The business aviation industry continues its climb out from the effects of the coronavirus pandemic, according to a leading report released on Sunday.
Honeywell Forecast Shows Resilience, Optimism
Key Takeaways:
- The business aviation industry is experiencing a strong post-pandemic recovery, with Honeywell's 30th annual outlook forecasting 7,400 new jet deliveries totaling $238 billion over the next decade.
- This optimistic forecast is driven by a significant increase in flight hours (50% higher in 2021 than 2020) and high operator confidence, with 90% not delaying new or used jet acquisition plans.
- Increased demand for used jets is putting pressure on inventory, while several new super midsize, large-cabin, and ultralong-range jets are expected to enter the market between 2022 and 2025.
- While North America and Asia-Pacific show tempered resilience and growth, other regions face ongoing uncertainty; the industry is also looking towards future innovations like eVTOLs and urban air mobility.
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