Honeywell Forecasts Business Jet Usage Will Recover To 2019 Levels By Q3 2021

posted on 7th October 2020 by Eddie Saunders
Honeywell Forecasts Business Jet Usage Will Recover To 2019 Levels By Q3 2021

said Heath Patrick, president, Americas Aftermarket, 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.”

Key findings in the 2020 Honeywell Global Business Aviation Outlook include:

  • Five-year purchase plans for new business jets are down less than one percentage point compared with last year’s survey.
  • Among those purchase plans of new business jets over the next five years, 30% are expected to occur in the next two years. This is 5 percentage points lower than last year’s survey, due mainly to near-term uncertainty.
  • Business jet deliveries in 2021 are expected to be up 13% from a COVID-impacted 2020.
  • Operators plan to make new jet purchases equivalent to about 16% of their fleets over the next five years as replacements or additions to their current fleet, in line with 2019 survey results.
  • Operators continue to focus on larger-cabin aircraft classes, from large cabin through ultralong- range aircraft, which are expected to account for more than 70% of all expenditures of new business jets in the next five years.
  • The longer-range forecast through 2030 projects a 4% to 5% average annual growth rate of deliveries in line with expected worldwide economic recovery. This figure is higher than in 2019 due in part to COVID-related declines in 2020.
  • Purchase plans for used jets show a moderate decline in this year’s survey. Operators worldwide indicated that 25% of their fleet is expected to be replaced or expanded by used jets over the next five years, down 6 percentage points compared with survey results from 2019.