Boeing report predicts $4 trillion market for new aircraft

That’s according to the Boeing 2011 Current Market Outlook (CMO), which was released yesterday in Paris.

The company’s annual commercial aviation market analysis foresees a market for 33,500 new passenger aircraft and freighters between 2011 and 2030.

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.

China, which has experienced double-digit growth in gross domestic product in recent years, is forecasted to grow at seven 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 aircraft over the next 20 years and will represent the largest market by value of deliveries at more than $1.5 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.

European and North American carriers will continue to see demand for replacement aircraft as they retire older, less fuel-efficient models.

‘The world market has recovered and is now expanding at a significant rate,’ said Randy Tinseth, vice-president of marketing at Boeing Commercial Airplanes. ‘Not only is there a strong demand for air travel and new [aircraft] today, but the fundamental drivers of air travel — including economic growth, world trade and liberalisation — all point to a healthy long-term demand.’

The full report can be found here.