MORRISTOWN (dpa-AFX) - Honeywell International, Inc. (HON) said its global business aviation unit expects 4 percent average annual industry growth over the next decade. This was revealed bu Honeywell in its 23rd annual business aviation outlook.
Honeywell is forecasting up to 9,450 new business jet deliveries worth $280 billion from 2014 to 2024.
The company said operators plan to replace 23 percent of their fleets with new jets in the next five years, with European and Brazilian region purchases leading the percentages.
The 2014 Honeywell outlook reflects an about 7 to 8 percent increase in projected delivery value over the 2013 forecast. The projected growth is attributable slightly higher unit deliveries, modest list price increases and the continued strong showing of larger business jet models in the delivery mix, projected to account for up to 46 percent of five-year new purchase plans.
Honeywell forecasts 2014 deliveries of about 650 to 675 new jets, a single-digit increase in percentage growth year-over-year. The improvement in deliveries expected in 2014 is largely due to program schedule recoveries, new model introductions and additional fractional uptake.
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