Boeing Business Jets

Boeing: World will need 38,050 new planes in next 20 years

Boeing Business Jets

The world’s airlines will need 38,050 new airplanes during the next two decades, Boeing said Thursday in its annual market forecast. That’s an increase of 3.5% from last year’s forecast. Boeing pegs the value of those 38,050 aircraft at about $5.6 trillion.

“The commercial airplane market continues to be strong and resilient,” Randy Tinseth, vice president of Marketing, Boeing Commercial Airplanes, says in a statement. “As we look forward, we expect the market to continue to grow and the demand for new aircraft to be robust.”

Boeing believes the global fleet of commercial planes will more than double, rising from 21,600 now to 43,560 in by the end of 2034.

Fueling that growth will be sustained growth in commercial passenger traffic, which Boeing predicts will grow at about a 4.9% annually. That, the company says, is “near the historic trend line of 5%.” Cargo traffic will grow at about 4.7% a year, Boeing projects.

But it’s the demand for narrow-body planes – like Boeing’s 737 or rival Airbus’ A320 family – that will make up the fastest-growing segment of the aircraft market, according to Boeing. The company says 26,730 of such single-aisle planes will be needed during the next 20 years.

“These aircraft are the foundation of the world’s airline fleet, carrying up to 75% of passengers on more than 70% of the world’s commercial aviation routes,” Boeing says in its outlook. “This sector is fueled by growth in low-cost carriers and airlines in developing and emerging markets.”

Those single-aisle are at the center of an increasingly pitched battle between Airbus and Boeing. Each manufacturer is set to roll out updated models of their popular and long-selling models, with Boeing’s new 737 MAX going up against Airbus’ new A320 neo family of planes.

Combined, Boeing and Airbus have won more than 6,000 orders for the updated models of those jets, due to begin flying this decade. Both Boeing and Airbus are looking to ramp up production of narrow-body jets to meet that demand

Source… Boeing: World will need 38,050 new planes in next 20 years

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