Honeywell’s 29th annual Global Business Aviation Outlook forecasts up to 7,300 new business jet deliveries worth US$235 billion from 2021 to 2030, down 4% in deliveries from the same 10-year forecast a year ago.
Despite the dip, 4 of 5 business jet operators in the survey indicate that purchase plans have not been affected by the COVID-19 pandemic. Short-term reductions in both deliveries and expenditures due to the pandemic aren’t expected to have a lasting impact on the business jet industry. Business jet deliveries in 2021 are expected to be up 13% from 2020.
“Business jet usage is expected to rebound to 80% to 85% of 2019 levels in the 4th quarter of 2020 and fully rebound by the middle of 2021, indicating demand for business jet travel is returning after the global pandemic caused a slowdown in the industry earlier this year,” said Heath Patrick, president, Americas Aftermarket, Honeywell Aerospace. “The information we gleaned from operators shows a less than 1% decline in five-year purchase plans, so despite the short-term effects of the pandemic, we don’t expect long-term changes to purchase plans or to the overall health of the business jet market.”
According to the study, five-year purchase plans for new business jets are down less than one percentage point compared with last year’s survey. Among the purchase plans of new business jets over the next five years. Operators plan to make new jet purchases equivalent to about 16% of their fleets over the next five years as replacements or additions to their current fleet.
Operators continue to focus on larger-cabin aircraft classes, from large cabin through ultralong- range aircraft, which are expected to account for more than 70% of all expenditures of new business jets in the next five years. The longer-range forecast through 2030 projects a 4% to 5% average annual growth rate of deliveries in line with expected worldwide economic recovery.
Eve Air Mobility joins Japan’s Advanced Air Mobility (AAM) Public-Private Committee, as announced by the company’s press release on Tuesday…
ACIA Aero Leasing, headquartered in Dublin, Ireland, announced the successful delivery of one of two ATR 72-500 Bulk Freighters to…
One TPS-P14ME Mobile Air Surveillance Radar System from Japan was officially handed over to the Philippines Air Force (PAF). The…
Skyllence, an international air charter broker, announced the appointment of Kestutis Abarius as Head of Sales on Monday (Apr. 29).…
Qatar Airways and the United Nations High Commissioner for Refugees (UNHCR) have reaffirmed their commitment to aiding the most vulnerable…
The Philippines Coast Guard (PCG) is set to acquire an additional five Multi-Role Response Vessels (MRRVs) from Japan. These vessels…
Korean Air is set to open a new daily route connecting Seoul Incheon with Macau starting 1 July 2024, as…
Qatar Airways Cargo announced the opening of its advanced Animal Centre and the relaunching of its Next Generation Live product…
All Nippon Airways (ANA) and Air India, India's national flag carrier, have established a commercial agreement to initiate a codeshare…
Saab has completed the delivery of another GlobalEye Airborne Early Warning and Control (AEW&C) aircraft to the United Arab Emirates…
In what seems to be a continuation of Vietnam’s Defence Minister General Phan Van Giang's visit to South Korea in…
GD Helicopter Finance (GDHF), a Dublin-based helicopter leasing and finance company, has secured a contract with Airbus Helicopters and GDAT,…
Indian Low-Cost Carrier (LCC) IndiGo has announced a firm order for 30 Airbus A350-900 aircraft in what is its first…
Racer demonstrator, developed by Airbus Helicopters as part of the European Research Clean Sky 2 initiative, has completed its inaugural…
Lockheed Martin Australia has secured an AUD$500 million contract with the Australian Department of Defence to develop the country’s future…
Artemis Aerospace has announced the addition of a hub in Singapore following the launch of two similar sites in the…
ZeroAvia announced plans to offer key components from its hydrogen-electric engines to fellow innovators in the clean aviation industry on…
Challenge Group has announced the launch of Challenge Technic's specialised A-CHECK line at its hangar facility in Hannover on Wednesday…
Korean Air, alongside Hyundai Motor Company, Korea Telecom (KT), Incheon International Airport Corporation (IIAC), and Hyundai Engineering & Construction, has…
Mayman Aerospace is set to unveil a full-scale model of its high-speed Air Utility Vehicle (AUV), Razor, during SOF Week…
TEKEVER, a provider of unmanned aerial systems (UAS) in Europe, introduced its newest drone the ARX in San Diego, U.S.…
Viasat and uAvionix have teamed up to enhance global communication services for Uncrewed Aerial Vehicles (UAVs), with uAvionix joining Viasat’s…
Korean Air and WestJet have extended their codeshare agreement to provide additional transpacific travel options for passengers on Monday (Apr.…
China Eastern Airlines has reached an agreement with Amadeus concerning international NDC distribution, marking a significant development for both parties.…
Singaporean officials have launched an Invincible-class submarine for the Republic of Singapore Navy (RSN) at thyssenKrupp Marine Systems (tKMS) shipyard…
Ten people died following a midair collision between an AW139 helicopter and a Fennec helicopter belonging to the Royal Malaysian…
Integrated Surveillance and Defense (ISD) has been awarded a contract by the U.S. Naval Air Warfare Center Aircraft Division (NAWCAD),…
ST Engineering AirX (AirX), a joint venture between ST Engineering and Peluca (formerly known as Wigetworks), have announced a strategic…
WestJet Cargo is strengthening its flights between Calgary and Paris Charles de Gaulle (CDG). The route will operate 5-7 times…
Embraer delivered 25 jets in 1Q24, an increase of 67% compared to the 15 aircraft delivered in 1Q23. Executive Aviation…
Headquartered in Singapore with reporters spread across all major regions, GBP Aerospace & Defence is a leading media house that publishes three publications that serve the aerospace and defence sector - Asian Defence Technology, Asian Airlines & Aerospace and Daily News. Known industry-wide for quality journalism, GBP Aerospace & Defence is present at more international tradeshows and exhibitions than any other competing publication in the region.
For over three decades, our award-winning team of reporters has been producing top-notch content to help readers stay abreast of the latest developements in the field of commercial aviation, MRO, defence, and Space.
Copyright 2024. GBP. All Rights Reserved.
Home Defence & Security Space Commercial Aviation Maintence Repair & Overhaul Daily News Events About Us
2024 GBP all rights reserved.