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Fri, Oct 21, 2022

Honeywell Forecast Shows Strong Growth in Business Aviation

31st Annual Global Business Aviation Outlook Projects 8,500 Jet Deliveries for $274 Billion Over Coming Decade

Honeywell's 31st Annual Global Business Aviation Outlook delivered promising news, showing strong demand for business jets through 2032. 

The Outlook showed $274 billion worth of aircraft over 8,400 deliveries. From 2023 to 2032, that represents a 15% improvement in expenditures over the same forecasted period made 10 years prior. New bizjet deliveries in 2023 are expected to be 17% higher than  2022, with expenditures 20%. Fleet additions are up for the second year in a row, doubling 2021 rates at 2% of the current fleet. Only 2% of surveyed operators plan to dispose of an aircraft without replacement, half the rate of 2021.

The upward trend in business traffic will continue, with 1/3 of those surveyed conveying a belief that they expect to fly more in 2023 than they did in 2022, with 64% expecting a parity in their travel levels between the years. Large, long-range aircraft classes are also on the rise, expected to account for more than 70% of all expenditures of new business jets over the next 5 years. Used aircraft will remain a hot commodity, with 5-year purchase plans for used jets run around 28% of the current fleet.

Honeywell expects this demand to keep upward pressure on the already low inventory of jets available for sale.

“The business aviation industry is greatly benefiting from a wave of first-time users and buyers due in part to changing habits brought on by the COVID-19 pandemic,” said Honeywell Aerospace exec Heath Patrick. “The business aviation sector is expected to recover to 2019 delivery and expenditure levels by 2023, which is much sooner than previously anticipated. Demand for new business jets is as high as we’ve seen it since 2015, and we expect high levels of demand and expenditures for new aircraft for several more years.”

FMI: www.honeywell.com

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