Behind the Scenes: Crafting the Global Business Aviation Outlook

Creating the Global Business Aviation Outlook is a meticulous and detailed process that involves the work of a dedicated team of experts. As Kevin Schwab, Strategic Planning Manager at Honeywell Aerospace Technologies, noted, "Honeywell’s strategic industry leadership allows us to integrate diverse data sources and continuously refine our models to set our outlook apart and enables us to deliver unparalleled insights to our stakeholders." This annual report, now in its 33rd year, provides invaluable insights into the state of the business aviation industry, and its preparation is an ongoing, year-long endeavor. Here’s a behind-the-scenes look at how this comprehensive outlook is put together.

Staying Connected to Industry Drivers

The report begins with continuous data collection and analysis. Honeywell’s team constantly monitors the industry, gathers intelligence and analyzes data from multiple sources. This involves setting key milestones throughout the year – such as the strategic planning process and the annual operating plan (AOP) setting – where they assess both the current and potential future state of the industry.

The data is pulled from a variety of sources, including proprietary internal models and external data. Internally, the team uses sophisticated forecasting models developed and refined over many years to incorporate numerous inputs that generate insights about the industry. The 10-year outlook featured in the report is a product of this intricate modeling process.

Another critical component of the report is the partnerships with third-party consultants and analysts. The team connects with these industry experts externally to gain broader perspectives and subscribes to reports from various analyst companies. These connections provide detailed information on industry drivers, flight activity trends and new aircraft deliveries and the reports offer independent research and analysis that the team compares against their internal models. Kevin Schwab further stated, “Our partnerships with industry data suppliers are not just beneficial – they are essential for painting an accurate and comprehensive picture of the business aviation market. It's this detailed data that allows us to forecast with such precision.”

The Foundation of the Global Business Aviation Outlook

A cornerstone of this report is the operator survey, which targets individuals responsible for operating business aviation aircraft. The primary focus of the survey is to gather data on fleet-evolution plans, including details on current aircraft and future acquisition plans. This information is pivotal for understanding shifts in the market and helps us predict industry trends.

In recent years, the survey has also included questions on sustainability, reflecting growing interest in this area within the industry. The survey seeks to capture actionable data on what operators are currently doing to enhance sustainability, rather than aspirational goals, which had been a key question on the previous surveys. By shifting the question on sustainability from aspirational hope to what is being actioned upon at this point, the answers provide a more realistic picture of industry practices and help Honeywell tailor its solutions to meet actual needs.

Staying Ahead Through Futureproofing

As the industry and technology evolve, so should the resources we use to understand the market trends. That’s why the Honeywell Aerospace Technologies team strived to improve the report and how they collect data.

The biggest change to the report this year was the transition from phone-based surveys to a web-based format. Conducting the surveys by phone posed challenges in reaching a broad and diverse pool of respondents. The switch to web surveys has vastly expanded the respondent base, offering a more statistically representative sample of the business aviation market. This enhancement ensures that the data collected truly reflects the diversity within business aviation, leading to more reliable and comprehensive insights.

This year’s survey also saw a refinement in the types of questions asked, particularly regarding sustainability. Previously, questions were more future-focused, often leading to aspirational responses that did not provide current-state insights. These questions were rephrased for the 2024 report to instead focus on what actions respondents were taking to meet their sustainability goals. This shift yields more realistic and actionable data, giving a clearer picture of current practices and priorities within the industry.

Finally, the 2024 survey introduced new topics, most notably targeting the drivers behind aircraft purchase decisions. Understanding what criteria operators prioritize – whether it’s performance, cost or other factors – helps Honeywell and other industry players better align their offerings with customer needs and preferences, ultimately leading to more customer-centric product development.

Looking Forward

The Global Business Aviation Outlook is an indispensable tool for stakeholders in the industry, providing deep insights and predictive analysis based on a wealth of data. The rigorous process behind its creation ensures that the outlook remains a reliable resource for understanding the evolving landscape of business aviation. As methodologies continue to improve and data collection becomes more sophisticated, the outlook will only become more precise, offering even greater value to its users.

Stay ahead of the curve and ensure your strategies are informed by the most accurate and up-to-date information available. Download the report today to explore these findings in detail and equip your business with the knowledge to soar to new heights in the dynamic world of business aviation.