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 outlook forecasts a robust business aviation market, projecting 8,500 new jet deliveries totaling $274 billion from 2023-2032, signifying a return to 2019 levels much sooner than expected.
The strong demand is largely attributed to a wave of first-time users and increased utilization patterns established during the COVID-19 pandemic, with most operators expecting to maintain or increase their flying levels.
Sustainability initiatives are gaining traction, with half of operators currently taking actions like using Sustainable Aviation Fuel (SAF) or flying more efficiently, though SAF availability is a concern and alternative powerplants are not short-term purchase drivers.

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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.