Aerospace giant Boeing has forecasted demand for 42,600 new commercial airliners over the next 20 years to replace older aircraft and to keep up with demand for air travel.
Boeing says that the demand for air travel is currently outpacing economic growth in many regions driven largely by domestic air travel.
International traffic is also driving growth with a near return now to pre-pandemic levels of flying.
The additions to the global fleet ofd airliners, which is growing at a rate of 3.5% per year, will be worth $8 trillion to airliner builders such as Boeing, Airbus, ATR and Embraer with single-aisle airlines dominating the sales by around 70%.
“The aviation industry has demonstrated resilience and adaptability after unprecedented disruption, with airlines responding to challenges, simplifying their fleets, improving efficiency and capitalizing on resurgent demand,” said Brad McMullen, Boeing senior vice president of Commercial Sales and Marketing. “Looking to the future of air travel, our 2023 CMO reflects further evolution of passenger traffic tied to global growth of the middle class, investments in sustainability, continued growth for low-cost carriers, and air cargo demand to serve evolving supply chains and express cargo delivery.”
Currently the biggest area of growth is the Asia-pacific market which represents around 40% of the global demand for air travel, particularly in China.
Boeing made the announcement ahead of the Paris Airshow which is expected to see bumper sales in the first proper post-pandemic show.
Boeing will be showcasing its 737 Max, 777X and 787 product lines as well as its Cargo products.