Kuala Lumpur, Jun 17: Boeing forecasts a USD 4 trillion market for new aircraft over the next 20 years with a significant increase in forecasted deliveries.
According to its annual commercial aviation market analysis - Boeing 2011 Current Market Outlook (CMO) - released yesterday in Paris, the aircraft maker foresees a market for 33,500 new passenger airplanes and freighters between 2011 and 2030.
"The world market has recovered and is now expanding at a significant rate," said Randy Tinseth, vice president of Marketing, Boeing Commercial Airplanes in a statement released here today.
"Not only is there a strong demand for air travel and new airplanes today, but the fundamental drivers of air travel - including economic growth, world trade and liberalization - all point to a healthy long-term demand," he added.
Passenger traffic is expected to grow at 5.1 per cent annual rate over the long-term and the world fleet is expected to double by 2030.
The single-aisle market will continue to see strong demand around the world and is expected to increase its share of the market.
Fleet composition will change significantly by 2030 with single-aisle jets making up 70 per cent of the total from the current 60 per cent with that of twin-aisle to account for 22 per cent then from 19 per cent now.
Meanwhile, robust growth in China, India and other emerging markets will lead to a more balanced airplane demand worldwide.
China, which has experienced double-digit growth in gross domestic product in recent years, is forecasted to grow at 7 per cent per annum, while South Asia, which includes India, is forecast to grow at 7.1 per cent.
Asia Pacific is forecasted to need the most new airplanes over the next 20 years and will represent the largest market by value of deliveries at more than USD1.5 trillion.
The region will account for more than a third of new deliveries worldwide, while the Middle East and Latin America will also continue to show very strong growth.
From 2011 to 2030, the Asia-Pacific region will see deliveries of 11,450 new airplanes, Europe 7,550 airplanes, North America 7, 530, Latin America 2,570, Middle East 2,520 , C.I.S 1,080 and Africa 1,080 airplanes.
The airplane deliveries during the said period would total 33,500, the statement added.
At the meantime, European and North American carriers will continue to see demand for replacement airplanes as they retire older, less fuel-efficient models.
In fact, Boeing predicts 94 per cent of the European fleet operating in 2030 will have been delivered after 2011, with airplanes that are better for the environment, passengers and the airlines.