Sumary of Despite pandemic pause, demand for new airplanes is expected to swell in next two decades, Boeing says:
- Two workers walk under the wing of a 737 Max aircraft at the Boeing factory in Renton, Washington, March 27, 2019.Lindsey Wasson | ReutersDespite the Covid pandemic wiping out two years of growth for the commercial airplane market, Boeing expects demand for the industry to swell over the next 20 years.
- The company’s annual market outlook predicts the global fleet of commercial airplanes will climb from 25,900 in 2019 to 49,405 planes by 2040, with almost 90 percent those planes being new models that will enter service over the period.
- In addition, Boeing is projecting the global aerospace industry, including defense and services, will reach $9 trillion over the next decade.
- “It is a pretty promising view and it tells us it’s time to start preparing for growth,” said Marc Allen, chief strategy officer for Boeing.
- Driving it all will be an expected recovery in air travel, especially on international routes that have been devastated by the pandemic.
- International travel is down 74% from 2019, while domestic travel is down just 16%.