The global aviation industry has sprung back to pre-pandemic levels and American aircraft manufacturer Boeing’s outlook on the jet Market looks productive and busy. Summarizing projections over the next two decades, Boeing’s new planes prediction has estimated a sector-wide growth of more than 20,000 airplanes by 2042. 

Boeing outlines a global demand for 42,595 commercial jets in service by 2042, in contrast to 24,500 in 2022. The Asia-Pacific aerospace market is expected to account for over 40 percent of this revelation, with China emerging as the winning country for about half of that value. 

Boeing’s New Planes Prediction: An Outlook On The Jet Market

Boeing’s projected plane market value is earmarked at about $8 trillion, according to Bloomberg. Ahead of the Paris Air Show, the aircraft giant released its 2023 Commercial Market Outlook (CMO) report that alludes to the future of the aircraft industry and Boeing’s 20-year forecast for commercial airplanes and services. 

After the pandemic entrenched the aerospace market severely, the fleet of Boeing’s new planes prediction seems to behold a brighter outlook with the arrival of this CMO. The global economic growth of passenger traffic is projected at 2.6 percent but is expected to be superseded to 3.5 percent per year, pushing the demand for doubling the global fleet to 42,600 jets. Boeing’s forecast growth rate for passenger traffic may even exceed 3.5 percent to 4 percent.

Although, it is important to note that concerns have been rising over the way consumers will be affected to travel, owing to climate change. 

According to Boeing’s outlook on the jet market, airlines will be replacing approximately half of the prevailing global airplanes with more fuel-efficient models and the other half of the projected value of $8 trillion will account for growth. 

“The aviation sector’s resilience and adaptability, given how it has tackled challenges, improved efficiency and capitalized on the resurgent demand, is commendable.”

By way of continents, North America will harbor 23 percent of the new planes, the Asia-Pacific region for 42 percent (solely China will hold 20 percent of this) and Europe for 21 percent. India will be leading South Asia’s experience of the fastest fleet expansion by nearly 7 percent, where India accounts for more than 90 percent of passenger traffic in the region. 

Future Of Boeing In The Aircraft Industry

Boeing’s projected plane market value also forecasts that low-cost carriers will prevail 40 percent in operations in the single-aisle fleet in 2042, rising significantly from the 10 percent share they held previously.

But, Boeing’s defense unit has been facing negative margins in 2023’s first quarter following a pre-tax charge of $245 million due to its KC-46 tanker program. Defense unit CEO Ted Colbert assured that hard efforts were being made to improve the performance, albeit tangible results will take time.

Boeing’s defense unit has been staggering with heavy losses in tandem with its fixed-price development programs such as the KC-46, the new Air Force One airplanes, and the T-7 training jet. 

Meanwhile, the air cargo market’s estimated annual growth of 3 percent in trade over the next two decades is anticipated to bring tailwinds for future demand. 

Another strong contender exploring the quantum of airplanes in service by 2042, is Airbus. In a report released last week, Airbus has predicted demand for novel 46,560 passenger and cargo planes in the next 20 years. Boeing’s new planes prediction shares the dominion over aircraft deliveries through 2042 with its European rival Airbus.

Airbus’s A320neo family of jets and other narrow body jets such as Boeing’s 737 MAX will deliver 32,420 single-aisle jets by 2042. 

It will be intriguing to observe how Boeing’s aviation market predictions swirl for the impact of climate change. Airlines have been subjected to questions regarding the same. The concern of how climate will impact the way people travel has been the grist for the mill.

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