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Commercial Aircraft Leasing Market
Report 2015-2025
Top Companies in Narrowbody, Widebody, Regional Jet &
Turboprop Operating Dry Leasing & ACMI Wet Leasing

2. www.visiongain.com
Contents
1. Report Overview
1.1 Global Commercial Aircraft Leasing Market Overview
1.2 Global Commercial Aircraft Leasing Market Segmentation
1.3 Market Definition
1.4 How This Report Delivers
1.5 Key Questions Answered by This Analytical Report Include:
1.6 Why You Should Read This Report
1.7 Methodology
1.8 Frequently Asked Questions (FAQ)
1.9 Associated Visiongain Reports
1.10 About Visiongain
2. Introduction to the Commercial Aircraft Leasing Market
2.1 Type of Commercial Aircraft Leasing
2.1.1 Operating Leasing
2.1.1.1 ACMI / Wet Leasing
2.1.1.2 Damp Leasing
2.1.1.3 Dry Leasing
2.1.2 Financial Leasing
2.2 Global Commercial Aircraft Leasing Market Structure Overview
2.3 Commercial Aircraft Leasing Market Definition
3. Global Commercial Aircraft Leasing Market 2015-2025
3.1 Global Commercial Aircraft Leasing Market Forecast 2015-2025
3.2 Global Commercial Aircraft Total Active Fleet Forecast 2015-2025
3.3 Global Commercial Aircraft Operating Leased Fleet Forecast 2015-2025
3.4 Global Commercial Aircraft Operating Leased / Non-Operating Leased Fleet Market Share
Forecast 2015-2025
3.5 World’s Top 50 Commercial Aircraft Lessors by Fleet Value 2014
3.6 World’s Top 50 Commercial Aircraft Lessors by Fleet Size 2014
3.7 Global Commercial Aircraft Leasing Market Drivers & Restraints
4. Global Commercial Aircraft Leasing Submarket 2015-2025
4.1 Global Commercial Aircraft Leasing Submarket Overview
4.2 Commercial Aircraft Operating Leasing (Dry Leasing) Submarkets

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Contents
4.2.1 Wide-body Commercial Aircraft Operating Leasing (Dry Leasing) Submarket 2015-
2025
4.2.1.1 World’s Top 30 Wide-body Commercial Aircraft Lessors by Fleet Size 2014
4.2.2.2 Wide-body Commercial Aircraft Operating Leasing (Dry Leasing)
Submarket Analysis
4.2.2 Narrow-body Commercial Aircraft Operating Leasing (Dry Leasing) Submarket 2015-
2025
4.2.2.1 World’s Top 30 Narrow-body Commercial Aircraft Lessors by Fleet Size
2014
4.2.2.2 Narrow-body Commercial Aircraft Operating Leasing (Dry Leasing)
Submarket Analysis
4.2.3 Regional Jet / Turboprop Commercial Aircraft Operating Leasing (Dry Leasing)
Submarket 2015-2025
4.2.3.1 World’s Top 30 Regional Jet / Turboprop Commercial Aircraft Lessors by
Fleet Size 2014
4.2.3.2 Regional Jet / Turboprop Commercial Aircraft Operating Leasing (Dry
Leasing) Submarket Analysis
4.3 Commercial Aircraft ACMI / Wet Leasing Submarket 2015-2025
4.3.1 Commercial Aircraft ACMI / Wet Leasing Submarket Analysis
4.4 Global Commercial Aircraft Leasing Submarkets
4.5 Global Commercial Aircraft Leasing Submarkets Cumulative Market Share Forecast 2015-2025
5. Regional Commercial Aircraft Leasing Market Forecasts 2015-2025
5.1 Regional Commercial Aircraft Leasing Markets Share Forecast 2015-2025
5.2 North American Commercial Aircraft Leasing Market Forecasts 2015-2025
5.2.1 North American Commercial Aircraft Leasing Market Drivers & Restraints
5.2.2 North American Commercial Aircraft Leasing Market Analysis
5.2.3 North American Commercial Aircraft Leasing Market Major Contracts & Programmes
5.3 European Commercial Aircraft Leasing Market Forecasts 2015-2025
5.3.1 European Commercial Aircraft Leasing Market Drivers & Restraints
5.3.2 European Commercial Aircraft Leasing Market Analysis
5.3.3 European Commercial Aircraft Leasing Market Major Contracts & Programmes
5.4 Asia Pacific Commercial Aircraft Leasing Market Forecasts 2015-2025
5.4.1 Asia Pacific Commercial Aircraft Leasing Market Drivers & Restraints
5.4.2 Asia Pacific Commercial Aircraft Leasing Market Analysis
5.4.3 Asia Pacific Commercial Aircraft Leasing Market Major Contracts & Programmes
5.5 Middle Eastern Commercial Aircraft Leasing Market Forecasts 2015-2025

