Business jet sales may increase worldwide starting in 2012 as emerging-market demand blunts a sluggish U.S. economy that fueled a probable decline this year, Honeywell International Inc. projected.
Purchase expectations are growing in Asia, followed by the Middle East and Africa, while the free-fall in developed markets like North America following 2008’s recession has stabilized, according to an annual survey of 1,500 companies by the Morris Township, New Jersey-based avionics and cockpit-instruments maker.
Companies also have cash to spend now, compensating for individuals that might hold back amid economic uncertainty, Rob Wilson, president of Honeywell’s business and general aviation unit, said in an interview. Replacement of aging planes has combined with international travel demand to boost potential sales of longer-range models, he said. (Bloomberg)
