The business jet market will grow over the next few years, but most of that growth will continue to be at the high end of the market, according to a news release on the Honeywell Business Aircraft Outlook released on the eve of NBAA 2012 in Orlando. Honeywell forecasts about 10,000 new bizjets worth a total of about $250 billion over the next 10 years. Honeywell says globalization is driving the market for longer-range aircraft and physics dictate that the farther a plane has to fly, the bigger it has to be. "The trend toward larger-cabin aircraft with ever-increasing range expectations and advanced avionics continues to be reflected in this year's survey," said Rob Wilson, president, Honeywell Business and General Aviation.
The report says that the market in North America will continue to decline and even the booming Asian market is slowing down. Honeywell says the decline there isn't anything to worry about because it's still outpacing the rest of the world. "It is critical to understand that demand from this part of the world remains well above the world average, and we do not believe the 2012 results represent in any way a change in the region's fundamental underlying growth drivers or commitment to business aviation," Wilson said.