Forecast Predicts $280B Surge in Business Jet Demand Through 2034
Honeywell’s latest Global Business Aviation Outlook, unveiled at NBAA-BACE 2024, anticipates the delivery of up to 8,500 new business jets, valued at $280 billion, over the next decade. This represents a significant increase from the previous year’s forecast. The survey indicates that over 90% of operators plan to maintain or increase their flight frequency in 2025 compared to 2024, suggesting a sustained demand that surpasses pre-pandemic levels.
The report states, “The business aviation industry has witnessed evolving dynamics in recent years, culminating in new, higher levels of aircraft deliveries and flight activity.” Large jets are projected to constitute approximately two-thirds of all new business jet expenditures in the coming five years. When purchasing their next aircraft, performance is the primary consideration for 82% of respondents, with cost considerations following at 60%.
Deliveries of new business jets in 2025 are predicted to be 12% higher than in 2024, with an estimated 840 aircraft as manufacturers work to fulfill existing orders. This growth is especially advantageous for fractional operators, as traditional business aircraft users augment their capacity with fractional shares. North America is expected to account for 66% of the regional demand over the next five years, while Latin America’s share has doubled from 5% to 10%, largely driven by Brazil.
Source: Honeywell