Honeywell raises outlook for business jet deliveries as demand rebounds
An plane engine is being examined at Honeywell Aerospace in Phoenix, Arizona, U.S. on September 6, 2016. Image taken on September 6, 2016. REUTERS/Alwyn Scott
Oct 10 (Reuters) – Honeywell Worldwide Inc on Sunday raised its outlook for enterprise jet deliveries, because the aviation sector shakes off the results of the COVID-19 pandemic and journey picks up with easing restrictions.
The U.S. industrial conglomerate forecast as much as 7,400 new enterprise jet deliveries value $238 billion from 2022 to 2031, up 1% from the identical 10-year forecast a yr in the past.
Rich vacationers desirous to fly with fewer individuals in the course of the pandemic has put stress on the supply of latest company plane and led to a scarcity of pre-owned enterprise jets.
“The elevated demand for used jets is estimated at greater than 6,500 models over the following 5 years, placing stress on an already report low stock and driving extra demand for brand new jets,” mentioned Heath Patrick, president of Americas aftermarket for Honeywell Aerospace.
Enterprise jet operators surveyed by Honeywell reported a pointy enhance of their used jet buy plans, 12% above final yr’s report, the North Carolina-based firm mentioned.
Final month, planemaker Boeing Co additionally revised up its long-term demand forecasts with a rebound in industrial air journey in markets like america.
Reporting by Shreyasee Raj in Bengaluru and Allison Lampert in Montreal; Modifying by Maju Samuel
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