasing pace of older aircraft retirements
will have a positive impact on demand for
new aircraft.
80% retired from commercial passenger service
COMMERCIAL AIRCRAFT GENERAL RETIREMENT PROFILE
Standard
Commercial Passenger Aircraft
Retirement Curve
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45
Source: Bombardier Analysis.
%

o
f

e
e
t

a
c
t
i
v
e
AIRLINES AND THE ENVIRONMENT
Environmental issues and increasing environ-
mental regulation will increasingly shape the
worlds airline industry and infrastructure over
the 2012 2031 forecast period. These issues
can be broadly categorized as: local air
quality, aircraft emissions and community
noise. The aviation industry has improved
its performance in these areas consistently
over more than 50 years.
Greater fuel efciency directly boosts airline
protability and aircraft operations have
become 20% more fuel efcient over the
past 10 years alone. Modern aircraft now
achieve fuel efciency of 3.5 litres per 100
passenger kilometers, roughly comparable
to todays leading hybrid passenger cars,
with much greater speed.
Other environmental performance highlights:
Todays aircraft fy three times farther
on the same fuel than 30 years ago, a
75% gain in fuel efciency per passenger
kilometer.
New aircraft are 70% more fuel efcient
than 40 years ago.
The maximum range of commercial jet
aircraft has increased to 15,200 km from
5,190 km in 1960, carrying more passengers
farther, with less fuel.
While passenger trafc (in revenue
passenger kilometers) has increased at
an average of 5% annually, increasingly
efcient aircraft operations have limited
emissions growth to about 3%.
Todays aircraft are 50% quieter than those
40 years ago. Current ICAO Chapter 4
requirements are 35-40 dB quieter than
the requirements 40 years ago.
The aviation industry aircraft manufacturers
and airlines are working on further improve-
ments in aircraft environmental performance,
with guidance from ICAO and the Air Trans-
port Action Group (ATAG), among others.
Bombardier, with other key stakeholders, is
committed to moving toward carbon-neutral
growth within the industry during the forecast
period and achieving by 2050 a 50% reduc-
tion in CO
2
emissions from 2005 levels.
The application of new technological devel-
opments in new aircraft designs will be para-
mount in meeting these commitments. IATAs
Technology Roadmap provides a summary and
assessment of technology-based opportunities
for future aircraft, including technologies that
will reduce, neutralize and eventually eliminate
commercial aviations carbon footprint.
Bombardier is also taking steps to reduce
its own carbon and environmental impacts.
Through our corporate responsibility activities,
Bombardier is committed to minimizing the
footprint of its manufacturing and operating
activities, through increased efciency, on-site
innovation and the creation of environmental
synergies through engagement with our
supply chain partners.
In summary, the world aviation industry is
actively addressing environmental concerns
through the retirement of older aircraft, eet
modernization, application of technology, and
improvements in operations and infrastructure.
Growing environmental awareness and in-
creased environmental regulation will increase
demand for efcient new aircraft.
Source: International Air Transport Association (IATA) Technology Roadmap 2009.
Riblets
Wireless optical
connections for IFE
Spiroid wingtip
Advanced y-by-wire
MEA architecture
Fly by light
Variable camber with new
control surfaces
Energy harvesting devices
Natural laminar ow
Hybrid laminar ow control
Engine replacements
New engine core
concepts
Geared turbofan
Open rotor /
unducted fan
Advanced direct drive
Counter-rotating fan
Biomass to fuel or biojet
Biodiesel
Synthetic parafnic kerosene
Liqueed petroleum gas
Compressed natural gas
Liquid methane
Furans
Butanol
Transesterication fuels Liquid hydrogen
Ethanol
Hybrid wing body
Cruise-efcient STOL
Truss-braced wing
Wireless ight control system
PEM fuel cell
Solid-oxide fuel cell
Solid acid fuel cell
Morphing materials
Morphing airframe
Advanced 3rd gen. core
Active stability management
Thermal management
Variable cycle Adaptive cycles
Boundary-layer ingesting inlets
Embedded distributed multi-fan
Adaptive / active ow control
Ubiquitous composites
Non-Brayton cycles
Pulse detonation cycles
Regenerative / recuperative cycle
Retrot
Update
New Aircraft
< 2020
New Aircraft
> 2020
All stages
2020 2010 2030
A
i
r

