Boeing has projected a demand for 38,050 new airplanes over the next two decades, worth an estimated value of US$5.6 trillion.
The US aircraft manufacturer published its annual Current Market Outlook report, which also determined that the number of commercial airplanes would double, from 21,600 in 2014 to 43,560 by 2034.
According to Boeing, the increase in aircraft demand is attributed to passenger traffic growth, which is currently rising by 4.9 per cent annually. By the end of the forecast period in 2034, it is believed that more than seven billion passengers will be flying annually.
As expected, the single-aisle market (consisting of narrowbody aircraft) continues to be the largest overall segment, with Boeing expecting demand for 26,730 airplanes over the next two decades.
These aircraft carry up to 75 per cent of passengers on more than 70 per cent of the world’s commercial aviation route. In addition, the steady growth of low-cost carriers contributes to the popularity of the B737 series.
Meanwhile, the widebody segment will likely require a more modest 8,830 new airplanes, with the smaller sized 200 to 300 seat aircraft such as the B787-8 and B787-9 being most in demand.
Medium widebody aircraft such as the B777 series are also expected to be in significant demand, with a projected 3,520 new airplanes, while the large widebody segment (B747s) looks set to lag firmly behind with only 540 new planes.
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