Honeywell Predicts Record Demand for Business Jets Over Next Decade

Honeywell, the notable American aerospace firm, has forecasted a significant demand for private jets over the next decade, even as commercial air travel normalizes in the aftermath of the Coronavirus pandemic. Contrary to expectations that interest in private flying would diminish once regular flights resumed, demand has remained robust. The company has a long-standing reputation for supplying a wide array of parts and systems to the private jet industry, including powerplants and flight management systems.

Forecasting Strong Growth

On October 13, 2023, Honeywell released its 34th annual Global Business Aviation Outlook, detailing its projections for the executive jet market based on an analysis of historical and current trends. The report anticipates the sale of approximately 8,500 new business jets, valued at around $283 billion, marking the highest forecast in Honeywell’s history.

According to survey data collected from current operators and fliers, new jet deliveries are expected to grow by 5% by 2026. Respondents indicated a shift in focus from cost to performance, with 91% of those surveyed planning to fly at least as frequently in 2026 as they did in the previous year. Ben Driggs, Chief Commercial and Strategy Officer at Honeywell Aerospace, remarked, “More people are flying in business aviation than pre-COVID… Those hours have continued to increase at a much higher level since 2019, indicating a strong commitment to private flying.”

Drivers of Market Expansion

The thriving business of private aviation is largely attributed to the growing popularity of jet card services offered by operators such as Flexjet and NetJets. The demand for air charters has prompted fleet expansions among these operators, making it a pressing priority to meet current trends. While fractional ownership has significantly contributed to rising demand, many private owners and specialized operators also play a crucial role in driving sales figures.

Interestingly, the U.S. Air Force is also exploring the potential use of business jet aerial tankers to assist in their efforts to modernize their aging fleet, as decisions regarding next-generation aircraft remain unresolved. Honeywell’s products are utilized by several major jet manufacturers, including Bombardier, Gulfstream, Cessna/Textron Aviation, Embraer, Dassault, and Pilatus.

Bombardier is poised to introduce its new Global 8000 series, riding the wave of success stemming from the post-COVID resurgence in flying. Gulfstream is also preparing to unveil a successor to its G280 model.

Shifting Trends in Ownership

Honeywell’s outlook indicates that fractional fleets have expanded by more than 65% since 2019, with approximately 1,300 aircraft now in service as of 2025. The analysis reveals that operators are utilizing their jets for significantly more hours than in prior years. Currently, light, midsize, and super midsize jets represent 80% of all fractional fleets.

North America is projected to receive around 70% of the new jets in the near future. As of now, 17% of North American operators have aircraft on order, and the region holds 62% of the global fleet. Recent policies, such as the One Big Beautiful Bill Act (OBBBA) initiated by former U.S. President Donald Trump, have incentivized purchases by allowing the cost of business jets to be deducted from federal business taxes in the year of delivery.

While cost remains a consideration for buyers, there is a noticeable shift in focus toward performance, safety features, fly-by-wire avionics, and advanced technology. Prospective customers increasingly emphasize the importance of customer support when considering new aircraft, rather than pre-owned options.

As the business aviation sector prepares for a transformative decade, Honeywell’s insights reflect a resilient market that is adapting and evolving in response to shifting priorities and customer needs.