New jet purchases on par with pre-pandemic levels and fleet additions double in 2022 year-over-year, according to Honeywell’s 31st annual Global Business Aviation Outlook.

The outlook forecasts up to 8,500 new business jet deliveries worth $274bn from 2023 to 2032, which is up 15% in both deliveries and expenditures from the same prediction a year ago. 

“The business aviation industry is greatly benefitting from a wave of first-time users and buyers due in part to changing habits brought on by the Covid-19 pandemic,” said Heath Patrick, president, Americas Aftermarket, Honeywell Aerospace.

New jet deliveries and expenditures over the next decade are projected to grow at a 2% average annual rate. Large, long-range aircraft classes are expected to account for more than 70% of all expenditures of new business jets in the next five years.

Five-year purchase plans for used jets remain high, totalling 28% of the current fleet, on par with last year’s results. High demand for used jets will keep pressure on the already-low inventory of aircraft for sale.

Patrick said: “The business aviation sector is expected to recover to 2019 delivery and expenditure levels by 2023, which is much sooner than previously anticipated. Demand for new business jets is as high as we’ve seen it since 2015, and we expect high levels of demand and expenditures for new aircraft for several more years.”

 New users continue to play a role in boosting demand levels. Nearly 74% of surveyed new users of private aviation expect to keep the same level of flying in 2023 as they did in 2022. Only 4% expect to fly less in 2023.

Business turboprops and small cabin jets each make up 35% of the fleet carrying these new users, followed by medium jets (18%) and large long-range jets.