“Business jet usage is expected to rebound to 80% to 85% of 2019 levels in the 4th quarter of 2020 and fully rebound by the middle of 2021, indicating demand for business jet travel is returning after the global pandemic caused a slowdown in the industry earlier this year,” said Heath Patrick President of Americas Aftermarket at Honeywell Aerospace.
“The information we gleaned from operators shows a less than 1% decline in five-year purchase plans, so despite the short-term effects of the pandemic, we don’t expect long-term changes to purchase plans or to the overall health of the business jet market,” Patrick added.
Corporate planemakers are also closely watching to see if a summer rebound in corporate flights will last and generate demand for new aircraft.
Among the purchase plans of new business jets over the next five years, 30% are expected to occur in the next two years, representing a 5% drop from last year’s survey, due mainly to short-term uncertainty.
The long term-forecast through 2030 projects a 4% to 5% average annual growth rate of deliveries, in line with expected worldwide economic recovery.