{"id":222638,"date":"2023-06-19T05:15:00","date_gmt":"2023-06-18T22:15:00","guid":{"rendered":"https:\/\/www.ttrweekly.com\/site\/?p=222638"},"modified":"2023-06-19T05:43:17","modified_gmt":"2023-06-18T22:43:17","slug":"boeing-air-travel-outpaces-economic-growth","status":"publish","type":"post","link":"https:\/\/www.ttrweekly.com\/site\/2023\/06\/boeing-air-travel-outpaces-economic-growth\/","title":{"rendered":"Boeing: Air travel outpaces economic growth"},"content":{"rendered":"\n<p>LE BOURGET, France, 19 June 2023: With a resurgence in international traffic and domestic air travel back to pre-pandemic levels, Boeing projects global demand at 42,595 new commercial jets by 2042 worth an estimated USD8 trillion.<\/p>\n\n\n\n<p>Boeing released its 2023 Commercial Market Outlook (CMO), the company&#8217;s forecast of 20-year demand for commercial aircraft and services, on the eve of the Paris Air Show from 19 to 25 June.<\/p>\n\n\n\n<p>The new CMO comes three years after the pandemic grounded most global fleets.<\/p>\n\n\n\n<p><strong>Key takeaways<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Passenger traffic continues to outpace global economic growth of 2.6%.<\/li>\n\n\n\n<li>The global fleet nearly doubles to 48,600 jets, expanding by 3.5% annually.<\/li>\n\n\n\n<li>Airlines are replacing about half of the global fleet with new, more fuel-efficient models.<\/li>\n<\/ul>\n\n\n\n<p>&#8220;The aviation industry has demonstrated resilience and adaptability after unprecedented disruption, with airlines responding to challenges, simplifying their fleets, improving efficiency and capitalising on resurgent demand,&#8221; said Boeing senior vice president of Commercial Sales and Marketing Brad McMullen. &#8220;Looking to the future of air travel, our 2023 CMO reflects a further evolution of passenger traffic tied to the global growth of the middle class, investments in sustainability, continued growth for low-cost carriers and air cargo demand to serve evolving supply chains and express cargo delivery.&#8221;<\/p>\n\n\n\n<p><strong>Regional demand and key trends<\/strong><\/p>\n\n\n\n<p><strong>Asia-Pacific<\/strong> markets represent more than 40% of global demand, with half of that total in China.<\/p>\n\n\n\n<p><strong>South Asia&#8217;s <\/strong>fleet will expand more than 7% annually, the world&#8217;s fastest rate, with India accounting for more than 90% of the region&#8217;s passenger traffic.<\/p>\n\n\n\n<p><strong>North America and Europe<\/strong> will account for about 20% of global demand.<\/p>\n\n\n\n<p><strong>Low-cost carriers<\/strong> will operate more than 40% of the single-aisle fleet in 2042, up from 10% 20 years ago.<\/p>\n\n\n\n<p>After omitting demand for Russia and Central Asia in last year&#8217;s CMO due to uncertainty in the region, this year&#8217;s forecast covers Russia and Central Asia in the Eurasia region, which comprises about 3% of the global fleet by 2042.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-medium\"><img decoding=\"async\" width=\"300\" height=\"196\" data-src=\"https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2023\/06\/3-7-300x196.jpg\" alt=\"\" class=\"wp-image-222641 lazyload\" data-srcset=\"https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2023\/06\/3-7-300x196.jpg 300w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2023\/06\/3-7.jpg 419w\" data-sizes=\"(max-width: 300px) 100vw, 300px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 300px; --smush-placeholder-aspect-ratio: 300\/196;\" \/><\/figure>\n<\/div>\n\n\n<p>Commercial Services forecasts a total served market worth USD3.8 trillion, including digital solutions that increase efficiency and reduce cost; robust demand for parts and supply chain solutions; growing maintenance and modification options; and effective training to enhance safety and support the pilot and technician pipeline.<\/p>\n\n\n\n<p>Also, in the 20-year forecast period, Boeing anticipates demand for these models:<\/p>\n\n\n\n<p><strong>New single-aisle aircraft<\/strong> will account for more than 75% of all new deliveries, up slightly from the 2022 outlook and totalling more than 32,000 aircraft.<\/p>\n\n\n\n<p><strong>New widebody jets <\/strong>will be nearly 20% of deliveries, with more than 7,400 aircraft enabling airlines to open new markets and serve existing routes more efficiently.<\/p>\n\n\n\n<p><em>(Source: Boeing)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LE BOURGET, France, 19 June 2023: With a resurgence in international traffic and domestic air travel back to pre-pandemic levels, Boeing projects global demand at 42,595 new commercial jets by 2042 worth an estimated USD8 trillion. Boeing released its 2023 Commercial Market Outlook (CMO), the company&#8217;s forecast of 20-year demand for commercial aircraft and services, [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":222669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[469,267],"tags":[],"class_list":{"0":"post-222638","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-airlines","8":"category-europe"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Boeing: Air travel outpaces economic growth - TTR Weekly<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ttrweekly.com\/site\/2023\/06\/boeing-air-travel-outpaces-economic-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boeing: Air travel outpaces economic growth - TTR Weekly\" \/>\n<meta property=\"og:description\" content=\"LE BOURGET, France, 19 June 2023: With a resurgence in international traffic and domestic air travel back to pre-pandemic levels, Boeing projects global demand at 42,595 new commercial jets by 2042 worth an estimated USD8 trillion. 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