Europe Key To Bizav Market Growth
Europe remains at the epicenter of business aviation growth, according to the latest data from Honeywell’s forecast of market conditions released today at EBACE. Operators’ plans to purchase new jets over the next five years have increased by 19 points compared to surveys conducted by the avionics and engines manufacturer before the economic downturn. As many as 59 percent of the operators surveyed now say they are planning to buy new aircraft. This is a new record for Honeywell survey data, despite the fact that the latest research was done during the height of the recession–suggesting a build-up of pent-up demand. The latest survey also shows that up to 34 percent of all new jet purchase plans worldwide could come from Europe, the Middle East and Africa. In the Middle East and Africa, 55 percent of respondents planned to buy new jets within the next five years, up more than 10 points from pre-economic-downturn levels, also setting a new record. Non-U.S. demand now accounts for more than 50 percent of the new aircraft purchase plans projected over the next five years. Honeywell forecasts that the regional mix of deliveries will continue to reflect this global shift in share.