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Contents
5.5.1 Middle Eastern Commercial Aircraft Leasing Market Drivers & Restraints
5.5.2 Middle Eastern Commercial Aircraft Leasing Market Analysis
5.5.3 Middle Eastern Commercial Aircraft Leasing Market Major Contracts & Programmes
5.6 Latin American Commercial Aircraft Leasing Market Forecasts 2015-2025
5.6.1 Latin American Commercial Aircraft Leasing Market Drivers & Restraints
5.6.2 Latin American Commercial Aircraft Leasing Market Analysis
5.6.3 Latin American Commercial Aircraft Leasing Market Major Contracts & Programmes
5.7 C.I.S. Commercial Aircraft Leasing Market Forecasts 2015-2025
5.7.1 C.I.S. Commercial Aircraft Leasing Market Drivers & Restraints
5.7.2 C.I.S. Commercial Aircraft Leasing Market Analysis
5.7.3 C.I.S. Commercial Aircraft Leasing Market Major Contracts & Programmes
5.8 African Commercial Aircraft Leasing Market Forecasts 2015-2025
5.8.1 African Commercial Aircraft Leasing Market Drivers & Restraints
5.8.2 African Commercial Aircraft Leasing Market Analysis
5.8.3 African Commercial Aircraft Leasing Market Major Contracts & Programmes
5.9 Regional Commercial Aircraft Leasing Markets Cumulative Market Share Forecast 2015-2025
6. SWOT Analysis of the Commercial Aircraft Leasing Market 2015-2025
7. Expert Opinion
7.1 AviaAM Leasing AB
7.1.1 AviaAM’s Involvements in Commercial Aircraft Leasing Sector
7.1.2 Which Geographical Region Contributing the Most to the Aircraft Leasing Business
7.1.3 Trends and Development in the Commercial Aircraft Leasing Segment
7.1.4 Which Type of Aircraft Consider as the Best Performing Segment
7.1.5 Future Developments in the Commercial Aircraft Leasing
7.1.6 Challenges and Opportunities in Aircraft Leasing Business
7.1.7 Commercial Aircraft Leasing Market Climates in Developing Countries
7.1.8 Operating Risks for Commercial Aircraft Leasing Business
7.2 Doric GmbH
7.2.1 Doric’s Involvements in Commercial Aircraft Leasing Sector
7.2.2 Doric’s Prospective in Geographical Development
7.2.3 Commercial Aircraft Leasing Key Trends and Development
7.2.4 Best Performing Segment in Commercial Aircraft Leasing
7.2.5 Technological Development over the Next Decade
7.2.6 Challenges and Opportunities for Commercial Aircraft Leasing Business

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Contents
7.2.7 Developing Markets Driving the Commercial Aircraft Leasing Sector
7.2.8 What are the Considerable Risks Impacting the Aircraft Leasing Business?
7.2.9 Other Issues/Trends Surrounding the Aircraft Leasing Segment
7.3 Intrepid Aviation Group Holdings
7.3.1 Regional Commercial Aircraft Leasing Market Prospects from Intrepid
7.3.2 Two Key Trends and Developments Surrounding the Commercial Aircraft Leasing
Business
7.3.3 Which End Use Segment Have Better Performers?
7.3.4 Future Challenges and Opportunities for Aircraft Leasing Sector
7.3.5 Regional Business Climates in the Aircraft Leasing Segment
7.3.6 Key Risks for the Commercial Aircraft Leasing Activity
7.4 Veling Ltd.
7.4.1 Commercial Aircraft Leasing Developing Markets AGR Prospects
7.4.2 Key Financial Trends and Developments in Aircraft Leasing Segment
7.4.3 Drivers and Opportunities in Commercial Aircraft Leasing Business
8. Leading Commercial Aircraft Leasing Companies
8.1 Top 10 Commercial Aircraft Leasing Company Analysis 2015
8.1.1 Top 10 Commercial Aircraft Leasing Company Market Share Overview
8.2 AerCap Holdings N.V.
8.2.1 AerCap Holdings N.V. Total Company Revenue 2010-2014
8.2.2 AerCap Holdings N.V. Corporate Structure / Subsidiaries
8.2.3 AerCap Holdings N.V. Products / Services
8.2.4 AerCap Holdings N.V. Analysis
8.2.5 AerCap Holdings N.V. Primary Market Competitors
8.2.6 AerCap Holdings N.V. Regional Emphasis / Focus
8.2.7 AerCap Holdings N.V. Major Contracts / Projects / Programmes
8.3 Air Lease Corporation (ALC)
8.3.1 Air Lease Corporation Total Company Revenue 2010-2014
8.3.2 Air Lease Corporation Subsidiaries
8.3.3 Air Lease Corporation Products / Services
8.3.4 Air Lease Corporation Analysis
8.3.5 Air Lease Corporation Primary Market Competitors
8.3.6 Air Lease Corporation Regional Emphasis / Focus
8.3.7 Air Lease Corporation Major Contracts / Projects / Programmes
8.4 Aviation Capital Group Corporation
8.4.1 Aviation Capital Group Corporation Total Revenue 2012-2014

