Global Demand for Business Jets Expected to Remain Strong in the Next Decade
Honeywell Projects Deliveries of 8,500 New Planes by 2033
Global demand for new business jets is anticipated to stay robust over the next decade, according to Honeywell. The engine maker has projected deliveries of approximately 8,500 new planes through 2033. This forecast aligns with Honeywell’s previous 10-year projection from last year, with the value of jets expected to be delivered increasing by $4 billion to $278 billion, as stated in the company’s annual Global Business Aviation Outlook.
Private Aviation Sees Surge in Newcomers
The COVID-19 pandemic has led to a surge in newcomers to private aviation, both in terms of users and buyers. As the wealthy take control of their travel, there has been an increased demand for private flying. This has resulted in a boost to the private aviation industry.
Global Flight Activity Expected to Decrease in 2022
However, global flight activity is expected to decrease by 4% this year compared to 2022. Factors such as inflation and the resumption of commercial air service on key routes are likely to contribute to this decline. Nevertheless, Honeywell predicts that flight activity in 2023 will finish at least 10% above the 2019 levels.
Stabilization and Growth Anticipated in the Coming Years
Honeywell expects flight activity to stabilize in 2024 and experience growth in 2025. This anticipated revival is driven by an accelerated surge in initial public offerings, rising corporate profits, and easing inflation rates, as indicated by their forecast.
Increase in Private Jet Deliveries and Expenditure
The company also forecasts a 10% increase in new private jet deliveries in 2024 compared to the current year, while expenditure on private flying is projected to rise by approximately 13%. This demonstrates the growing confidence of operators in the industry and their plans to expand their fleets at a faster rate than in the previous decade.
New Users and Increased Demand
The demand for business aviation is further driven by an increase of 500 aircraft and 6% more flights over the next 10 years from new users in the industry. This trend is expected to contribute to the overall growth and sustainability of the business jet market.
Overall, the global demand for business jets remains strong, with Honeywell’s projections indicating a positive outlook for the industry in the coming years. The surge in private aviation, coupled with the anticipated stabilization and growth of flight activity, paints a promising picture for the future of business jet manufacturing and operations.
