Boeing [NYSE: BA] has raised its forecast for new airplane demand, projecting the need for 41,030 new airplanes over the next 20 years valued at $6.1 trillion dollars.
The company's annual Current Market Outlook (CMO) was released today at the Paris Air Show, with total airplane demand rising 3.6 percent over last year's forecast.
"Passenger traffic has been very strong so far this year, and we expect to see it grow 4.7 percent each year over the next two decades," said Randy Tinseth, vice president of Marketing, Boeing Commercial Airplanes. "The market is especially hungry for single-aisle airplanes as more people start traveling by air."
The single-aisle segment will see the most growth over the forecast, fueled by low-cost carriers and emerging markets. 29,530 new airplanes will be needed in this segment, an increase of almost 5 percent over last year.
The forecast for the widebody segment includes 9,130 airplanes, with a large wave of potential replacement demand beginning early in the next decade. With more airlines shifting to small and medium/large widebody airplanes like the 787 and 777X, the primary demand for very large airplanes going forward will be in the cargo market. Boeing projects the need for 920 new production widebody freighters over the forecast period.
The Asia market, including China, will continue to lead the way in total airplane deliveries over the next two decades. Worldwide, 57 percent of the new deliveries will be for airline growth, while 43 percent will be for replacement of older airplanes with new, more fuel efficient jets.
Boeing's Current Market Outlook is the longest running jet forecast and regarded as the most comprehensive analysis of the aviation industry. The full report can be found at www.boeing.com/cmo.