- Honeywell International Inc HON lifted its outlook for business jet deliveries of up to 8,500 new business jet deliveries worth $274 billion from 2023 to 2032, up 15% from last year's outlook, while the usage in 2022 is expected to climb 9% higher.
- "The business aviation industry is greatly benefitting from a wave of first-time users and buyers due in part to changing habits brought on by the COVID-19 pandemic," said Honeywell Aerospace President, Americas Aftermarket, Heath Patrick.
- This year, surveyed operators reported new jet purchase plans on par with 2019 levels, with fleet addition rates doubling from last year's reported intentions.
- Also see: US Allows Deliveries Of Lockheed's F-35 Jets After Objection Over Use Of Chinese Magnet.
- Passengers who used to fly first class on a commercial airline have now increasingly switched to private flying.
- Honeywell's survey showed that nearly 74% of new users expect to keep the same flying level in 2023 as they did in 2022. Only 4% expect to fly less in 2023.
- Business turboprops and small cabin jets each make up 35% of the fleet carrying these new users, followed by medium and large long-range jets, the company said, citing its survey.
- "Demand for new business jets is as high as we've seen it since 2015, and we expect high levels of demand and expenditures for new aircraft for several more years," Heath Patrick added.
- Operators report far greater interest in reducing their carbon footprints.
- Price Action: HON shares traded 1.95% higher at $177.55 premarket on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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