Expectations of a protracted downturn in the business jet market have prompted Embraer to lower its delivery projections for this year by some 8 percent. Having so far delivered 49 business jets during the first six months of the year, the company now expects to ship between 70 and 80 light jets by the end of 2016, compared with its previous projection of between 75 and 85, and some 35 to 45 large jets, compared with its earlier estimates of between 40 and 50. Consequently, the company now expects revenues generated by its Executive Jets division to total $1.6 billion to $1.7 billion, compared with its previous projection of $1.75 to $1.9 billion.

Speaking Friday morning during the company’s second quarter earnings call, Embraer CEO Paulo Cesar Silva expressed a need to maintain discipline amid an environment of high levels of used jet inventory and falling prices.

“It is a soft market,” said Silva. “The revisions to the guidance we are making today is in line with what the market is doing...We do not want to fight against the market. So we will no longer fight for market share.”

Silva added that he doesn’t expect any meaningful recovery in the market “for a while.”

“No one expects that in the next two years or three years this market will recover. We still have a lot of used aircraft in the market—around 11 percent of used aircraft inventory compared to the size of the total fleet.”

Embraer now expects industry-wide deliveries this year of some 650 business jets compared with the 2008 peak of 1,200.