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.