T
r
a
f
c

M
a
n
a
g
e
m
e
n
t
A
l
t
e
r
n
a
t
i
v
e

F
u
e
l
s
E
n
g
i
n
e
A
i
r
f
r
a
m
e

&

S
y
s
t
e
m
s
Data link communication
Required time of arrival
Performance-based navigation
Automatic dependent surveillance broadcast - OUT
System-wide information management
GNSS landing system via ground based augmentation system
Automatic dependent surveillance broadcast - IN
IATA TECHNOLOGY ROADMAP, 2009
28
THE FORECAST
29 THE FORECAST
ASSUMPTIONS
The Bombardier Commercial Aircraft Market
Forecast covering the period 2012 2031 is
based on the following principal assumptions
and market drivers:
Demand for air travel will be cyclical and
directly related to economic growth and
wealth creation over the long term
Fleet utilization is directly related to
economic growth
Demand for air travel will be supported by
aviation infrastructure. In some emerging
markets, lagging infrastructure develop-
ment will constrain growth in air travel and
Increasing environmental regulation will
afect eet mix and encourage carriers to
seek lower per-passenger fuel burns and
emissions
The following assumptions regarding
commercial aviation also guided development
of the forecast:
Oil / fuel prices will afect feet mix
Airlines will continue to focus on cost
reduction and will prefer the advantages
of larger capacity aircraft in each
segment
Contractual restrictions on airline
operations based on aircraft size and
engine type will ease over time and
Airline markets will continue to be
opened to greater competition through
liberalization of international air
transportation agreements
The forecast was developed based on the
following metrics applied to the 20-year period:
3.26% Average economic growth in global
GDP (down from 3.4% last year)
$126/bbl Average oil price, according to the
EIA (up from $107/bbl last year).
FLEET GROWTH FORECAST
WORLD 2011 Fleet Deliveries Retirements 2031 Fleet
20- to 59-seat 3,600 300 2,700 1,200
60- to 99-seat 2,500 5,600 1,300 6,800
100- to 149-seat 5,100 6,900 3,000 9,000
TOTAL 11,200 12,800 7,000 17,000
20-YEAR OUTLOOK

Market Drivers that increase/decrease
aircraft demand
Economic Growth
Fuel Prices
Fuel Volatility
Replacement Demand
Emerging Markets
Environmental Regulations
Environmental Fees
Labour Trends
30 THE FORECAST
FORECAST RESULTS
The Bombardier Commercial Aircraft Market
Forecast anticipates the delivery of 12,800
new 20- to 149-seat aircraft in the 2012 2031
period. Coupled with retirements of approxi-
mately 7,000 aircraft, the world commercial
eet will grow from approximately 11,200
aircraft at the start of 2012, to approximately
17,000 at the period end. Overall eet growth
will be 52%, representing a compound annual
growth rate of 2.1%. Almost half of the new
deliveries will be replacement aircraft, while
the balance will be deployed for growth in
new or expanding markets.
The 20- to 59-seat segment of the market is
expected to shrink by approximately 66% over
the period, from approximately 3,600 aircraft
in 2012, to just 1,200 by 2031. The 300 expect-
ed deliveries in this segment will be more than
ofset by 2,700 expected retirements.
The 60- to 99-seat segment is expected to
grow 270% between between 2012 and 2031.
From a current base of 2,500 aircraft, 5,600
new aircraft deliveries will be countered by
1,300 retirements, resulting in a 2031 eet of
6,800 aircraft.
The 100- to 149-seat segment is expected to
grow from a current base of approximately
5,100 aircraft, with deliveries of 6,900 new
aircraft and retirements of 3,000 aircraft
resulting in a eet of approximately 9,000
aircraft at the forecast period end, representing
a 2.9% (CAGR). Aircraft in this segment
are typically employed to replacement and
growth roles in about equal proportions.
Overall eet growth will
be 52%, representing a
compound annual growth
rate of 2.1%.
BOMBARDIER MARKET SEGMENT EVOLUTION
Fleet, Deliveries, Retirement: 2011-2031

20- to 59-seat 60- to 99-seat 100- to 149-seat
2011
Fleet
2031
Fleet
Fleet 2011: 11,200 Deliveries: 12,800 Retirements: 7,000 Deliveries: 17,000
2011
Fleet
2031
Fleet
2011
Fleet
2031
Fleet
3,600
300 2,700
1,200
2,500
5,600 1,300
6,800
5,100
6,900 3,000
9,000
31 THE FORECAST
REGIONAL 20-YEAR DELIVERY OUTLOOK
Units, 2012-2031
Africa and
The Middle East
970
North
America
4,730
Latin
America
930
China
2,220
Asia/
Pacic
1,710
Europe,
Russia & CIS
2,240
32 THE FORECAST
GEOGRAPHIC BREAKDOWN
Global demand for air travel and new aircraft
continues to shift towards emerging markets,
although not as rapidly as anticipated in pre-
vious forecasts. Over the forecast period to
2031, North America is expected to account
for 37% of new aircraft deliveries, China 17%,
Europe (including Russia & CIS) 18%, Asia/
Pacic 13%, Latin America 7% and Africa &
Middle East 8%.
While total world forecast period aircraft
deliveries in the 20- to 149-seat segments
are expected to decline by 2.3%, compared
to Bombardiers 2011 forecast, the reduction
is expected primarily in European and Middle
Eastern markets (down 200 and 80 aircraft,
respectively). Demand in North America,
China, Asia/Pacic and Latin America is
expected to remain on par with last years
forecast. Aircraft demand in China and Asia/
Pacic, considered together, reect the grow-
ing economic strength and inuence of these
markets, which are expected to experience
more rapid economic growth than western
markets.
20- TO 59-SEAT SEGMENT
Bombardier foresees a total of 300 20- to
59-seat new aircraft deliveries in this segment
over the 20-year forecast period. This segment
is the only part of the 20- to 149-seat com-
mercial aircraft market expected to experi-
ence a net reduction in eet size, a reection
of the preference for larger aircraft sizes
throughout the industry in response to high
fuel prices.
Over the last year, new aircraft deliveries in
this segment efectively balanced the few
retirements and maintained the eet size
at approximately 3,600 units. Bombardier
expects very few deliveries annually over
the next 15 years, with the potential of new
aircraft oferings in this segment driving a
potential resurgence later in the forecast
period.
This years forecast also anticipates an addi-
tional 200 aircraft retirements (8%) over the
20-year period, due mainly to the impact of
high fuel prices on the competiveness of small
regional jet aircraft in service with mainline
carriers in developed markets. These 50-pas-
senger class aircraft will continue to deliver
protable service in emerging markets, such
as Africa, Latin America and Eastern Europe,
where the capacity and range characteristics
can help accelerate the development of the
air travel industry.

