Honeywell's Forecast: Steady growth in business aviation sector

Honeywell's recently released Global Business Aviation Outlook for 2023 reaffirms the prediction that business jet manufacturers are set to deliver approximately 8,500 aircraft with a combined value of nearly $300 billion over the next decade. This forecast remains consistent with the previous projection from 2022.

The report emphasizes the dynamic landscape shaping the business aviation sector. Business jet operators are swiftly expanding their fleets, while aircraft manufacturers are making significant strides to boost production and delivery rates to meet the surging demand.

Yet, the outlook also highlights a few significant trends affecting the industry. New orders have shown signs of slowing, and the post-pandemic period has witnessed a reduction in business aircraft flight activity. Furthermore, the report notes a noteworthy shift toward sustainability, reflecting the sector's commitment to environmentally responsible practices.

“We have seen fleet-expansion rates increase for the third year in a row,” said Javier Jimenez-Serrano, strategy manager, Honeywell. He says the trend reflects the surge of orders that came during the pandemic, driven partly by demand from first-time buyers.

According to Honeywell's latest projections, manufacturers are poised to deliver approximately 8,500 new business jets with an estimated total value of $278 billion from 2024 to 2033. These projections are based on comprehensive surveys of industry operators, manufacturers' production schedules, and economic analyses.

Among these anticipated deliveries, Honeywell expects around 500 will go to new business jet users, with a significant portion—about 4,000 aircraft—occurring within the first five years of this period. This projection underscores the strong growth expected in the business aviation sector in the coming years.