Oct. 10 (Reuters) – Honeywell International Inc (HON.O) raised its outlook for business jet deliveries on Sunday as the aviation industry sheds the effects of the COVID-19 pandemic and trips resume with relaxation of restrictions.
The US industrial conglomerate forecasts up to 7,400 new deliveries of business jets worth $ 238 billion from 2022 to 2031, up 1% from the same 10-year forecast a year ago .
Wealthy travelers wanting to travel with fewer people during the pandemic have put pressure on the availability of new business jets and led to a shortage of used business jets.
“The increased demand for used aircraft is estimated at over 6,500 units over the next five years, putting pressure on an already record stock and leading to additional demand for new aircraft,” said Heath Patrick, Americas aftermarket president for Honeywell Aerospace.
Business jet operators polled by Honeywell reported a sharp increase in their pre-owned aircraft purchase plans, 12% above last year’s report, the Carolina-based company said. North.
Aircraft maker Boeing Co (BA.N) also revised its long-term demand forecast upward last month with a rebound in commercial air travel in markets like the United States.
Reporting by Shreyasee Raj in Bangalore and Allison Lampert in Montreal; Editing by Maju Samuel
Our Standards: Thomson Reuters Trust Principles.