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Honeywell Sees Lower New Business Jet Deliveries Over Next Decade

The Global Business Aviation Outlook forecasts up to 7,600 new business jet deliveries worth $248 billion from 2020 to 2029, down 1 to 2 percentage points from the 2018 10-year forecast, according to Honeywell's 28th annual Global Business Aviation Outlook.

The business jet industry is expected to see strong growth in the short to medium term, supported by several new airplane models coming to the market.

According to the Aviation Outlook, Production ramp up on many new business jet platforms are expected to lead to a 7% increase in deliveries in 2020, following a strong projected growth in 2019 over 2018 aircraft deliveries.

Operators plan to make new jet purchases equivalent to about 17% of their fleets over the next five years as replacements or additions to their current fleet, a decrease of 3 percentage points compared with 2018 survey results.

The longer-range forecast through 2029 projects a 2% to 3% average annual growth rate in line with expected worldwide economic growth and supported by the current and expected introduction of new models throughout the forecast period.

Purchase plans for used jets are significantly higher in this year's survey. Operators worldwide indicated that 32% of their fleet is expected to be replaced or expanded by used jets over the next five years, up 8 percentage points compared with survey results from 2018.

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