Boeing released its latest Commercial Market Outlook at the Farnborough International Airshow last week. The report, which looks to provide an industry forecast for the next 20 years, projects that the global in-service fleet will double by 2037 as air travel continues to become a bigger part of our lives.
The report shows that the commercial aviation industry is booming and, according to the report, will continue to grow over the next 20 years. It’s a great time to be part of the industry. Boeing’s forecast is used across the industry to inform business strategy.
This year, Boeing has reported on both the demand for jets and the services required to operate them to provide a “holistic view”.
With more people travelling by air than ever, the commercial sector has continued to grow, with airlines generating more than $30bn of profit last year.
In the foreword to the report, Randy Tinseth, Boeing vice president of commercial marketing, commented: “Together our analysis projects a global demand for $15 trillion worth of commercial airplanes and services, a truly massive market, in the next two decades.”
The report states: “Robust demand is expected the next 20 years as strong economic growth, growing middle classes, increasing consumer spending on services, and evolving airline business models bring more value to passengers and support the long-term outlook.”
The report predicts that in the next 20 years, the industry will require more than 42,000 new planes, the majority of these being in the single-aisle category. The freighter market is also benefiting from improvements in world trade.
