Sales of private business jets are anticipated to slow down next year as weakening economies and political conflicts have reduced demand, according to an industry forecast.
Honeywell International have found that slow economic growth has taken hold across many global markets, and the "business aviation industry is not immune to its impact".
The group forecasts up to 9,200 new business jet deliveries worth $270bn (£177.5bn) from 2015 to 2025, down from the 9,450 jets worth $280 billion it forecast last year.
Honeywell said that 2016 deliveries are projected to be slightly lower reflecting weaker emerging market demand partially offset by deliveries to fractional operators.
Brian Sill, president, business and general aviation, Honeywell Aerospace said: "While emerging markets like Brazil continue to be a bright spot for business aviation over the medium term, we have seen weaker demand across other key growth markets, which may affect near-term order and delivery levels." He added:
And while the sluggish economic growth and political tensions are driving a more reserved approach to purchasing, we are seeing operators invest in retrofits and upgrades for their existing aircraft, especially around connectivity, boosting aftermarket opportunities.
While there are predicted to be slight improvements in Chinese and Russian purchase plans compared with last year, this won't be enough to support an improved overall outlook for BRIC nations.
Meanwhile, significant political upheaval in the Middle East had caused lower purchase plans, with regional tensions accounting for disappointing growth figures from major regional economies in the Asia Pacific.
In Europe, "operators are still contending with sluggish growth and increased political tensions, a refugee and migrant surge, and depreciated currencies", leaving North America as an important region, given its size and unsettled conditions elsewhere around the world.
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The report also found that operators continue to focus on larger-cabin aircrafts, "ranging from super mid-size through ultra long-range and business liner, which are expected to account for more than 80 percent of all expenditures on new business jets in the near term".