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Honeywell raises outlook for business jet deliveries as demand rebounds By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – An engine for an aircraft is under test at Honeywell Aerospace, Phoenix, Arizona. This was on the 6th of September 2016. Photograph taken on September 6, 2016. REUTERS/Alwyn Scott

(Reuters] – Honeywell International Inc. (NASDAQ:) increased its outlook for business aircraft deliveries on Sunday, in response to the COVID-19 Pandemic. The aviation industry is recovering from these effects and travelers are able to travel more freely with easing restrictions.

A U.S. industrial conglomerate projected that 7,400 business jets would be delivered between 2022 and 2031. That’s an increase of 1% over the previous 10-year forecast.

Travelers who are wealthy and want to fly alone during the pandemic have put pressure on availability of corporate aircraft. This has led to an increase in the number of used business jets.

Heath Patrick (president of Americas Aftermarket at Honeywell Aerospace) stated that “the increased demand for jets will be more than 6,500 units in the next five year,” adding that this would put pressure on an inventory already below record levels and drive additional demand for jets.

Honeywell, North Carolina-based, reported that there was a sharp rise in business jet owners who purchased used jets, an increase of 12% over last year.

Boeing (NYSE 🙂 Co updated its long-term demand forecasts in response to a recovery in air travel, including in America.

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