Nearly 10,000 new business jets worth about $250 billion are predicted to be delivered between 2012 and 2022, according to Honeywell’s 21st annual business aviation outlook, released yesterday. The forecast reflects an approximate 9-percent increase in projected delivery value over last year’s 10-year prognostication, driven by pricing increases and a continued trend toward more demand for higher-priced larger business jets.
In the short term, Honeywell forecasts deliveries of 680 to 720 new business jets this year, a single-digit increase over levels reported last year. “Next year’s totals are anticipated to be of similar magnitude, reflecting the protracted nature of the global economic recovery,” said Honeywell Business and General Aviation president Rob Wilson.
“Over the medium term, a return to historical growth conditions supported by globalization, wealth creation in developing nations and new aircraft development should boost orders and support accelerated growth beginning mid-decade,” he added. “Despite the economic challenges our industry has been dealing with for the past 40 months, we believe some progress is being made.”
North American operators are expected to account for roughly 53 percent of business jet demand this year, and the level of forecast aircraft demand coming from outside this region continues to increase, Honeywell said.