CessnaThe Cessna Citation Sovereign N192CN
Demand for corporate jets has begun to recover from a post-recession low and is likely to rise over the next decade, with $250Bn (£155Bn) worth of new aircraft delivered by 2022, according to a forecast by Honeywell International, reports Reuters.
The forecast projects that companies will increasingly choose larger aircraft capable of travelling longer distances, driven by the desire to use private jets in international travel and to transport larger teams of people, Honeywell said in its latest forecast.
The total value of corporate jets delivered worldwide in 2012 will rise 9% from 2011, said the diversified US manufacturer of engines used in the aircraft. Major makers of business aircraft include Textron's Cessna, General Dynamics's Gulfstream, Canada's Bombardier, and Brazil's Embraer.
Honeywell expects similar growth levels and demand patterns in 2013.
"It's all about range. To have more range you have more fuel, more fuel requires bigger wings, bigger wings mean bigger fuselage," said Rob Wilson, president of Honeywell's business and general aviation operation. "So you will get a larger cabin with the higher range requirements. In addition, when you're going to be on an airplane for 12, 14 hours, you need a certain amount of volume to prevent you from going a little stir-crazy."
A Honeywell survey found that 69% of spending on new aircraft in 2012 was for large-cabin jets.
Morris Township, New Jersey-based Honeywell based its forecast on interviews with 1,500 operators of corporate jets, as well as other economic data sources.