september 14, 2021 - Boeing

Boeing forecasts $9 trillion aerospace market opportunities in commercial, defense and services over next decade

- #boeing Market Outlook forecasts continued path to long-term growth, with signs of industry recovery

- Over 10 years, the 2021 BMO shows $9 trillion addressable market, up from $8.5 trillion in 2020

- Increased demand for dedicated freighters, including new and converted models

CHICAGO, Sept. 14, 2021 /PRNewswire/ -- #boeing [NYSE: BA] today released its annual forecast for the commercial, defense and space aerospace market, reflecting signs of the industry's recovery following the impacts of COVID-19. The 2021 #boeing Market Outlook (BMO) – Boeing's analysis of long-term market dynamics – states that commercial airplanes and services are showing signs of recovery, while the global defense, space and government services markets have remained stable.

The BMO projects a $9 trillion market over the next decade for aerospace products and services that #boeing addresses. The forecast is up from $8.5 trillion a year ago, and up from $8.7 trillion 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."

Commercial Market Outlook

The new Commercial Market Outlook (CMO) reflects that the global market is recovering largely as #boeing projected in 2020. 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. Boeing's 20-year commercial forecast through 2040 projects demand for more than 43,500 new airplanes valued at $7.2 trillion, an increase of about 500 planes over last year's forecast.

In a significant area of growth, projected demand has increased for dedicated freighters, including new and converted models. 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% larger than the pre-pandemic fleet.

"The aerospace industry has made important progress in the recovery, and Boeing's 2021 forecast reflects our confidence in the resilience of the market," said Stan Deal, president and CEO, #boeing Commercial Airplanes. "While we remain realistic about ongoing challenges, the past year has shown that passenger traffic rebounds swiftly when the flying public and governments have confidence in health and safety during air travel. Our industry continues to serve an essential role of bringing people together and transporting critical supplies."

Highlights of the new 20-year CMO forecast include:

  • The availability and distribution of COVID-19 vaccines will continue to be critical factors in the near-term recovery of passenger air travel. Countries with more widespread vaccination distribution have shown rapid air travel recovery, as governments ease domestic restrictions and open borders to international travel.
  • Passenger traffic growth is projected to increase by an average of 4% per year, unchanged from last year's forecast.
  • The global commercial fleet will surpass 49,000 airplanes by 2040, with China, Europe, North America and the Asia-Pacific countries each accounting for about 20% of new airplane deliveries, and the remaining 20% going to other emerging markets.
  • Demand for more than 32,500 new single-aisle planes is about equal to the pre-pandemic outlook. These models continue to command 75% of deliveries in the 20-year forecast.
  • Carriers will need more than 7,500 new widebody airplanes by 2040 to support fleet renewal and long-term passenger and air cargo demand growth in longer-haul markets. These projections are up slightly compared to 2020 but remain down 8% from 2019.

Further information in the press release to download

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