20-YEAR OUTLOOK
GDP Distribution by Country
(2011 and 2031)
20,000
40,000
60,000
80,000
100,000
120,000
2011 2031
North America Europe (incl: Russia & CIS)
Asia/Pacic (ex. China) China ROW
Sources: Bombardier Commercial Aircraft Market Forecast 2012-2031,
IHS Global Insight, February 2012.
T
o
t
a
l

G
D
P

(
$
T
r
i
l
l
i
o
n
)

39%
61%
50%
50%
33 THE FORECAST
This segment is one of the most dynamic in
commercial aviation, as growth will be driven
largely by the evolving relationship between
mainline and regional carriers. The outsourcing
of regional aircraft operations to carriers with
appropriate, low-cost structures, namely re-
gional airlines, continues to be the main thrust
of network optimization eforts. Bombardier
expects that scope clauses in North American
and European operations will continue to
ease, to meet growing demand in this market
segment.
Elsewhere, the attractive economics and
operational exibility of regional aircraft can
be used to right-size aircraft capacity
according to trafc demand.

Since on short stage lengths turboprop
aircraft are more economical to operate than
jets, modern turboprops are a natural hedging
tool for air carriers against high and volatile
fuel prices. High speed turboprops are now
used by many airlines to replace 50-seat
regional jets on short-haul routes, with little
or no increase in block time or reduction in
passenger comfort.
More than 200 new 60- to 99-seat aircraft
were delivered in 2011, bringing the total
segment eet up to 2,500 aircraft at the
beginning of the forecast period. In compari-
son to last years forecast, expected 20-year
deliveries have been reduced by 200 units,
due largely to a slower economic recovery in
mature markets and a preference for larger
capacity aircraft in emerging markets. Aircraft
retirements have also been increased by 100
units in this years forecast, principally 70-seat
and 90-seat regional aircraft delivered in the
early 2000s that are expected to go into
retirement towards the end of the next decade.
Of the approximately 5,900 new aircraft to
be delivered in the 20- to 59-seat and 60- to
99-seat segments in the forecast period to
2031, 48% will be turboprops and virtually all
of these deliveries are expected to be in the
60- to 99-seat segment.
Regional jet deliveries in this 60- to 99-seat
segment are expected to amount to approxi-
mately 2,900 units and represent $102 billion
in sales revenues. These aircraft will be used
by the worlds airlines to help optimize network
capacity. In all, this segment is expected to
have a demand for 5,600 new aircraft, worth
over $180 billion in sales revenue. The current
eet will grow 270%, to reach 6,800 aircraft
by the end of the forecast period.
Segment 2012 CAMF
20- to 59-seat 150
60- to 99-seat 2,700
Total 2,850
20- TO 99-SEAT
DELIVERY PROFILE
20-YEAR TURBOPROP FORECAST
20- to 99-seat Aircraft
Regional Jets
52%
Turboprops
48%
34 THE FORECAST
The 100- to 149-seat segment is expected
to achieve a 2.9% CAGR as it expands from
approximately 5,100 aircraft in 2012, to
approximately 9,000 units by 2031 the
largest market growth opportunity recognized
by the Bombardier Commercial Aircraft
Market Forecast.
This segment will see deliveries of approxi-
mately 6,900 new aircraft against retirements
of 3,000 units, or 59% of todays eet. Many of
these aircraft are derivatives of larger aircraft
and not originally designed for this segment.
The higher weight and greater drag of these
current products result in higher fuel burns
and greater CO
2
emissions. Such aircraft are
daily more challenging to operate in an ultra
cost-conscious and increasingly environmen-
tally-aware business environment. An industry
that requires a fundamental improvement in
operating economics as a matter of survival
is turning its future focus toward aircraft
optimized for their intended segments and
able to deliver signicant improvements in
airline protability.
Newly designed aircraft that deliver superior
operating economics, through advances in
technology, as well as operational exibility
and attention to passenger comfort, will
accelerate the retirement of older aircraft.
In fact, at the 2011 year end, the OAG Fleet
iNet identied approximately 2,091 single-aisle
aircraft in storage and at least temporarily
inactive.
Newly designed aircraft
that deliver superior
operating economics will
accelerate the retirement
of older aircraft.
Current large single-aisle jet New design small single-aisle jet Large RJ
Passenger Demand per Departure
P
r
o
t

