Boeing is predicting a $4.5 trillion market for 34,000 new airplanes over the next 20 years, according to the Boeing 2012 Current Market Outlook.
Under that projection, the current world fleet would double in size, according to the company’s annual forecast, which reflects the strength of the commercial aviation market.
“The world’s aviation market is broader, deeper and more diverse than we’ve ever seen it,” Randy Tinseth, vice president of marketing for Boeing Commercial Airplanes, said in a news release. “It has proven to be resilient even during some very challenging years and is driving production rate increases across the board.”
Airline traffic is expected to grow at a 5 percent annual rate over the next two decades, while cargo traffic is projected to grow at an annual rate of 5.2 percent, Boeing said. The single-aisle market, including Boeing’s Next-Generation 737 and the planned 737 MAX aircraft, will continue its growth, according to the prediction.
Widebodies, such as Boeing’s 747-8, 777 and 787 Dreamliner, will account for almost $2.5 trillion dollars worth of new airplane deliveries with 40 percent of the demand for these long-range airplanes coming from Asian airlines.
Growth in China and India is expected to contribute to the robust outlook.