• 31st annual Global Business Aviation Outlook projects 8,500 new business jet deliveries valued at $274 billion over the next decade.
  • Projected business jet deliveries, expenditures over the next decade surge 15% from last year’s survey.
  • Business jet usage in 2022 is expected to be 9% higher than a year ago.
  • Operators report far greater interest in reducing their carbon footprints.

ORLANDO, Fla., Oct. 16, 2022 /PRNewswire/ — Honeywell’s (NASDAQ:HON) 31st annual Global Business Aviation Outlook forecasts up to 8,500 new business jet deliveries worth $274 billion from 2023 to 2032, which is up 15% in both deliveries and expenditures from the same 10-year forecast a year ago. This year, surveyed operators reported new jet purchase plans on par with 2019 levels, with fleet addition rates doubling from last year’s reported intentions. Respondents’ feedback in this year’s survey aligns with industry reports of sold-out business jet production lines for the next several years.

“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,” said Honeywell Aerospace President, Americas Aftermarket, 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.”

Key findings in the 2022 Honeywell Global Business Aviation Outlook include:

  • New business jet deliveries in 2023 are expected to be 17% higher than in 2022. Expenditures are expected to be 20% higher.
  • Five-year purchase plans for new business jets are up three percentage points compared with last year’s survey; this reaches 2019 levels and is equivalent to 17% of the current fleet.
  • Fleet additions are up for the second year in a row, doubling 2021’s rate and topping 2% of the fleet.
  • New jet deliveries and expenditures over the next decade are projected to grow at a 2% average annual rate, in line with expected worldwide long-term economic growth.
  • One-third of those surveyed expect to fly more in 2023 versus 2022; 64% expect to fly at least the same amount, and just 4% expect to fly less.
  • 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.
  • Just 2% of surveyed operators plan to dispose of an aircraft without replacement, which is half the rate gleaned in 2021.
  • Five-year purchase plans for used jets remain high, totaling 28% of the current fleet and on par with …

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