By 2024, Boeing expects the commercial airline industry to be fully recovered.
The commercial aircraft business should fully recover from its pandemic fall by 2024, according to Boeing, which raised its aerospace estimate for the following decade.
According to Boeing’s annual market forecast report, the aerospace business will be worth $9 trillion over the next decade, up from $8.5 trillion a year ago.
“We remain confident in long-term growth for aerospace as our sector recovers and continues to adapt to meet new global needs,” said Boeing Chief Strategy Officer Marc Allen.
“We are heartened by the fact that scientists have given vaccinations faster than anyone could have predicted, and that passengers are expressing a high level of trust in aviation travel.”
Boeing now expects increasing orders for commercial jets and aviation services over the next decade, compared to last fall’s prediction, and the same level of demand for defense and space as previously projected.
In a media event, Boeing’s vice president of commercial marketing, Darren Hulst, said, “We’ve missed around two years of growth.” “However, by the end of 2023 or early 2024, we expect a return to pre-virus levels.”
Looking ahead, Boeing stated the 20-year growth prognosis “remains intact,” with passenger travel growing at a rate of 4% per year, well above the world economic growth rate of 2.7 percent predicted during this time.
Domestic travel has recovered far faster than international travel so far, indicating a disparity in travel limitations.
According to a Boeing presentation, over 84 percent of domestic travel returned to 2019 levels in July, compared to only around one-fourth of foreign travel.
Through 2040, Boeing forecasts a need for 32,500 new single-aisle planes, which is roughly the same as the pre-pandemic prediction. During that time, the business expects to deliver 7,500 new widebody planes, down 8% from its 2019 forecast.
One of the fastest-growing segments is freight planes, which includes modified planes. Boeing predicted that the global freighter fleet in 2040 will increase by 70% from pre-pandemic levels, reflecting growing demand linked to e-commerce.