British Airways Boeing 747

World will need $5.6 trillion in aircraft over next 20 years; freighters, including 747, get boost

KLM 747 Cargo

KLM 747 Cargo

The global aircraft market will need 38,000 jets worth $5.6 trillion in the next 20 years. Of that, 38 percent of the demand will come from Asia and just 21 percent from North America.

This is a key result of the Boeing Current Market Forecast, issued early Thursday morning by Boeing.

“We see a strong market today, a market that is growing and thriving,” said Randy Tinseth, director of marketing for Boeing Commercial Airplanes.

The stronger expected growth for freighters is especially important for Boeing, given the currently small demand for 747-8 freighters, which are built in Everett. Boeing has said it could keep the line going at a rate of one plane per month if need be. But the company has maintained optimism that increased demand for freighters can save the line.

“We expect the cargo market to grow 4.7 percent, 920 freight aircraft valued $290 billion,” Tinseth said. “We see demand for 650 new freighters.”

Tinseth said that 90 percent of cargo flies on Boeing freighters. That gives the company continued confidence that the 747s will remain in production.

“Nobody in the industry has a freighter line as complete as ours,” he added.

Boeing’s backlog today is $435 billion.

Global market growth will continue to be robust over the next 20 years, with 7 billion passengers by 2024, up from 3 billion this year.

Of the aircraft demand, 26,730 will be single aisle, or 70 percent, and 12 percent wide bodies.

“The single aisle market will grow faster than the rest of the market, from 65 percent today to 70 percent in future,” Tinseth said.

Source… World will need $5.6 trillion in aircraft over next 20 years; freighters, including 747, get boost

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