c
o
n
t
r
i
b
u
t
i
o
n

p
e
r

D
e
p
a
r
t
u
r
e
Sources: U.S. Department of Transportation, Bombardier Analysis.
RJ = Regional jet, Small single-aisle jet: 100- to 149-seats, Large single-aisle jet: 150+ seats.
PROFIT ZONE RIGHT-SIZING AIRCRAFT FOR TRAFFIC DEMAND
High
Low
60 200
Current small single-aisle jet
35 THE FORECAST
This segment saw a eet decrease of approxi-
mately 100 units in 2011, while deliveries also
declined, as some orders for new 130-seat
single-aisle aircraft were converted into orders
for larger aircraft. Total deliveries in this
segment across the 20-year forecast period
have been reduced by approximately 100
units, due mainly to the slower economic
growth. The expected rate of aircraft retire-
ments in this segment has remained constant
since last years forecast. While higher oil
prices are accelerating the retirement of older
platforms, the large majority of the aging
aircraft in this segment, such as MD80/90,
BAe 146 and Boeing 737 Classics would have
exited the market by the middle of the next
decade, even with fuel prices at 2011 levels.
The 6,900 new aircraft destined for the
100- to 149-seat segment over the next 20
years will generate sales revenues of more
than $449 billion.
36
CONCLUSION
37 CONCLUSION
The commercial aviation industry has gone
through signicant change since the recent
global recession. The industrys unwavering
focus on optimization and efciency is the key
reason for its resilience. Economic growth will
drive the demand for more aircraft. Rising oil
prices and continued price volatility will drive
airlines to accelerate the retirement of older,
less efcient aircraft, thereby increasing the
demand for new-technology and fuel-efcient
aircraft.
Bombardier remains optimistic in the 20- to
149-seat aircraft market. The company pres-
ents the most optimized capacity aircraft to
connect not only primary and secondary, but
also tertiary airports around the world. The
overall eet in this market will grow by 51%
from 11,200 units in 2011 to 17,000 units in
2031. New aircraft deliveries will reach 12,800
units, generating over $630 billion in sales
revenue over the next 20 years.
New aircraft deliveries
will reach 12,800 units,
generating over $630 billion
in sales revenue over
the next 20 years.
38
GEOGRAPHIC
DETAILS
39 GEOGRAPHIC DETAIL
INTRODUCTION
The top-level message delivered by the
Bombardier Commercial Aircraft Market
Forecast this year is that while airline industry
fundamentals remain sound and attractive
over the longer term envisioned by this
forecast, the immediate term presents some
important challenges that will see early-term
deliveries of new aircraft delayed until
somewhat later in the period.
The rst of these challenges is that the world
economy is not recovering from the nancial
crisis of 2008 as quickly or as consistently as
we might have concluded a year ago. Europe
continues to deal with sovereign debt crises,
unemployment remains stubbornly high in the
United States and political unrest present
or imminent threatens economic stability in
much of Africa and the Middle East.
A second central challenge is the extent to
which growth regions can sustain their pace
of expansion. As the worlds economies are
increasingly interconnected and interde-
pendent, signicant economic events in one
region such as a sovereign default in Europe
can be expected to have negative global
implications as far away as China.
The third challenge is that fuel prices, which
have spiked signicantly since the third quar-
ter of 2011, have shown their potential to put a
brake on economic recovery and growth, and
demonstrate clearly the extent to which west-
ern economies still rely on inexpensive energy.
More expensive fuel is also here to stay.
These challenges, and more, have seriously
compromised the ability of the worlds airlines
to operate at a prot a circumstance which
is likely to result in continuing consolidation
and capacity reductions, and which is certain
to heighten carriers focus on cost reduction
as a central strategy of day-to-day operations.
What has not changed, despite these
challenges, is that air travel remains a
central building block of future prosperity
and continuing development. Air travel links
populations quickly and efciently over
distances that make other transportation
alternatives unsatisfactory. It does so
at reasonable nancial cost and with
environmental impacts that are already
small and getting smaller every day.
Modern aircraft that help their operators
serve their customers at signicantly lower
cost, with lower fuel burns, lower emissions
and more operational exibility are clearly
part of the solution and will help todays
most enlightened, most forward-thinking
air carriers not just survive todays challenges,
but actively prepare themselves to prosper
and grow in a changed world. Bombardier
is bringing such aircraft to market.
Air travel remains a
central building block of
future prosperity and
continuing development.
NORTH AMERICA (EXCLUDING MEXICO)
North America, the worlds largest aircraft
market, will maintain its leadership position
over the course of the 20 years covered by
the Bombardier Commercial Aircraft Market
Forecast. This market is expected to require
more than 4,700 new commercial aircraft,
37% of total world demand in the 20- to
149-seat segments, which is unchanged
from last years forecast.
Economic growth, at just 2.6% CAGR, is
forecast to lag most of the rest of the world,
which will average 3.26%, as GDP generation
leadership continues to shift to economies
such as India and China traditionally viewed
as emerging.
In a further departure from global trends,
less than half of the new aircraft required in
North America (45% or approximately 2,150
units) will be in the 100- to 149-seat segment.
Instead, most of the deliveries (52% or ap-
proximately 2,450 units) will be in the 60- to
99-seat segment, the traditional domain of
regional airlines.
According to data from IATA, passenger
air travel grew only modestly in 2011, 1.7%
compared to 9.9% growth in 2010. IATA sees
continuing slow growth of passenger air travel
in 2012, at 0.5%.
Regional airlines operating in partnership
with mainline carriers continue to play an
important role in North American passenger
air travel. According to industry statistics,
regional airlines accounted for 48% of 2010
departures from the top 10 U.S. airports, rep-
resenting approximately 24% of passengers
enplaned and 21% of domestic airline revenues.
Approximately 74% of U.S. airports with
commercial airline service are served only
by regional carriers.
The nancial arrangements for regional part-
ners are typically based on a xed fee-for-
ying or capacity purchase agreement (CPA)
that is not based on the number of passen-
gers carried. Regional airlines operating under
contract to their mainline partners are a vital
part of making the air travel system function
efciently by enabling the mainline carriers to
right-size the equipment ofered throughout
their networks. They also enable access to
some small market airports that cant handle
the mainline carriers larger aircraft.
Bombardier believes that the scope clauses,
which have constrained both the size and
number of regional aircraft operating in the
mainline carriers systems, will continue to
ease over the forecast period and that this
will drive demand for larger capacity regional
aircraft in greater numbers.
North Americas large installed eet base
requires constant replenishment and renewal.
As air carriers here regain nancial strength
following a period of declining passenger
loads, nancial failures, bankruptcies,
restructurings and consolidations, their
attention will focus on cost control strategies
that include expanding scope clauses to
cover larger aircraft, capacity planning and
optimizing their asset use.
One key will be eet renewal that delivers sig-
nicant improvements in operating efciency
and exibility. New aircraft that burn less fuel
and deliver other operating efciencies are
certain to be in high demand in the coming
cycle of eet renewal.
5
10
15
20
25
30
35
U
.
S
.

