Industry will need 44,040 new jets worth $6.8 trillion through 2038: Boeing
June 18, 2019: Boeings longer term forecast has predicted that growing passenger volumes and increasing airplane retirements will drive the need for 44,040 new jets, valued at $6.8 trillion over the next two decades and up 3 percent from a year ago.
The move comes as a huge relief for Indian airlines, especially national airline Air India that suffered massive financial loss to the tune of Rs491 crore as it had to re-route its international flights as Pakistani airspace was shut.
June 18, 2019: Boeing's longer term forecast has predicted that growing passenger volumes and increasing airplane retirements will drive the need for 44,040 new jets, valued at $6.8 trillion over the next two decades and up 3 percent from a year ago.
The global commercial fleet is expected to reach 50,660 airplanes by 2038 - the first time the projected fleet has crested the 50,000 mark. According to forecasters, 44 percent of the new deliveries will go toward replacing aging aircraft while the rest will accommodate traffic growth.
Boeing, a provider of commercial airplanes, defence, space and security systems, and global services, unveiled its 2019 Commercial Market Outlook (CMO), a longer-term forecast that delves deeper into the market for commercial airplanes and services at the Paris Air Show, which is being held from June 17-19 at the Le Bourget airport in Paris.
According to the CMO, passenger traffic will grow an average 4.6 percent and cargo traffic will grow an average 4.2 percent.
"Time and again, commercial aviation has shown itself to be extremely resilient. Notwithstanding some recent moderation in passenger and cargo traffic growth, all indications are pointing to our industry sustaining its unprecedented streak of profitable expansion. In fact, we see a market that is broader, deeper and more balanced than we have seen in the past," said Boeing commercial marketing vice president Randy Tinseth.
"The healthy market fundamentals will fuel a doubling of the commercial fleet over the next two decades and a massive ecosystem of lifecycle solutions to maintain and support it," added Tinseth.
The company also released its Boeing Market Outlook (BMO) where it valued the aerospace and defense market at $8.7 trillion over the next decade, up from $8.1 trillion a year ago.
