Honeywell Forecasts Strong BizAv Growth

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Business aviation “has almost completely shaken off the effects of the COVID-19 pandemic” according to Honeywell’s Global Business Aviation Outlook for the next 10 years. The Honeywell forecast helps set the tone for NBAA-BACE, which officially begins Tuesday at the Las Vegas Convention Center. The Honeywell forecast shows an uptick in virtually all sectors and growth through 2031 at an average rate of about 3 percent. “Despite the ongoing challenges presented by the pandemic, flight hours have recovered and grown beyond pre-pandemic levels,” said Heath Patrick, president of Honeywell’s Americas Aftermarket division. “The overall health of the business jet market is strong, and growth is expected to continue.”

The strength of the industry is reflected in the robust market for used aircraft and that’s going to end up being a backhanded boost to airframers. “The sharp increase in demand for used jets, coupled with a lower-than-ever inventory of used aircraft available for sale, will inevitably drive additional demand for new-build business jets,” the forecast says. Respondents also said the pandemic is a non-issue in their plans. “Nearly 100% of 2021 respondents said that they had not cancelled and do not plan to cancel a delivery on a new aircraft.” North America continues to be the top market for business aviation with almost two-thirds of demand for new aircraft coming from North America in the next five years. Europe accounts for most of the remainder.

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