Boeing aircraft has projected a demand for more than 35,000 new airplanes over the next 20 years, with a value of $44.8 trillion, according to BreakingTravelNews.com.
The projection was part of the aircraft manufacturers annual Current Market Outlook, which is forecasting the world fleet of aircraft to double over the next two decades. Both passenger aircraft and cargo traffic are expected to grow five percent annually, according to the projection.
"This forecast gives us confidence as we increase our production rates and invest in new products like the 777X and 787-10X," Randy Tinseth, the vice president of marketing for Boeing Commercial Airplanes, said. "Airplanes are demanding more efficiency and that is exactly what we'll be giving them."
Boeing's Next-Generation 737 and their future 737 MAX, which serve the single-aisle market, are the main drivers of the forecast and continue to show strength. The growth of low-cost carriers and airlines from emerging markets are the main factor in the determination that new airplanes will be needed in that segment of the market.
Wide body airplanes, such as the 747-8, 777 and 787 Dreamliner, also make up a significant part of the projection. Boeing forecasts 8,590 new airplanes will be needed in this segment of the market, growth fueled partially by airlines replacing their older fleets with new, more fuel-efficient airplanes.
In the next two decades, the market for new airplanes will become more geographically balanced with the Asia-Pacific region, including China, leading the way in total airplane deliveries.
Fuel prices that have been rising and volatile, as well as a highly competitive economic environment for the airline industry have caused airlines to change the way they manage their business.
"Our customers are focused on growing their networks, managing their capacity and investing in new fleets," Tinseth said. "These trends will shape market demand for airplanes that have highly efficient, low operating costs, environmentally progressive technologies and a great passenger experience.
"We believe Boeing's current and future products are perfectly aligned to meet those needs," Tinseth added.
This article is copyrighted by Travelers Today, the travel news leader
