Business Jet Market to Grow by 8,500 Units by 2031, According to Honeywell

Honeywell Aerospace has released its business aviation forecast, projecting robust demand in the coming decade. The forecast anticipates the delivery of 8,500 new business jets valued at $278 billion from 2024 to 2033, showing an average annual growth rate of 2%.

In terms of segment breakdown, the heavy, long-range jet segment is expected to account for the largest demand, representing 37% of deliveries, followed by small jets at 34%, and midsize and super midsize jets at 29%.

The forecast predicts deliveries of 700 and 750 jets in 2023 for small and midsize segments, respectively. This is expected to grow to 800 deliveries in 2024 and 850 in 2025. Expenditures are also projected to increase by 13% in 2024 compared to 2023.

Industry confidence is on the rise, with operators expressing plans to expand their fleets at a faster rate than in the previous decade. New entrants that emerged during the pandemic are expected to remain in the business aviation industry.

The industry is operating at a higher baseline than pre-COVID levels, evident in increased flight activity and business jet orders. Manufacturers are gearing up production to address record backlogs.

While global flight activity is expected to decrease by 4% in 2023 due to factors like inflation and the resumption of commercial air service on certain routes, it is projected to end the year 10% above 2019 levels, with a return to growth anticipated in 2025.

Order projections have increased since 2020. The latest forecast anticipates demand for 8,500 aircraft for 2024-2033, up by 500 jets compared to the previous forecast.

Honeywell foresees two peaks in deliveries during the next decade. The first is from 2024 to 2026 when manufacturers ramp up production to manage record order backlogs. The second peak is expected in 2029 and 2030 with the entry into service of new, clean-sheet, and upgraded aircraft.

Operators are increasingly interested in reducing carbon emissions. Approximately 60% of respondents in a Honeywell operator survey stated they are implementing methods to reduce their carbon footprint, with sustainable aviation fuels being a common approach.

The report highlights a positive outlook for the business aviation industry, with steady growth, increasing orders, and a focus on environmental sustainability.

Sources: AirGuide Business airguide.info, msn.com, aviationweek.com