Honeywell International Inc has raised its outlook for business jet deliveries, underscoring the aviation sector’s recovery from the COVID-19 pandemic.
The travel industry is gradually recovering following easing of travel restrictions.
U.S. based Honeywell International has forecast up to 7,400 new business jet deliveries worth $238 billion from 2022 to 2031, up by 1% from the same 10-year forecast a year ago.
“The increased demand for used jets is estimated at more than 6,500 units over the next five years, putting pressure on an already record low inventory and driving additional demand for new jets,” said Heath Patrick, president of Americas aftermarket for Honeywell Aerospace.
Honeywell reported a sharp increase in its survey for plans for purchasing of business jets, which saw a rise above 12% from the previous year.
Honeywell’s survey results mirrors that of Boeing Co, which has also revised its long-term demand forecasts for commercial air travel in markets like the United States.