NBAA-BACE 2024: Honeywell Forecast Paints Rosy Future
8500 aircraft worth $280 billion will be delivered in the next five years.
NBAA-BACE is launching on a hopeful note with the annual Honeywell Global Business Aviation Outlook predicting strong and stable growth in the industry for the next five years. The crystal balling also predicts demand for 8500 new business aircraft worth $280 billion during that period, up a little from earlier forecasts and prompting some manufacturers to ramp up production. At the same time, customer demand has leveled off, suggesting a more balanced market is taking hold, according to the survey, which was released on Sunday in Las Vegas on the eve of the big show.
“The business aviation industry is in a prolonged period of healthy growth, and we don’t see that positive trend changing any time soon,” said Heath Patrick, president, Americas Aftermarket, Honeywell Aerospace Technologies. “Business aviation continues to see more users and, as a result, manufacturers are ramping up production to keep pace with growing demand, a trend we expect to continue for the foreseeable future."
Demand for large business jets continues to dominate the market. More than two-thirds of that $280 billion will be spent on the latest long-range wonders. But those of more modest means remain bullish on their smaller aircraft as important business tools. "More than 90% of those surveyed expect to fly more or about the same in 2025 than in 2024," Honeywell said. NBAA-BACE formally kicks off on Tuesday at the Las Vegas Convention Center.
