Boeing's 20-Year Forecast Predicts World Fleet Will Double in Size
Boeing’s 20-year forecast predicts the current world aircraft fleet will double in size, adding 34,000 new planes at a market value of $4.5 trillion by 2031, with airlines in the Asia-Pacific region requiring the largest share of new aircraft.
Boeing’s annual forecast, released Tuesday, expects airline traffic to grow at a 5 percent annual rate, with airlines focused on replacing aging aircraft with newer fuel-efficient airplanes. Replacement aircraft will account for 41 percent of new deliveries over the next 20 years, according to the report.
“The world's aviation market is broader, deeper and more diverse than we've ever seen it," said Randy Tinseth, vice president of marketing, Boeing Commercial Airplanes. "It has proven to be resilient even during some very challenging years and is driving production rate increases across the board.”
Among the forecast highlights:
-- Boeing predicts the greatest demand for new aircraft will be for more single-aisle models such as the Airbus A320 and the Boeing 737.
-- The world freighter fleet will nearly double by the year 2031, with 940 new-production freighters and 1,820 passenger aircraft to be converted to cargo planes.
-- Low cost airlines, because of their ability to stimulate traffic with low fares, will continue to grow faster than the market as a whole.
-- Boeing’s 2012 20-year forecasted market growth of $4.5 trillion is nearly $500 billion higher than their 2011 forecast.
“It's incredible to see just how much air travel has changed since I took my first flight back in 1977," said Tinseth. "It has become critical to business and something we do for pleasure, to connect with family and friends. As the market continues to grow, especially in emerging economies, air travel will become affordable to even more people.”
Boeing’s annual forecast, released Tuesday, expects airline traffic to grow at a 5 percent annual rate, with airlines focused on replacing aging aircraft with newer fuel-efficient airplanes. Replacement aircraft will account for 41 percent of new deliveries over the next 20 years, according to the report.
“The world's aviation market is broader, deeper and more diverse than we've ever seen it," said Randy Tinseth, vice president of marketing, Boeing Commercial Airplanes. "It has proven to be resilient even during some very challenging years and is driving production rate increases across the board.”
Among the forecast highlights:
-- Boeing predicts the greatest demand for new aircraft will be for more single-aisle models such as the Airbus A320 and the Boeing 737.
-- The world freighter fleet will nearly double by the year 2031, with 940 new-production freighters and 1,820 passenger aircraft to be converted to cargo planes.
-- Low cost airlines, because of their ability to stimulate traffic with low fares, will continue to grow faster than the market as a whole.
-- Boeing’s 2012 20-year forecasted market growth of $4.5 trillion is nearly $500 billion higher than their 2011 forecast.
“It's incredible to see just how much air travel has changed since I took my first flight back in 1977," said Tinseth. "It has become critical to business and something we do for pleasure, to connect with family and friends. As the market continues to grow, especially in emerging economies, air travel will become affordable to even more people.”
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