Honeywell has published its 34th annual “Global Business Aviation Outlook,” which forecasts a record-setting number of new business jet deliveries over the next decade. The report provides unique insights into current industry trends and longer-cycle developments based on forecasting models and surveys of hundreds of business aviation operators across the globe.
Within the report, Honeywell predicts 8,500 new business jets with a projected value of $283 billion—the highest in the report’s 34-year history—will be delivered over the next 10 years with an average annual growth rate of 3 percent. The strong demand for new jets continues to persist against a backdrop of increasingly complex macroeconomic and geopolitical factors. However, those factors have not slowed down the demand for new aircraft.
“The combination of recent economic growth, increasing demand for fractional ownership and a steady cadence of new aircraft development and technology upgrades have produced record levels of demand in business aviation,” said Heath Patrick, president, Americas Aftermarket, Honeywell Aerospace Technologies. “Operators are increasing their usage rates and in turn manufacturers are continuing to ramp up production to keep pace with growing demand. Over the next decade, we expect these record-setting levels of deliveries and usage to continue.”
Key findings in the 2025 Honeywell “Global Business Aviation Outlook” include:
- New business jet deliveries in 2026 are expected to be 5 percent higher than in 2025.
- New business jet deliveries are expected to grow by 3 percent annually on average over the next 10 years.
- Ninety-one percent of those surveyed expect to fly more or about the same in 2026 compared to 2025.
- Twenty percent of operators globally have at least one aircraft on firm order—up from 17 percent a year ago. The figure was higher in 2025 for the subset of Part 135 and equivalent operators (private jet charters, for example), where 28 percent of respondents mentioned they have an aircraft on firm order.
- Eighty-nine percent of respondents consider “Performance” among their top three most important criteria when purchasing an aircraft, which compares with 82 percent from last year’s survey. “Cost” remains a distant second at 56 percent, which is down slightly from 60 percent last year.
- Demand for fractional ownership continues to lead industry growth with Midsize and Super Midsize being the jets of choice for these customers. Among those surveyed, 12 percent of operators of wholly owned business aircraft say they also own fractional shares.
- Fractional fleets have grown more than 65 percent since 2019 to roughly 1,300 aircraft now in service.
Growth from fractional operators, new economic policy contributing to higher demand
- Operators surveyed indicated that the return of 100 percent bonus depreciation following the signing of the One Big Beautiful Bill Act (OBBBA) earlier this year is expected to spur additional business aircraft purchase activity. This federal tax incentive allows businesses to deduct a large portion of the cost of certain assets—including business jets—in the year they are put into use.
- According to the survey findings, strong demand for fractional ownership is fueling large orders and contributing significantly to industry growth. The fractional ownership market has continued to outpace the industry in terms of growth, both in fleet sizes and flight activity. In fact, fractional fleets have grown more than 65 percent since 2019. Light, midsize and super midsize jets comprise 80 percent of these fractional fleets.
- While 12 percent of current operators of wholly owned aircraft said they also own fractional shares, 15 percent more said they are considering purchasing them in the future. When asked for reasons why they are considering purchasing these shares, nearly 50 percent of respondents said they would increase the overall flying capacity of their operation and 30 percent said they would use their fractional program to optimize their current flight operations.
Flight activity: Strong year-over-year growth in 2025
- Operators are flying their aircraft noticeably more in 2025 when compared to 2024, with business jet flight hours up about 3 percent year over year after flight hours were virtually flat from 2023 to 2024. This growth is derived primarily from private operators and fractional ownership companies, where demand for charter flights has stabilized well above 2019 levels after fluctuating throughout the COVID-19 pandemic and the return of regularly scheduled airline routes.
- Corporate flight departments continue to lag in flight activity as they seek to optimize various cost elements of their flight operations. This is often achieved through selective use of wholly owned aircraft, charter flights, and fractional ownership.
- When asked, operators expressed optimism about their outlook for future flight activity, with 28 percent saying they plan to fly more next year compared to this year and 64 percent saying they plan to fly about the same over the same time.
Regional breakdown: Recent delivery trends continue
- North America is expected to receive roughly 70 percent of new jet deliveries over the next three years as 17 percent of operators have aircraft on firm order and the region comprises a massive 62 percent of the global fleet. There is optimistic sentiment from operators in North America driven by regulation changes in the U.S. headlined by bonus depreciation. Operators in the region follow the global trend of flight activity optimism, with just over 90 percent saying they plan to fly either the same or more hours over the next year.
- Europe is expected to receive about 14 percent of new jet deliveries over the next three years, and the portion of operators with aircraft on order is higher than the global average. Europe maintains 11 percent of the global business aviation fleet, but 29 percent of these operators state that they have at least one aircraft on firm order. The flight activity sentiment mirrors the global trends with nearly 30 percent of operators expecting to fly more in the coming year and about 60 percent expecting to fly the same.
- Latin America will accept 7 percent of global new jet deliveries over the next three years. 15% of the global fleet is based in the region and 19 percent of current operators there said they have aircraft on firm order. These operators tend to be more optimistic about their flight activity growth in the coming year, with 33 percent of them anticipating an increase.
- Remainder of the world: Asia-Pacific and the Middle East & Africa regions are forecasted to receive 5 percent and 3 percent of global deliveries, respectively. Both regions have hovered around these levels for the past few years, and the trend is expected to continue. Operators in these regions are less bullish on flight activity growth than the other regions, but still nearly 20 percent of the region’s current operators expect to fly more, with most of the remainder still expecting to fly about the same amount in the coming year. The Middle East is poised for growth as positive regulatory changes and improvements to airport infrastructure will make it easier for business aviation entities to establish operations in and fly throughout the region.
Aircraft purchase priorities: Performance and cost remain king
- Aircraft performance and cost continue to be the two primary purchase drivers for buyers of business aircraft, with aircraft range being the single most important specification. Other aircraft performance-related specifications such as payload, field performance and speed rank near the top of the list of purchase drivers.
- Buyers surveyed who are purchasing new aircraft prioritize customer support and technology more than buyers of pre-owned aircraft. Specifically, buyers of new aircraft place higher value on good response time and technical support when compared with buyers of pre-owned aircraft.
- When asked about aircraft technology, buyers of new aircraft said they consider advancements in fly-by-wire controls, connectivity and advanced safety features in their purchase decisions more than buyers of pre-owned aircraft.
Sustainability in business aviation: More fuel-efficient aircraft key to environmental improvements
For the fifth consecutive year, Honeywell also conducted an analysis of sustainability in business aviation and examined how operators are trying to lower their carbon footprint. Key findings in the report include:
- Eighty-one percent of operators believe that developing new, more fuel-efficient aircraft and engines is at least moderately effective in helping to achieve sustainability goals.
- Sixty-one percent think sustainable aviation fuel (SAF) is at least moderately effective in reaching those same goals.
- Among those who are taking proactive steps to improve the sustainability of their operations, 60 percent are acquiring more fuel-efficient aircraft, 56 percent are using SAF and 31 percent are flying at more efficient cruise speeds.
- Regarding the adoption of SAF, cost and availability of the fuel continue to be the largest challenges.
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