US plane maker Boeing projected global demand for 42,595 new commercial jets by 2042, valued at $8 trillion, riding on the back resurgence in international and domestic air travel back to pre-pandemic levels.
The company released its 2023 Commercial Market Outlook (CMO), its forecast of 20-year demand for commercial airplanes and services, in advance of the Paris Air Show.
The new CMO comes three years after the pandemic grounded most of the global fleet.
According to the American aviation giant, passenger traffic will continue to outpace global economic growth by 2.6 percent, with the global fleet to nearly double to 48,600 jets, expanding 3.5 percent per year.
Airlines will replace about half of the global fleet with new, more fuel-efficient models, according to the company’s forecast.
Boeing’s 2023 CMO and future trends
“The aviation industry has demonstrated resilience and adaptability after unprecedented disruption, with airlines responding to challenges, simplifying their fleets, improving efficiency and capitalising on resurgent demand,” said Brad McMullen, Boeing senior vice president of Commercial Sales and Marketing.
“Looking to the future of air travel, our 2023 CMO reflects further evolution of passenger traffic tied to the global growth of the middle class, investments in sustainability, continued growth for low-cost carriers, and air cargo demand to serve evolving supply chains and express cargo delivery,” he said.
With regards to regional demand, Asia-Pacific markets are projected to represent more than 40 percent of global demand with half of that total in China.
South Asia’s fleet will expand more than 7 percent annually, the world’s fastest rate, with India accounting for more than 90 percent of the region’s passenger traffic.
North America and Europe each will account for about 20 percent of global demand.
Low-cost carriers are projected to operate more than 40 percent of the single-aisle fleet in 2042, up from 10 percent 20 years ago.
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