October 10 (Businesshala) – Honeywell International Inc (HON.O) on Sunday raised its outlook for business jet deliveries, as the aviation sector recovers from the effects of the COVID-19 pandemic and travel with the easing of restrictions.
The US industrial conglomerate forecasts 7,400 new business jet deliveries worth $238 billion from 2022 to 2031, up 1% from the same 10-year forecast from a year ago.
Wealthy travelers wanting to fly with fewer people during the pandemic put pressure on the availability of new corporate planes and a shortage of pre-owned business jets.
Heather Patrick, President of Americas Aftermarket for Honeywell Aerospace, said: “Increased demand for used jets is projected to exceed 6,500 units over the next five years, putting pressure on already record low inventories and new This is driving additional demand for Jet.
Business jet operators surveyed by Honeywell reported a sharp increase in their used jet purchase plans, up 12% from last year’s report, the North Carolina-based company said.
Last month, plan maker Boeing Company (BA.N) also revised its long-term demand forecasts in line with a rebound in commercial air travel in markets such as the United States.