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Contents
8.4.2 Aviation Capital Group Corporate Structure / Subsidiaries
8.4.3 Aviation Capital Group Corporation Analysis
8.4.4 Aviation Capital Group Corporation Primary Market Competitors
8.4.5 Aviation Capital Group Corporation Regional Emphasis / Focus
8.4.6 Aviation Capital Group Corporation Major Contracts / Projects / Programmes
8.5 Avolon Holdings Ltd
8.5.1 Avolon Holdings Ltd Total Company Revenue 2011-2014
8.5.2 Avolon Holdings Ltd Corporate Structure / Subsidiaries
8.5.3 Avolon Holdings Ltd Analysis
8.5.5 Avolon Holdings Ltd Primary Market Competitors
8.5.6 Avolon Holdings Ltd Regional Emphasis / Focus
8.5.7 Avolon Holdings Ltd Major Contracts / Projects / Programmes
8.6 AWAS Aviation Capital Ltd
8.6.1 AWAS Aviation Capital Ltd Regional Emphasis / Focus
8.6.2 AWAS Aviation Capital Ltd Analysis
8.6.3 AWAS Aviation Capital Ltd Primary Market Competitors
8.6.4 AWAS Aviation Capital Ltd Major Contracts / Projects / Programmes
8.7 BBAM LLC / FLY Leasing Ltd
8.7.1 FLY Leasing Ltd Total Company Revenue 2010-2014
8.7.2 BBAM LLC Subsidiaries
8.7.3 BBAM LLC Products / Services
8.7.4 BBAM LLC / FLY Leasing Ltd Analysis
8.7.5 BBAM LLC / FLY Leasing Ltd Primary Market Competitors
8.7.6 BBAM LLC / FLY Leasing Ltd Regional Emphasis / Focus
8.7.7 BBAM LLC / FLY Leasing Ltd Major Contracts / Projects / Programmes
8.8 BOC Aviation Pte. Ltd
8.8.1 BOC Aviation Pte. Ltd Total Company Revenue 2010-2014
8.8.2 BOC Aviation Pte. Ltd Subsidiaries
8.8.3 BOC Aviation Pte. Ltd Products / Services
8.8.4 BOC Aviation Pte. Ltd Analysis
8.8.5 BOC Aviation Pte. Ltd Primary Market Competitors
8.8.6 BOC Aviation Pte. Ltd Regional Emphasis / Focus
8.8.7 BOC Aviation Pte. Ltd Major Contracts / Projects / Programmes
8.9 CIT Aerospace
8.9.1 CIT Group Inc. Corporate Structure
8.9.2 CIT Aerospace Products / Services
8.9.3 CIT Aerospace Analysis

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Contents
8.9.4 CIT Aerospace Primary Market Competitors
8.9.5 CIT Aerospace Regional Emphasis / Focus
8.9.6 CIT Aerospace Major Contracts / Projects / Programmes
8.10 GE Capital Aviation Services (GECAS)
8.10.1 GE Capital Corporation Company Revenue 2010-2014
8.10.2 General Electric Company Corporate Structure / Subsidiaries
8.10.3 GE Capital Aviation Services Products / Services
8.10.4 GE Capital Aviation Services (GECAS) Analysis
8.10.5 GE Capital Aviation Services Primary Market Competitors
8.10.6 GE Capital Corporation Regional Emphasis / Focus
8.10.7 GE Capital Aviation Services Major Contracts / Projects / Programmes
8.11 SMBC Aviation Capital Ltd
8.11.1 SMFG Corporate Structure / Subsidiaries
8.11.2 SMBC Aviation Capital Ltd Products / Services
8.11.3 SMBC Aviation Capital Ltd Analysis
8.11.4 SMBC Aviation Capital Ltd Primary Market Competitors
8.11.5 SMBC Aviation Capital Ltd Regional Emphasis / Focus
8.11.6 SMBC Aviation Capital Ltd Major Contracts / Projects / Programmes
8.12 Other Leading Companies in the Commercial Aircraft Leasing Market
9. Conclusions
9.1 Global Commercial Aircraft Leasing Market Outlook & Key Findings
9.2 Drivers & Restraints for the Global Commercial Aircraft Leasing Market

