The growing global aviation market will cause many airlines to expand and renew their fleets.
In the 2018 edition of the Farnborough Air Show, Boeing announced its estimate for the commercial airline industry in the coming decades.
The US manufacturer increased its prediction of the need for new aircraft for the future by 4.1%. Precisely, about 42.730 aircraft will be needed around the world to meet the growing demand for transport in the next 20 years. Such an amount of aircraft would be valued at about 6.3 billion dollars.
Of the 42.730 new aircraft estimated, 44% will be used to modernize fleets of different airlines replacing aircraft that leave service, while the remaining 56% will consist of aircraft acquired in order to expand fleets in service.
According to Boeing, the growing demand in the air market and the expansion of fleets will generate a demand for services and business opportunities for 15 billion dollars.
Randy Tinseth, Vice President of Business Marketing at Boeing, said: “For the first time in years we are seeing economies grow in all regions of the world. This synchronized growth provides more stimuli to global air traffic. There are strong traffic trends, not only in emerging markets such as China and India, but also in mature markets such as Europe or North America. “