Boeing Weighs Aviation Market Over The Next 20 Years
Chicago-based Boeing, a leading manufacturer of private, commercial, and military aircraft, released its market expectations for the next 20 years. According to the company’s annual Commercial Market Outlook, the total aircraft and aviation services market is predicted to grow to the tune of $15 trillion.
A Bright Future
The company’s global market overview paints a rosy picture of the aviation market between now and 2037. Boeing expects commercial aircraft passenger traffic to continue to grow, and as the global fleet of aircraft ages, 42,730 new jets, with an estimates value of $6.3 trillion, will be put into service to meet that demand. Commercial aviation services will keep pace, adding $8.8 trillion to that figure.
Here & Now
Although the forecast looks far into the future, it also makes a few statements about the current state of the aviation industry. According to Randy Tinseth, vice president of commercial marketing for Boeing, a major reason for the wave of optimism is the fact that, for the first time in a long time, economies in every region of the world are experiencing growth. Compared to last year, the total number of global aircraft in service rose 4.1%, with airplanes in the single-aisle segment showing the strongest demand. Boeing attributes this surge to rising demand for low-cost carriers, growth in emerging markets, and Chinese and Southeast Asian demand for aircraft replacements.
Although there is strong demand everywhere, it’s the Asia Pacific region that leads the way, accounting for 40 percent of total airplane deliveries and 38 percent of the total services market. The North American and European markets come in as second and third.
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Source: Boeing
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