Top Nine Highlights About the Biz Jet Market
Jason Riggs, Director of Sales Americas at Technetics, highlights the positive trajectory of the biz jet market, with expectations of a rapid recovery to pre-pandemic delivery and expenditure levels by 2023, surpassing previous forecasts.
Honeywell, a key industry player, reports that the demand for new business jets is at its highest level since 2015, and they anticipate this heightened demand and increased expenditure to persist for several more years. Projections indicate that new business jet deliveries in the coming year will see a significant 17% increase compared to 2022, accompanied by a notable 20% rise in expenditures. Furthermore, five-year purchase plans for new jets have increased by 3% compared to the previous year, and planned fleet additions are on an upward trend for the second consecutive year. This positive momentum is expected to continue, with new jet deliveries and expenditures forecasted to grow steadily at 2% over the next decade, aligning with projected worldwide long-term economic growth.
Honeywell conducts regular surveys among operators and owners, and an overwhelming 97% of respondents express their intention to maintain or increase their flight activity next year. Additionally, only 2% of surveyed operators plan to dispose of an aircraft without replacement, indicating a reduced rate compared to 2021. Among new business jet expenditures, the large long-range aircraft category is projected to account for over 70% of total spending in the next five years. The demand for used jets remains high, leading to limited availability and putting pressure on already low inventories of jets available for sale.
These developments in the business aviation sector bring positive news, and Technetics is encouraged by the market’s robust performance. The company is grateful for the opportunities it has to support customers and enable their continued success in this space. As the industry shows promising signs of recovery and sustained growth, Technetics remains committed to providing excellent solutions and services to meet the evolving needs of business aviation stakeholders.
The data and projections presented by Honeywell, a trusted industry authority, emphasize the increasing demand for new and used business jets, strong purchase plans, and the dominance of large long-range aircraft in expenditure trends. Technetics acknowledges the positive market trends and looks forward to further contributing to the success of its customers in the thriving biz jet market.