$

b
i
l
l
i
o
n

U.S. CARRIERS TOTAL CASH AND CASH EQUIVALENT
Source: Bureau of Transportation Statistics, Schedule B-1.
DEMAND DISTRIBUTION
BY SEAT SEGMENT,
NORTH AMERICA, 2012-2031
Total: 4,730 Units
3%
52%
45%
20- to 59-seat
60- to 99-seat
100- to 149-seat
One key will be eet
renewal that delivers
signicant improvements
in operating efciency
and exibility.
EUROPE (INCLUDING RUSSIA & CIS)
Europe, including Russia & CIS, remains a
strong market for aircraft in 20- to 149-seat
segment, accounting for approximately 18%
of expected worldwide deliveries from
2012-2031.
Anticipated deliveries for Europe, including
Russia & CIS, are unchanged from Bombardiers
2011 forecast, as a signicant increase in
expected Russian & CIS deliveries is ofset
by a projected decline in deliveries in the
nancially troubled Eurozone.
Airline strategies have focused on cost
reduction as well as consolidation through
acquisition among larger airlines, which
reduces demand for new aircraft. In addition,
Europes population density, comparatively
short travel distances and extensive airport
security measures also mean that both rail
and road provide signicant competition
to air travel.
Tightening environmental regulations are
also increasing the pace at which older, less
fuel-efcient aircraft are being retired.
...a signicant increase
in expected Russian & CIS
deliveries is ofset by a
projected decline in
deliveries in the nancially
troubled Eurozone.
Overall deliveries in this region reect the
broader industrys shift to larger aircraft, as
52% of the total deliveries are expected to be
in the 100- to 149-seat segment. Deliveries of
aircraft in the 60- to 99-seat segment domi-
nated by regional carriers are expected to
account for 45% of deliveries, while the 20- to
59-seat segment will make up the remaining
3%.
Russia & CIS are expected to grow more
rapidly than the rest of Europe, at an average
3.4% CAGR for the 20-year forecast period.
It is expected that approximately 300 new air-
craft in the 100- to 149- seat segment will be
needed, representing 26% of total European
demand for aircraft in this segment.
The Russian aviation authority announced
the grounding of a number of domestically-
built aircraft eets in 2011. This action has
advanced the retirement of these already
ageing eets, thereby creating an immediate
opportunity for both new and used aircraft
for the replenishment. As a result, we revised
our forecast to increase the demand of 60-
to 99-seat aircraft by approximately 180 units
from last year forecast to 320 units. This is
considered a moderate increase, when taking
into account the low utilization of current
eets, even though the grounded eet is
much larger.
DEMAND DISTRIBUTION
BY SEAT SEGMENT, EUROPE
(INCL. RUSSIA & CIS), 2012-2031
Total: 2,240 Units
3%
45%
52%
20- to 59-seat
60- to 99-seat
100- to 149-seat
ASIA/PACIFIC (EXCLUDING CHINA)
Delivery expectations for Asia/Pacic,
excluding China, remain largely unchanged
from Bombardiers Commercial Aircraft
Market Forecast from a year ago. Economic
forecasts predict annual GDP growth of
approximately 3.4%, which is close to the
world average over the forecast period.
This region is expected to account for
approximately 13% of new aircraft deliveries
over the forecast period, representing approx-
imately 1,710 aircraft against retirement of
790 aircraft, resulting in eet growth of
920 aircraft, to a total of 2,090 in 2031.
In Asia/Pacic, connections between
countries are expected to increase in both
number and extent over time. Larger, longer
range aircraft are increasingly required for
international routes and, as in most other
regions addressed by Bombardiers forecast
and the industry generally, the 100- to 149-
seat segment is expected to account for
more than half the deliveries (57%) over the
period. Smaller, short-haul aircraft will be
required for growth and eet replacement
in domestic markets.
SUB-REGION OF ASIA/PACIFIC
Northeast Asia
South Asia
Southeast Asia
Oceania
In Asia/Pacic,
connections between
countries are expected to
increase in both number
and extent, over time.
In India, despite the continuation of strong
economic growth, the airline industry has
been hard hit by the devaluation of the rupee
and overcapacity, with the result that consoli-
dation is now under way. More broadly, fa-
vourable aviation policies continue to
stimulate demand for regional aircraft in order
to meet the growing desire for air travel from
the burgeoning middle-class.
In common with other emerging economies,
notably China, the growth of commercial
aviation in India is expected to be limited by
infrastructure shortcomings. India currently
has four international airports operating at or
above optimum capacity, three of which have
identied expansion plans in place, while the
fourth cannot be expanded, due to physical
encroachments. Fourteen airports have been
identied for construction, conversion or
expansion, while an additional 35 airports
have been identied in Indias 10th Five Year
Plan (2002 2007), although many projects
have been delayed due to nancing or
bureaucratic delays.
Most of the 14 airport projects underway are
located in southwestern India and there are
incentives for carriers to add service, which
could see these facilities approach optimum
capacity utilization. More specically, nancial
incentives for operating aircraft with fewer
than 80 seats include waived landing fees and
lower jet fuel taxes, which encourages the