8. Page 266www.visiongain.com
Commercial Aircraft Leasing Market Report 2015-2025:Top
Companies in Narrowbody,Widebody, Regional Jet
& Turboprop Operating Dry Leasing & ACMI Wet Leasing
5.6 Latin American Commercial Aircraft Leasing Market Forecasts 2015-
2025
Table 5.14 Latin American Commercial Aircraft Leasing Market & Submarket
Forecasts 2015-2025 ($m, AGR %, CAGR %, Cumulative)
Sales ($m) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015-25
Widebody A/C
Dry Leasing
350 360 370 380 389 398 408 419 431 443 455 466 4,519
AGR (%) 2.9 2.8 2.7 2.4 2.3 2.5 2.7 2.9 2.8 2.7 2.4
NarrowbodyA/C
DryLeasing
1,020 1,059 1,099 1,142 1,189 1,239 1,291 1,344 1,398 1,454 1,513 1,576 14,304
AGR (%) 3.8 3.8 3.9 4.1 4.2 4.2 4.1 4.0 4.0 4.1 4.2
Regional A/C
Dry Leasing
350 363 376 390 405 421 438 456 474 492 511 533 4,859
AGR (%) 3.7 3.6 3.7 3.8 4.0 4.0 4.1 3.9 3.8 3.9 4.3
ACMI /
Wet Leasing
180 186 192 198 205 213 221 228 235 243 253 264 2,438
AGR (%) 3.3 3.2 3.1 3.5 3.9 3.8 3.2 3.1 3.4 4.1 4.3
Total Sales 1,900 1,968 2,037 2,110 2,188 2,271 2,358 2,447 2,538 2,632 2,732 2,839 26,120
AGR (%) 3.6 3.5 3.6 3.7 3.8 3.8 3.8 3.7 3.7 3.8 3.9
CAGR (%) 2015-20 3.7 2020-25 3.8
CAGR (%) 2015-25 3.7
Source: Visiongain 2015
Figure 5.41 Latin American Commercial Aircraft Leasing Market & Submarket
Forecasts 2015-2025 ($m, AGR %)
Source: Visiongain 2015
0
1
2
3
4
5
0
500
1,000
1,500
2,000
2,500
3,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
LatinAmericanAGR(%)
Sales($m)
Year
Widebody A/C Dry Leasing Narrowbody A/C Dry Leasing Regional A/C Dry Leasing
ACMI / Wet Leasing Latin American Market AGR

9. Page 298www.visiongain.com
Commercial Aircraft Leasing Market Report 2015-2025:Top
Companies in Narrowbody,Widebody, Regional Jet
& Turboprop Operating Dry Leasing & ACMI Wet Leasing
5.7.3 C.I.S. Commercial Aircraft Leasing Market Major Contracts &
Programmes
Table 5.19 C.I.S. Commercial Aircraft Leasing Market Major Contracts & Programmes
(Date, Company, Country, Details)
Date Company Country Details
March 2010 AerCap
Holdings N.V.
Russia AerCap announced that it has delivered a new
Airbus A330 aircraft to Aeroflot under
contracted lease agreement.
April 2010 AerCap
Holdings N.V.
Russia AerCap announced that it has signed a new
lease agreement with Yakutia Airlines for a
Boeing B737 aircraft.
May 2010 AerCap
Holdings N.V.
Russia AerCap announced that it has established a
joint venture with Avolon which owns three of
AerCap's A330-200 aircraft on long-term leases
with Aeroflot. AerCap and Avolon will each
contribute 50% of the equity required for this
joint venture. AerCap will continue to manage
the aircraft and the related leases.
June 2010 AerCap
Holdings N.V.
Russia AerCap announced that it has delivered a new
Airbus A330 aircraft to Aeroflot under
contracted lease agreement.
June 2010 AerCap
Holdings N.V.
Russia AerCap announced that it has delivered a
Boeing B737 aircraft to Yakutia Airlines under
contracted lease agreement.
October
2010
AerCap
Holdings N.V.
Russia AerCap signed a new lease agreement with
Orenair for a Boeing B737-800 aircraft.
October
2010
AWAS Aviation
Capital
Russia AWAS announced that it has delivered a
Boeing B767-300ER aircraft on lease to
Nordwind Airlines.
October
2010
AerCap
Holdings N.V.
Ukraine AerCap announced that it has signed a new
lease agreement with Donbassaero for an
Airbus A320 aircraft.
March 2011 AerCap
Holdings N.V.
Ukraine AerCap announced that it has delivered an
Airbus A320 aircraft to Donbassaero under
contracted lease agreement.

