Honeywell International IncInternational companies on Sunday raised their forecasts for global business jet deliveries over the next 10 years, predicting that 7400 new business jets, worth a total of $238 billion, will be needed worldwide from 2022 to 2031, up 1 per cent from the forecast a year ago.
During the outbreak, wealthy passengers wanted to fly on fewer aircraft, which put pressure on the supply of new business jets and led to a shortage of second-hand business jets.
"demand for used aircraft is expected to increase by more than 6500 over the next five years, putting pressure on already record low inventories and driving additional demand for new aircraft," said Heath Patrick, president of the US aftermarket at Honeywell Aerospace.
Honeywell International Inc said the business jet operators surveyed said they planned to buy a significant increase in the number of second-hand aircraft, an increase of 12 per cent over last year.
With commercial air travel rebounding in markets such as the United States, aircraft manufacturer Boeing CoThe company also raised its long-term demand forecast last month.