operation of regional aircraft.
AIRPORT CONGESTION AND EXPANSION PLAN
India
49
Existing airports
at or above optimum
capacity
Indias scheduled
airports for expansion
/construction
Sources: CAPA and Bombardier anlaysis.
Lambert Azimuthal Equal Area Projection
Basedon 2. 5 arc-minute resolution data
0 200km
BANGLADESH
CHINA
MYANMAR
NEPAL
BHUTAN
S
R
I
L
A
N
K
A
PAKISTAN
1
1
1 2
5
9
1
7
1 1
3
8
6
4 Persons per km
2
0
1-5
6-25
26-250
251-1,000
1,001+
Despite fall-of in demand from many parts
of the world following the nancial crisis of
2008 2009, Indias manufacturing sector
has remained robust. Air travel is expected to
see a signicant period of growth as the gov-
ernment addresses substantial infrastructure
decits over the next ve years in particular,
with overall spending set to increase to more
than $1 trillion. India has a large land mass and
a very large and increasingly prosperous and
mobile population that is set to claim an in-
creasing share of the worlds material wealth.
It lacks a high-speed rail network which could
compete with the advantages of air travel.
Forecast growth in Indias GDP appears to
be following the pattern established by China,
although with a ve-year lag. Indias popula-
tion growth and widespread poverty continue
to create pressure within the countrys politi-
cal system.
Successful development of Indias commercial
aviation potential will be dependent largely
on nancing to translate the growing demand
into new aircraft, as well as the ability to sup-
port market demands with domestic airport
infrastructure.
Northeast Asia, led by Japan, is recovering
slowly from the ravages of the Fukushima
environmental crisis and tsunami, although
showing signs of individual and corporate
resilience signs which will result in strong
regional domestic demand and continued
economic development.
Growth markets linking major city pairs
continue to develop and will be stimulated
further by the continued loosening of regula-
tory restraints, except those relating to air-
craft environmental performance, which are
expected to remain among the strictest in
the world. Modern turboprop and jet aircraft
which meet these standards will be well
positioned for increased acceptance.
DEMAND DISTRIBUTION
BY SEAT SEGMENT,
ASIA/PACIFIC, 2012-2031
Total: 1,710 Units
2%
41%
57%
20- to 59-seat
60- to 99-seat
100- to 149-seat
CHINA (PRC)
Chinas emergence as an economic power-
house drives demand for new aircraft and this
market is now second only to North America,
with 17% of world demand. We forecast a
demand for approximately 2,220 aircraft over
the 20-year forecast period, including approx-
imately 1,400 aircraft in the 100- to 149-seat
segment, as well as more than 800 in the
60- to 99-seat regional aircraft segments.
Chinas forecast economic growth of 6.6%
CAGR signicantly outpaces both the forecast
world rate (3.26%) and the runners-up, Africa-
Middle East (4.1%) and Latin America (4.1%).
China has focused much of its development
on building and supplying export markets for
a very wide variety of goods. As the success
of that strategy generates Chinese domestic
nancial returns, and the middle class begins
to prosper and experience material comforts,
some of the countrys emphasis is likely to
shift to development for meeting domestic
needs.
Chinas need for domestic transportation
is central to its economic growth plans and
aviation is expected to play a central role.
DEMAND DISTRIBUTION
BY SEAT SEGMENT,
CHINA, 2012-2031
Total: 2,220 Units
1%
36%
63%
20- to 59-seat
60- to 99-seat
100- to 149-seat
In its current strategic ve-year plan. China
seeks to have more than 80% of its population
within 100 km or 1.5 hours of air transporta-
tion a feat which would provide air transpor-
tation to 96% of its GDP base. While the air
transportation system is developing, Chinas
high-speed rail network can be expected to
pursue and capture excess demand, particu-
larly at and near major airports, and where
the journey is less than 600 km.
Airports and air trafc control system
capacity are major brakes on the growth of
commercial aviation in China. China has 15
international airports operating at or above
optimum capacity, and the central govern-
ment has implemented plans to build, expand
or convert 40 airports for commercial use,
with a further 50 airports to be built, expanded
or converted by 2020. Most of the 40 airport
projects already underway are located in the
Central, South and East regions, which reects
the distribution of population within China,
although there are some initiatives to build
aviation infrastructure in the less populated
western provinces.
Current commercial air space limitations,
combined with aircrew shortages, monopo-
listic fuel pricing and restrictive airline route
expansion and airport usage policies, have
favored the use (and purchase) of larger jets
and resulted in congested
airspace around Chinas larg-
est urban centres.
Accordingly, China will need
to build aggressively and
equip a signicant number of
new airports some to re-
lieve air trafc congestion in
heavily populated and trav-
eled areas, and still more to
develop and extend econom-
ic and social links to more
remote parts of the country.
China is therefore expected
to require a signicant
number of 60- to 99-seat
regional aircraft to meet this
demand, as well as the pilots
to operate them, technicians
to maintain them and an air
trafc control system with
which to operate them safely.
