Honeywell Forecasts Strong Growth Ahead for Business Aviation

Around 8,500 aircraft worth $280 billion will be delivered in the next five years, according to the company's outlook.

Russ Niles

Monday, October 21, 2024 at 11:11 AM ET

Verified

Edited By:

Travis Tingle

Key Takeaways:

The Honeywell Global Business Aviation Outlook predicts strong and stable growth for the business aviation industry over the next five years.
The forecast anticipates demand for 8,500 new business aircraft worth $280 billion, leading manufacturers to ramp up production as the market balances.
Large business jets are expected to dominate, accounting for over two-thirds of the market value, while overall flight activity is projected to remain stable or increase for the majority of users.

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National Business Aviation Association-Business Aviation Convention & Exhibition (NBAA-BACE) in Las Vegas this week is launching on a hopeful note with the annual Honeywell Global Business Aviation Outlook predicting strong and stable growth in the industry for the next five years.

The forecast also predicts demand for 8,500 new business aircraft worth $280 billion during that period, up a little from earlier forecasts and prompting some manufacturers to ramp up production. At the same time, customer demand has leveled off, suggesting a more balanced market is taking hold, according to the survey, which was released Sunday in Las Vegas on the eve of the big show.