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Honeywell Slashes Asia-Pacific Five-Year Delivery Demand Forecast

Honeywell Slashes Asia-Pacific Five-Year Delivery Demand Forecast

US avionics and components manufacturer Honeywell has slashed the number of new jets that it says will be delivered to the Asia-Pacific region over the course of the next five years. 

Honeywell releases a business aircraft delivery forecast every year on the eve of the NBAA-BACE event, which this year is being held in Las Vegas. 

The forecast looks at the next five-year period, and uses global economic forecasts, industry analysts’ reports, aircraft manufacturers’ development and production schedules, and other sources. 

In its forecast it says that says that 7% of all business jet deliveries over the course of the next five years will be delivered to Asia-Pacific, down from the 11% it predicted in its previous forecast, with the 4% difference itself being a drop of 36%. 

As well as cutting the number of new aircraft that Honeywell says will be delivered into the Asia-Pacific region, the company has also halved the number of aircraft it says will be delivered into Africa and the Middle East. 

“Operators in Asia Pacific will make up 7% of the five-year new jet deliveries. APAC is returning to typical fleet growth after several years of decline throughout the pandemic. There is a notable uptick in flight activity in Australia, where departures are up nearly double digits year-over-year,” says the company in a release about the report. 

The big winner in the new forecast is Latin America, with Honeywell doubling the percentage of new deliveries from the 5% it forecast in 2023, to 10% in 2024. 

“Latin America is the exception, with increased flight activity in Brazil doubling the region’s demand for new business jets to about 10% of total global deliveries.” Says the report.  

Overall, Honeywell says that there will be up to 8,500 new business jets worth $280 billion over the course of the next decade. Although the number of unit deliveries has remained largely the same, Honeywell is forecasting an increase in value, which reflects on growing demand for larger sized aircraft. 

“The business aviation industry is in a prolonged period of healthy growth, and we don’t see that positive trend changing any time soon,” said Heath Patrick, President, Americas Aftermarket, Honeywell Aerospace Technologies. “Business aviation continues to see more users and, as a result, manufacturers are ramping up production to keep pace with growing demand, a trend we expect to continue for the foreseeable future. 

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