The market for business aircraft is slowly growing again, bolstered by cautious optimism that global economic activity will continue, according to a new industry forecast of deliveries over the next 10 years that boosted expected shipments by about 2% from its earlier projection.
The annual forecast from Honeywell International Inc. estimates global deliveries of as many as 9,450 new business jets valued at about $280 billion between 2014 and 2024, about $30 billion and 200 more than predicted a year earlier when it reduced the expected number of deliveries 8% from about 10,000.
The business aircraft industry was slammed by the global recession, nearly halving jet deliveries from the 2008 peak of more than 1,300 aircraft. Deliveries fell steadily, bottoming out in 2012 with 672 shipments, according to the General Aviation Manufacturers Association, an industry trade group.
The company’s annual forecast comes ahead of the National Business Aviation Association convention, which kicked off on Monday.
Read more: The Wall Street Journal