LE BOURGET, France, June 18, 2023 /PRNewswire/ — With a resurgence in international traffic and domestic air travel back to pre-pandemic levels, Boeing BA today projected global demand for 42,595 new commercial jets by 2042, valued at $8 trillion. Boeing released its 2023 Commercial Market Outlook (CMO), the company’s 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. Key findings include:
- Passenger traffic continuing to outpace global economic growth of 2.6%.
- The global fleet nearly doubling to 48,600 jets, expanding 3.5% per year.
- Airlines replacing about half of the global fleet with new, more fuel-efficient models.
“The aviation industry has demonstrated resilience and adaptability after unprecedented disruption, with airlines responding to challenges, simplifying their fleets, improving efficiency and capitalizing 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 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.”
Boeing’s projections for regional demand and key trends through 2042 include:
- Asia-Pacific markets to represent more than 40% of global demand with half of that total in China.
- South Asia’s fleet will expand more than 7% annually, the world’s fastest rate, with India accounting for more than 90% of the region’s passenger traffic.
- North America and Europe each will account for about 20% of global demand.
- Low-cost carriers will operate more than 40% of the single-aisle fleet in 2042, up from 10% 20 years ago.
- After omitting demand for Russia and Central Asia in last year’s CMO due to uncertainty in the region, this year’s forecast…