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Honeywell Forecasts Quick Business Aviation Rebound

Honeywell released its 30th annual Global Business Aviation Outlook, forecasting an increase in business jet deliveries over the next 10 years. Up to 7,400 new business jet deliveries worth $238 billion are expected to be delivered between 2022 to 2031, up 1% compared to the same 10-year forecast a year ago. Surveyed business jet operators in 2021 indicated that 28% of their fleet is expected to be replaced or expanded by used jets over the next five years, up 3 percentage points compared to survey results from 2020. Business aircraft manufacturers also announced a strong increase in jet orders, indicating that the industry has almost shaken off the effects of the COVID-19 pandemic. In June of this year, Bombardier received its largest business jet order of 2021 of 10 aircraft worth $451.8 million. Larger-cabin, heavy aircraft classes are expected to account for more than 72% of all expenditures of business jets in the next 5 years."The increased demand for used jets is estimated at more than 6,500 units over the next five years, putting pressure on an already record low inventory and driving additional demand for new jets," said Heath Patrick, president, Americas Aftermarket, Honeywell Aerospace.The increase in demand for used jets, coupled with a historically low inventory of used aircraft available for sale, will drive demand for new-build business jets.Gulfstream Aerospace recently unveiled its G800, the longest-range aircraft with the largest cabin produced by the company. Deliveries for this aircraft are anticipated in 2023. Dassault Falcon's first ultra-widebody business jet, the 6X, could be delivered as early as next year.COVID has had minimal impact on deliveries, with nearly 100% of 2021 respondents saying that they had not canceled and do not plan to cancel a delivery on a new aircraft. With new jets being purchased, this could lead to more owners and operators letting go of used model aircraft. Only 4% of all respondents are planning to sell one or more aircraft without replacement in the next five years compared with 10% in last year's survey."Our latest operator survey results support continued private jet usage growth, as more than 65% of respondents anticipate increased business jet usage in 2022," said Patrick. "Despite ongoing challenges presented by the pandemic, flight hours have recovered and grown beyond pre-pandemic levels. The overall health of the business jet market is strong, and growth is expected to continue."
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