Honeywell predicts increased private jet deliveries over the next decade

Oct 16 (Reuters) – Honeywell International Inc (HON.O) raised its outlook for business jet deliveries on Sunday as the COVID-19 pandemic brought a wave of first-time users and buyers in the private jet market .

Honeywell forecasts that as many as 8,500 new business jets worth $274 billion will be delivered from 2023 to 2032, up 15 percent from last year’s forecast, while usage is expected to grow 9 percent in 2022.

During the pandemic, demand for private flying has surged as wealthier passengers opt for charter flights amid fears of exposure to the virus.

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Passengers who used to fly first class on commercial airlines are now increasingly turning to private flying. According to Honeywell’s survey, nearly 74% of new users expect to fly at the same level in 2023 as in 2022.

Business turboprops and small-cabin jets each make up 35 percent of the fleet carrying these new users, followed by mid-size jets and large long-range jets, the company said, citing its survey.

“Demand for new business jets has been as high as we’ve seen since 2015, and we expect demand and spending on new aircraft to continue over the next few years,” said Heath Patrick, president of Honeywell Aerospace Americas Aftermarket. keep it high.”

Operators surveyed reported new jet purchase plans comparable to 2019 levels, leaving Airbus (AIR.PA), Boeing (BA.N), Bombardier (BBDb.TO) and General Dynamics among others Beneficial Corporation (GD.N), a major player in the business jet market.

In August, Bombardier CEO Eric Matel pointed to a serious trend in the fleet operations business because not all customers own a jet.

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Reporting by Aishwarya Nair in Bengaluru; Editing by Maju Samuel

Our Standard: The Thomson Reuters Trust Principles.

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