US planemaker Boeing Co raised its industry-wide annual 20-year forecast for new jetliner deliveries by 3 percent to 43,975, propelled by the strength of passenger demand, rising airline competition and the eventual replacement of older less efficient planes.
Boeing, which updated its forecast on the eve of the Farnborough Air Show outside London that opens today, said airlines would need a rising number of planes through 2043.
Boeing vice president of commercial marketing Darren Hulst said the retirement rates of older airplanes dropped in half over the past four years “because of the lack of aircraft coming into the market.”
Photo: Reuters
He said that issue would get addressed in the medium to long-term as supply constraints ease.
Single-aisle airplanes would account for 33,380 deliveries — or 76 percent of forecasted demand. Deliveries from now until 2043 are also expected to include 8,065 widebody planes, 1,525 regional jets and 1,005 freighters, Boeing said.
About half of new jet deliveries would replace older models, while the other half would grow airlines’ fleets, Boeing added.
The global aircraft fleet would almost double over the next 20 years, from about 26,750 jets last year to 50,170 by 2043, Boeing said.
The company also raised its industry-wide passenger traffic forecast growth rate to 4.7 percent.
Aviation was hit hard by the COVID-19 pandemic, which saw air travel collapse only to bounce back sharply. That has left many firms scrambling to resolve labor and parts shortages, and other supply chain issues. Manufacturers like Boeing and Airbus SE are struggling to keep up with significant demand and airlines face multi-year waits to get new airplanes.
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