More Strong Growth Forecast for BizAv Sector in 2023 Onward

Honeywell’s annual survey models the next 10 years for the industry—and it still shows good news in spite of financial and geopolitical headwinds ahead.

Julie Boatman

Sunday, October 16, 2022 at 05:00 PM ET

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Honeywell revealed its 2022 Global Business Aviation Outlook on Sunday evening ahead of the opening of NBAA-BACE in Orlando. [Courtesy: Julie Boatman]

Key Takeaways:

Honeywell's 31st annual Global Business Aviation Outlook forecasts a robust market, predicting up to 8,500 new business jet deliveries totaling $274 billion from 2023 to 2032, a 15 percent increase from the previous year's outlook.
This strong demand is driven by a wave of first-time users and increased private jet utilization stemming from the COVID-19 pandemic, with the sector expected to recover to 2019 delivery and expenditure levels by 2023, sooner than anticipated.
Sustainability efforts are growing, with half of operators now taking action such as optimizing flight speeds or increasing passenger loads, and expressing hope for improved sustainable aviation fuel (SAF) availability.

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With challenges and uncertainty that continue to loom globally, the market for turbine business aircraft remains stubbornly robust, according to the recent annual survey compiled and crunched by Honeywell Aerospace’s analytics team.

The technology giant released on Sunday its 31st annual Global Business Aviation Outlook at the 2022 National Business Aviation Association’s Business Aviation Convention and Exhibition (NBAA-BACE), with the good news—it forecasts up to 8,500 new business jet deliveries totaling $274 billion for the period from 2023 to 2032. The report registers a 15 percent increase in deliveries and expenditures when compared to last year’s outlook. The total moves the forecast back to 2019 levels with “fleet addition rates doubling from last year’s reported intentions,” according to the company’s statement.