With a resurgence in international traffic and domestic air travel back to pre-pandemic levels, Boeing has projected a global demand for 42,595 new commercial jets by 2042, valued at $8 trillion.
Boeing released its 2023 Commercial Market Outlook (CMO), the company’s forecast of 20-year demand for commercial airplanes and services, in advance of the Paris Air Show.
The CMO comes three years after the pandemic grounded most of the global fleet.
According to the American aviation giant, passenger traffic will continue to outpace global economic growth of 2.6 per cent. with the global fleet to nearly double to 48,600 jets, expanding 3.5 per cent per year.
Airlines will replace about half of the global fleet with new, more fuel-efficient models, according to the forecasts.
“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,” remarked 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,” noted McMullen.
With regards to regional demand, Asia-Pacific markets are projected to represent more than 40 per cent of global demand with half of that total in China.
South Asia’s fleet will expand more than 7 per cent annually, the world’s fastest rate, with India accounting for more than 90 per cent of the region’s passenger traffic, he stated.
North America and Europe each will account for about 20 per cent of global demand. Low-cost carriers will operate more than 40 per cent of the single-aisle fleet in 2042, up from 10 per cent, 20 years ago, he added.
