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:

The business aviation market is experiencing a robust recovery, with Honeywell forecasting 8,500 new jet deliveries totaling $274 billion from 2023-2032, reaching 2019 levels sooner than expected due to a surge in new users and increased utilization.
Demand for new business jets is as high as it's been since 2015, with OEMs largely sold out through 2024, and most operators expecting to maintain or increase their flying hours.
Sustainability efforts are growing among operators, with half currently taking action (up 30% from last year) through measures like slower flights, increased passenger loads, and a preference for Sustainable Aviation Fuel (SAF) despite availability challenges.
Aircraft purchase decisions are primarily driven by range, speed, and cabin volume for larger jets, while direct operating cost is key for smaller aircraft; fuel efficiency or alternative powerplants beyond SAF are not yet major factors.

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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.