Honeywell Forecasts Record Business Jet Deliveries Through 2033

American aerospace giant Honeywell has released a forecast indicating that demand for private jets will reach unprecedented levels over the next decade, defying earlier expectations that the market would decline as normal commercial air travel resumes. The company’s analysis reveals a robust demand for private flying, with projections suggesting that 8,500 new business jets valued at approximately $283 billion will be sold between now and 2033.

Honeywell’s predictions are detailed in its 34th annual Global Business Aviation Outlook, published on October 13, 2023. The report highlights an anticipated 5% growth in new jet deliveries by 2026, fueled by a shift in buyer priorities from cost-focused considerations to performance enhancements. Survey data indicates that 91% of current operators plan to maintain or increase their flying hours in 2026 compared to 2025.

Insights from Industry Leaders

In an interview, Ben Driggs, Chief Commercial and Strategy Officer at Honeywell Aerospace, noted, “More people are flying in business aviation than pre-COVID. Those hours have continued to increase at a much higher level since 2019, so it appears like people are really staying.” This sentiment reflects a broader trend where private flight options have become increasingly appealing to business travelers seeking flexibility and safety in the wake of the pandemic.

The surge in demand for private jets can be attributed to the rising popularity of jet card services offered by operators such as Flexjet, NetJets, and Air Partner. These services have made access to private flying more feasible, prompting fleet expansions among these operators to meet client demand. Additionally, fractional ownership models have played a significant role in boosting sales figures, as more clients opt for shared ownership of aircraft.

Market Dynamics and Future Prospects

The business aviation sector is also witnessing interest from military applications. The U.S. Air Force is exploring options for business jet aerial tankers to modernize its aging fleet. This diversification of demand underscores the versatile role that private jets play in various sectors.

Honeywell’s report notes that the list of manufacturers utilizing its systems and parts includes notable names like Bombardier, Gulfstream, Cessna/Textron Aviation, Embraer, Dassault, and Pilatus. As the industry rebounds, Bombardier is poised to launch its new Global 8000 series, while Gulfstream prepares to unveil a successor to its popular G280 model.

The analysis further reveals that fractional fleets have expanded by more than 65% since 2019, totaling about 1,300 aircraft in service as of 2025. Operators in this segment are flying their jets at higher utilization rates, with light, midsize, and super midsize jets currently making up 80% of all fractional fleets. North America is expected to receive approximately 70% of the new business jets, with 17% of North American operators already having orders in place.

Government initiatives, such as the One Big Beautiful Bill Act (OBBBA) introduced during the Trump administration, have also contributed to sales growth by allowing businesses to deduct the cost of jets from federal taxes in the year of delivery. Although cost remains a consideration for buyers, increasing numbers are prioritizing performance, safety enhancements, and advanced technology when considering new aircraft.

As the private aviation market continues to evolve, Honeywell’s projections underscore the sector’s resilience and its capacity to adapt to changing consumer preferences and economic conditions. The next decade looks promising for business aviation, with growth driven by innovation and an unwavering demand for private air travel.