Boeing on Tuesday released its annual forecast for the aviation market, reflecting signs of the industry’s recovery following the impacts of COVID-19.
The 2021 Boeing Market Outlook (BMO) projects a market of 9 trillion U.S. dollars over the next decade for aerospace products and services that Boeing addresses. The forecast is up from 8.5 trillion dollars a year ago, and up from 8.7 trillion dollars in the pre-pandemic 2019 forecast, reflecting the market’s continued recovery progress.
“As our industry recovers and continues to adapt to meet new global needs, we remain confident in long-term growth for aerospace,” said Boeing Chief Strategy Officer Marc Allen. “We are encouraged by the fact that scientists have delivered vaccines more rapidly than imaginable and that passengers are demonstrating strong confidence in airplane travel.”
The new Commercial Market Outlook (CMO) reflects that the global market is recovering largely. Demand for domestic air travel is leading the recovery, with intra-regional markets expected to follow as health and travel restrictions ease, followed by long-haul travel’s return to pre-pandemic levels by 2023 to 2024.
Within the Boeing Market Outlook, the CMO projects 10-year global demand for 19,000 commercial airplanes valued at 3.2 trillion U.S. dollars. Boeing’s 20-year commercial forecast through 2040 projects demand for more than 43,500 new airplanes valued at 7.2 trillion dollars, an increase of about 500 planes over last year’s forecast.
With sustained demand for air cargo tied to expanding e-commerce and air freight’s speed and reliability, the CMO projects the global freighter fleet in 2040 will be 70 percent larger than the pre-pandemic fleet.