Honeywell has predicted about 8,500 new business jet deliveries worth $274bn from 2023 to 2032 in its 31st Global Business Aviation Outlook forecast. The deliveries and expenditures are expected to be 15% above the 10-year forecast a year ago.
Honeywell Aerospace President, Americas Aftermarket, Heath Patrick, said: “The business aviation industry is greatly benefitting from a wave of first-time users and buyers due in part to changing habits brought on by the COVID-19 pandemic. 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."
The new business jet deliveries in 2023 are expected to be 17% higher than in 2022 and are projected to grow at a 2% average annual rate, while expenditures will shoot up to 20%. As per Honeywell, the large, long-range aircraft classes are expected to account for more than 70% of all expenditures of new business jets in the next five years.
Also, the forecast predicts five-year purchase plans for used jets to remain high, totaling 28% of the current fleet and on par with 2021. High demand for used jets will keep pressuring the already low inventory of jets available for sale. The survey also showed that 2% of the operators plan to dispose of an aircraft without replacement, which is half the rate gleaned in 2021.