10. Page 318www.visiongain.com
Commercial Aircraft Leasing Market Report 2015-2025:Top
Companies in Narrowbody,Widebody, Regional Jet
& Turboprop Operating Dry Leasing & ACMI Wet Leasing
7. Expert Opinion
7.1 AviaAM Leasing AB
AviaAM Leasing is a Warsaw Stock Exchange (WSE) listed
global aviation holding company engaged in commercial
aircraft acquisition, leasing and sales. The company
specialises in mainline narrow-body aircraft as well as high-
potential regional jets with major focus on the following
markets: Europe, Middle East, C.I.S. and Asia-Pacific.
Partnership with a WSE listed sister company Avia Solutions
Group, which operates more than 20 subsidiaries globally,
provides AviaAM Leasing in a unique platform to structure one-
stop-shop aviation business solutions.
The following interview was conducted in July 2015. The
interviewee from AviaAM Leasing AB,
Mr Tadas Goberis is the Chief Executive Officer. Visiongain would like to thank Mr Tadas Goberis
and AviaAM Leasing AB for their cooperation and contribution.
7.1.1 AviaAM’s Involvements in Commercial Aircraft Leasing Sector
Visiongain: Could you outline your company’s involvement in the commercial aircraft leasing
market?
Mr Tadas Goberis: Over the past six years AviaAM Leasing participated in different projects
(consulting, leasing, structuring transactions, trading and brokerage) of more than 250 commercial
and business jets with a total value exceeding US$ 5 billion. We have been working with Air China,
ING Bank, ICBC, BBAM, ORIX Aviation, SMBC, PrivatAir, STLC, Aeroflot, Icelease, Middle East
Airlines and other partners and clients.
Our customers recognise our flexibility and fast decision making which leads to an outstanding
performance of the company. In 2014, our revenue reached USD 120.7 million with net profit over
USD 22 million. In addition, two years in a row (2012-2013) the company was ranked amongst the
world’s TOP50 aviation leasing companies as well as the world’s #1 aviation leasing company with
the highest lease yield on portfolio rating (Airfinance Journal).

11. Page 350www.visiongain.com
Commercial Aircraft Leasing Market Report 2015-2025:Top
Companies in Narrowbody,Widebody, Regional Jet
& Turboprop Operating Dry Leasing & ACMI Wet Leasing
8.3 Air Lease Corporation (ALC)
Table 8.8 Air Lease Corporation Company Overview 2015 (Total Company Revenue
$m, Net Income $m, Net Profit Margin %, Total Asset Value $m, Fleet Size Unit,
Revenue from Aircraft Rental Market $m, % Revenue From Aircraft Rental Market,
Global Market Share %, HQ, Ticker, IR Contact, Website)
FY2014
Total Company Revenue ($m) 1,050.5
Net Income ($m) 256.0
Net Profit Margin (%) 24.4
Total Asset Value ($m) 10,774.8
Fleet Size (Unit) 235
Revenue from Aircraft Rental Market ($m) 991.2
% Revenue from Aircraft Rental Market 94.4
Global Market Share (%) 3.5
Headquarters Los Angeles, California, USA
Ticker NYSE: AL
IR Contact
Mr Ryan McKenna, VP Strategic Planning & IR
Email: rmckenna@airleasecorp.com
Website www.airleasecorp.com
Source: Visiongain 2015
8.3.1 Air Lease Corporation Total Company Revenue 2010-2014
Figure 8.10 Air Lease Corporation Total Company Revenue FY2010-2014 ($m,
AGR %)
* Financial Year ends 31st December
Source: Visiongain 2015
0
100
200
300
400
500
600
0
200
400
600
800
1,000
1,200
FY2010 FY2011 FY2012 FY2013 FY2014
AGR(%)
Revenue($m)
Year Revenue AGR %