The Boeing 2011 Current Market Outlook report projects a $4 trillion market for new aircraft over the next 20 years. About 33,500 new passenger airplanes and freighters are expected to be delivered between 2011 and 2013.
Passenger traffic is expected to grow at a 5 percent annual rate over the long term and the world fleet is expected to double by 2030. The report says the single-aisle market will continue to see strong demand around the world and fleet composition will change by 2030 with single-aisle jets making up 70 percent of the total.
“Not only is there a strong demand for air travel and new airplanes today, but the fundamental drivers of air traffic-including economic growth, world trade and liberalization all point to a healthy long-term demand,” said Randy Tinseth, vice president of marketing for Boeing Commercial Airplanes.
With China experiencing a double-digit growth in gross domestic product and its forecast and South Asia’s forecast expected to grow at 7 percent, the Asia Pacific is forecast to need the most new airplanes over the next 20 years. They will represent the largest market by value of deliveries at more than $1.5 trillion.
According to the report, the Middle East and Latin America will also continue to show very strong growth. European and North American carriers will continue to see demand for replacement airplanes as they retire older and less fuel-efficient models.