Boeing officials have raised the company’s long-term forecast for commercial airplanes to 42,730 new jets – valued at $6.3 trillion – throughout the next 20 years. Increasing passenger traffic and upcoming airplane retirements will drive global airplane fleet expansion, which also will sustain growing demand for commercial aviation services, presenting a total market opportunity of $15 trillion.
The company’s annual forecast, renamed the Commercial Market Outlook (CMO) to include detailed analysis of the dynamic aviation services market, was presented Tuesday at the Farnborough International Airshow. Recognized as an industry benchmark for global air travel forecasting, the 2018 CMO projects the total number of airplanes increasing 4.1% from the previous forecast.
Read more: Boeing forecasts $15 trillion commercial airplane, services market