Honeywell Aerospace trimmed its business jet forecast slightly compared with the value noted in last year's outlook, saying slow economic growth and the anticipation of new models in flight testing will lead to fewer aircraft deliveries in 2016.
Honeywell nonetheless predicted that 9,200 new business jets worth an impressive $270 billion will roll out of production facilities in the next decade.
"While emerging markets like Brazil continue to be a bright spot for business aviation over the medium term, we have seen weaker demand across other key growth markets, which may affect near-term order and delivery levels," said Brian Sill, president, Business and General Aviation as Honeywell Aerospace.
Honeywell projects 2016 deliveries will be slightly lower reflecting weaker emerging market demand, which the company says will be partially offset by deliveries to fractional operators.
Buyers continue to focus on large-cabin models, from super-midsize jets through ultra-long-range and bizliners, which are expected to account for more than 80 percent of all expenditures on new business jets in the near term.
The longer-range forecast through 2025 projects a 3 percent average annual growth rate as new models and improved economic performance contribute to industry growth.
Sign-up for newsletters & special offers!
Get the latest FLYING stories & special offers delivered directly to your inbox