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The Global Business Jet market has been on the recovery path while facing tremendous headwinds in a complex, difficult & highly challenging market environment with the global economy reeling under the pressure of COVID-19 pandemic. The global business jet market in fact has been faring much better than commercial aviation, marking a major departure from the usual trend owing to social distancing mandates, and has witnessed a strong uptick in fleet utilization levels by late 2020 and is projected to make a recovery to pre-COVID levels, in terms of fleet utilization, by mid-2021. The industry has shown tremendous resilience over the past decade with the OEMs focusing on portfolio refresh led by new product introductions, reinforcement of presence across key markets & regions and services portfolio expansion amid a difficult demand environment through the decade.
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The Global Agriculture Equipment market has been impacted significantly by the outbreak of COVID-19 in early 2020 marked by production and supply chain disruptions and anemic market demand amid the global macroeconomic challenges & uncertainty.
The industry, however, remains focused on restructuring to optimize the cost & production base aligned with prevailing market scenario while continuing to focus on long term trends & growth opportunities. The net farm income in the U.S. is projected to grow by 43% year on year for 2020 to reach $119 billion despite the disruptions & fallout from the outbreak of COVID-19 pandemic and is projected to be heading towards the peak levels of 2013 once again following four consecutive years of steady improvements & increases. For 2021, the agricultural equipment sales are projected to grow by 5%+ across North America, Europe and South America while the sales in Asia are pro