Traditional market barriers to trade in China
can be expected to lessen over time to help
accomplish these challenges. Chinese GDP
growth is expected to slow in the coming
years from consistent double-digit rates to
rates more in line with mature markets and
the government is being counseled to reduce
its interventions in the marketplace. Instead,
the government is being advised to create
and maintain an environment in which mar-
kets determine economic inputs and reward
commercial success. According to reports by
the World Bank and Development Research
Centre, signicant policy changes are required
if China is to realize its potential as the worlds
largest economy and a high-income country.
AIRPORT CONGESTION AND EXPANSION PLAN
China (PRC)
Existing airports at or above
optimum capacity
40
Chinas scheduled airports for
expansion/construction
1
1
1
1
1
1
1
1
2
2
2
2
2
2
2
2
2
2
2
2
5
9
1
7
11
1
3
3
3
3
3
3
3
3
3
3
3
3
8
6
4
4
LATIN AMERICA (INCLUDING MEXICO AND CARIBBEAN)
Bombardier forecast a demand for approxi-
mately 930 new aircraft in Latin America over
the forecast period. We expect this region
(which includes Mexico and the Caribbean)
to account for 7% of new aircraft deliveries
over the coming 20-year forecast period,
representing 930 total units. Of these, 65%
or 600 aircraft are expected in the 100- to
149-seat segment and 32% or 300 in the
60- to 99-seat segment.
Latin American economic growth is expected
to be among the highest, at an average 4.1%
for the period, which should result in a
medium-high growth environment for air
travel and deliveries of new aircraft.
This region currently
accounts for
approximately equal
shares of global GDP
and world passenger
trafc (6% in each) yet
is served by 11% of the
worlds airlines.
This region currently accounts for approxi-
mately equal shares of global GDP and world
passenger trafc (6% in each) yet is served
by 11% of the worlds airlines a circumstance
that results in erce competition and, in
recent years, business failures and industry
consolidation.
IATA estimates that passenger trafc in Latin
America increased by 9.8% over 2010, which
itself showed 14.5% improvement over a at
2009. IATAs forecast trafc growth for Latin
America was among the strongest in both
base case and oil price spike scenarios, and
signicantly exceeded those for North Ameri-
ca and Europe, although starting from a much
smaller base.
The Latin American region is increasingly
home to world-scale events, such as the 2014
FIFA World Cup and the Summer Olympic
Games in 2016, which can be expected to
boost regional economies and to energize the
development of infrastructure to support air
travel growth. In addition, the recent growth
of low-fare air carriers is helping to make air
travel much more accessible to the popula-
tion, largely through the use of regional jet,
turboprop and single-aisle jet aircraft.
DEMAND DISTRIBUTION
BY SEAT SEGMENT,
LATIN AMERICA, 2012-2031
Total: 930 Units
3%
32%
65%
20- to 59-seat
60- to 99-seat
100- to 149-seat
AFRICA AND THE MIDDLE EAST
The political uncertainty contrasts the strong
economic growth in Africa and the Middle
East. Bombardiers forecast for new aircraft
deliveries in this region remains relatively
unchanged at 970 units, approximately 1%
lower than last year forecast, over the forecast
period. Within the region, the Middle East is
expected to take 420 new aircraft and Africa
to require 550.
Economic growth is expected to be solid
and slightly above the world average, at 3.8%
CAGR in the Middle East and 4.4% CAGR in
Africa. As in most other regions, new aircraft
deliveries are expected to be dominated by
the 100- to 149-seat class, with 61% or ap-
proximately 600 aircraft, while 60- to 99-seat
aircraft will amount to 36% of deliveries, or
approximately 350 aircraft.
Economic growth is
expected to be solid
and slightly above the
world average.
Both these regions face signicant challenges,
including political unrest, slow development of
infrastructure and slow liberalization of tradi-
tionally highly regulated aviation markets all
of which have slowed commercial aviation
growth.
In Africa, for example, the development of
aviation infrastructure has focused on a com-
paratively small number of showcase inter-
national hub airports, rather than secondary
or tertiary destinations that would help build
domestic and regional air travel networks
and make air travel accessible to more of the
population. This pattern of surface-focused
development is prevalent across Africas many
countries and in many other essential indus-
tries, such as telecommunications, which vary
widely between regions and countries and
often lags in less developed areas.
There are signs of growing, positive change,
however, in the scale of external investment
from countries such as China and India. To
support economic growth, India has extended
$5 billion in credit to Africa over three years
and steadily increased its imports from Africa
to more than $26 billion annually. China has
played a similar role, having invested more
than $5 billion in sub-Saharan Africa annually
since 2006.
IATA estimated that air passenger travel in
Africa shrank slightly in 2011, following very
strong growth in 2010, at 15.0%. Its forecast
predicts a modest growth in 2012, at 4.2%.
Air travel in the Middle East was predicted to
grow at 8% or more in 2011 and 2012, accord-
ing to IATA, following double-digit growth in
2010. Following a period of social and politi-
