Honeywell (HON, Financial) just published its 33rd annual Global Business Aviation Outlook on Sunday, Oct. 20 ‘24. The outlook provides Honeywell's forecast for the business jet market. The outlook sees the business aviation industry to expect significant growth in the next decade. Manufacturer Honeywell predicts more than 8,500 new business jet deliveries around the world between now and 2033, and the 2025 deliveries to increase by 12% versus 2024.
It is also found that more than 90% of operators are positive regarding their expectations with regard to the flight hours in 2025. In the outlook, 90% of jet operators are optimistic about future flight activity and anticipate increased flying hours in 2025. Large cabin jets with a cabin volume of more than 2,500 cubic feet are also expected to remain prominent in the future and take two thirds of overall business jets.
66 percent of new business jet delivery is expected to come from North America over the next five years. The region remains dominant concerning the interest in business aviation. Nevertheless, with North America on top, Latin America reveals constantly increasing tendencies as the growing market. More business jet demand has resulted from economic growth in countries such as Brazil and Mexico to cater the needs for corporate and the high net worth individuals mobility.
Meanwhile, European and Middle East/Africa markets are expected to decline, to some extent, in year-on-year percentage terms over the forecast period while continuing to represent billions of expenditures. Excessive competition and fluctuations in a specific country's economy is a big factor affecting growth in these areas.
With business aviation growing worldwide, sustainability issues have emerged as a growing concern because of the industry's environmental impact. Less fuel is the key to combating emissions of private jets. All the major business jet makers have set goals for making improvements in fuel efficiency in the upcoming decade.
Increased business jets will have great impacts to the existence of tens of thousands of manufacturing jobs and stimulate development of infrastructure such as airports and service centers.
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