Honeywell forecasts enhance in personal jet deliveries over subsequent decade By Reuters

(Reuters) – Honeywell Worldwide Inc (NASDAQ:) on Sunday lifted its outlook for enterprise jet deliveries, because the COVID-19 pandemic introduced in a wave of first-time customers and consumers within the personal flying market.

Honeywell forecast as much as 8,500 new enterprise jet deliveries price $274 billion from 2023 to 2032, up 15% from final yr’s outlook, whereas the utilization in 2022 is predicted to climb 9% larger.

Personal flying demand boomed through the pandemic as wealthier passengers opted for constitution planes resulting from considerations about publicity to the virus.

Passengers who used to fly firstclass on a business airline have now more and more switched to non-public flying. Honeywell’s survey confirmed almost 74% of recent customers anticipate to maintain the identical degree of flying in 2023 as they did in 2022.

Enterprise turboprops and small cabin jets every make up 35% of the fleet carrying these new customers, adopted by medium jets and enormous long-range jets, the corporate mentioned, citing its survey.

“Demand for brand spanking new enterprise jets is as excessive as we have seen it since 2015, and we anticipate excessive ranges of demand and expenditures for brand spanking new plane for a number of extra years,” mentioned Heath Patrick, Honeywell Aerospace president, Americas aftermarket.

Surveyed operators reported new jet buy plans on par with 2019 ranges, benefiting main gamers working within the enterprise plane market similar to Airbus SE (OTC:), Boeing (NYSE:) Co, Bombardier (OTC:) Inc and Normal Dynamics Corp (NYSE:).

In August, Bombardier Chief Government Eric Matel flagged a heavy pattern within the fleet working enterprise, as not all clients are proudly owning a jet.