cal turmoil, there is some increased expecta-
tion of additional growth potential germinat-
ing in the aftermath of regime change and
increasing political stability across the Middle
East.
DEMAND DISTRIBUTION
BY SEAT SEGMENT,
AFRICA AND THE MIDDLE EAST,
2012-2031
Total: 970 Units
20- to 59-seat
60- to 99-seat
100- to 149-seat
2%
36%
62%
53 FORWARD-LOOKING STATEMENTS
This presentation includes forward-looking statements,
which may involve, but are not limited to: statements with
respect to our objectives, guidance, targets, goals, pri-
orities, markets and strategies, nancial position, beliefs,
prospects, plans, expectations, anticipations, estimates
and intentions; general economic and business outlook,
prospects and trends of an industry; expected growth in
demand for products and services; product development,
including projected design, characteristics, capacity or
performance; expected or scheduled entry into service
of products and services, orders, deliveries, testing, lead
times, certications and project execution in general; our
competitive position; and the expected impact of the leg-
islative and regulatory environment and legal proceedings
on our business and operations. Forward-looking state-
ments generally can be identied by the use of forward-
looking terminology such as may, will, expect, in-
tend, anticipate, plan, foresee, believe , continue
or maintain, the negative of these terms, variations of
them or similar terminology. By their nature, forward-look-
ing statements require us to make assumptions and are
subject to important known and unknown risks and uncer-
tainties, which may cause our actual results in future peri-
ods to difer materially from forecasted results. While we
consider our assumptions to be reasonable and appropri-
ate based on information currently available, there is a risk
that they may not be accurate. For additional information
with respect to the assumptions underlying the forward-
looking statements made in this presentation, refer to the
respective Guidance and forward-looking statements sec-
tions in Overview, Bombardier Aerospace and Bombardier
Transportation sections in the Managements Discussion
and Analysis (MD&A) in the Corporations annual report
for the scal year ended December 31, 2011.
Certain factors that could cause actual results to difer
materially from those anticipated in the forward-looking
statements include risks associated with general economic
conditions, risks associated with our business environment
(such as risks associated with the nancial condition of the
airline industry and major rail operators), operational risks
(such as risks related to developing new products and ser-
vices; doing business with partners; product performance
warranty and casualty claim losses; regulatory and legal
proceedings; to the environment; dependence on certain
customers and suppliers; human resources; xed-price
commitments and production and project execution), -
nancing risks (such as risks related to liquidity and access
to capital markets, exposure to credit risk, certain restric-
tive debt covenants, nancing support provided for the
benet of certain customers and reliance on government
support) and market risks (such as risks related to foreign
currency uctuations, changing interest rates, decreases
in residual value and increases in commodity prices). For
more details, see the Risks and uncertainties section in
Other. Readers are cautioned that the foregoing list of
factors that may afect future growth, results and perfor-
mance is not exhaustive and undue reliance should not be
placed on forward-looking statements. The forward-look-
ing statements set forth herein reect our expectations as
at the date of the Corporations MD&A and are subject to
change after such date. Unless otherwise required by ap-
plicable securities laws, we expressly disclaim any inten-
tion, and assume no obligation to update or revise any
forward-looking statements, whether as a result of new in-
formation, future events or otherwise. The forward-looking
statements contained in this presentation are expressly
qualied by this cautionary statement.
All monetary amounts are expressed in 2012 U.S. dollars, unless otherwise stated.
54 RESOURCES
Resources used in the development of the Bombardier Aerospace,
Commercial Aircraft Market Forecast, 2012 2031 include:
AACO Arab Air Carriers Organization
AAPA Association of Asia/Pacic Airlines
ACAS AirCraft Analytic System database
AIA Aerospace Industries Association of America
Airline Monitor
ATA Air Transport Association
ATAG Air Transport Action Group
Aviation Daily
Bank of America Merrill Lynch Industry Overview Report
BTS U.S. Bureau of Transportation Statistics
CAAC Civil Aviation Administration of China
DOT U.S. Department of Transportation
EIA U.S. Energy Information Administration
ERAA European Regional Airline Association
IATA International Air Transport Association
ICAO International Civil Aviation Organization
IHS Global Insight
IPCC Report on Aviation and Climate Change
OAG BACK Aviation
RAA Regional Airline Association
www.enviro.aero
Registered trademark(s) or trademark(s) of Bombardier Inc. or its subsidiaries. 2012 Bombardier Inc. All rights reserved.

BCA 2012 Market Forecast

Caricato da

Informazioni sul documento

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

BCA 2012 Market Forecast

Caricato da

Copyright:

Formati disponibili

COMMERCIAL AIRCRAFT

Potrebbero piacerti anche