Boeing forecasts new airplanes valued at $5.9 trillion

MUSCAT: Boeing projects a demand for 39,620 new airplanes over the next 20 years, an increase of 4.1 per cent over last year’s forecast. Boeing released its annual Current Market Outlook (CMO) on the first day of the Farnborough International Airshow, estimating the total value of those new airplanes at $5.9 trillion.

Long-term growth

“Despite recent events that have impacted the financial markets, the aviation sector will continue to see long-term growth with the commercial fleet doubling in size,” said Randy Tinseth, vice president of Marketing, Boeing Commercial Airplanes. “We ex- pect to see passenger traffic grow 4.8 per cent a year over the next two decades.”

The single-aisle market will be especially strong, with low-cost carriers and emerging markets driving growth. 28,140 new airplanes will be needed in this segment, an increase of more than 5 per cent over last year.

“There’s no question the heart of the single-aisle market is around the new Boeing MAX 8 and MAX 200, as well as the current 737-800. Airplanes that size already account for 76 per cent of the current single-aisle global backlog, and our products have the clear advantage in that space.”

On the widebody side, 9,100 airplanes are in the forecast, with a large wave of potential replace- ment demand in the 2021-2028 time frame. Boeing projects a continued shift from very large airplanes to small and medium widebodies such as the 787, 777 and 777X.

Cargo traffic to grow

With cargo traffic forecasted to grow at 4.2 per cent per year, Boeing projects the need for 930 new freighters and 1,440 converted freighters.

The Asia market, including China, will continue to lead the way in total airplane deliveries over the next two decades.

Boeing’s Current Market Outlook is the longest running jet forecast and regarded as the most comprehensive analysis of the aviation industry.