Honeywell 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.
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“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.”
The business aviation industry is benefitting from waves of first-time private aviation users and buyers, which is likely attributed to COVID-19. At times in 2022, flight activity met levels not seen since 2007, which was the busiest year ever for business aviation. Concerns about exposure to pathogens and the reduction of premium class airline services helped drive recent growth in business and private aviation. The 2022 Honeywell survey sampled first-time business aircraft owners who have made their purchases since 2020 and operators who are capturing first-time private aviation users.
- Nearly 74% of surveyed new users of private aviation expect to keep the same level of flying in 2023 as they did in 2022, which is 10 percentage points above the whole fleet average. Only 4% expect to fly less in 2023.
- Nearly 85% of first-time users operate in the Americas.
- Within the Americas, 80% of first-time buyers operate in the United States; the rest mostly operate in Brazil.
- Business turboprops and small cabin jets each make up 35% of the fleet carrying these new users, followed by medium jets (18%) and large long-range jets.
Sustainability in Business Aviation
Honeywell is committed to reaching carbon neutrality by 2035 in its operations and facilities and to driving aviation sustainability with a wide range of ready-now solutions that will support a more sustainable future for the sector. This year’s survey features a dedicated section on operators’ current and future plans to reduce their carbon footprint during operations.