MIAMI – Boeing expects Latin American and Caribbean airlines to purchase 2,610 new aircraft by 2039. This number comes from the company’s 2020-2039 Commercial Market Outlook.
According to a report by aerospace-industry.com, the market valuation of commercial aircraft during this period is at US$365bn.
In addition, Boeing forecasts 8,995 deliveries to North America and 8,810 to Europe. Globally, the figure is 43,110. According to the report, Boeing’s “long-term outlook is informed by decades of analysis and insights into airline strategies and passenger demand, including how the industry has responded to market shocks.
Still, from the course of the virus and future COVID-19 vaccines or therapies to economic recovery regionally and internationally, the image remains complex and still subject to many unknowns.
“As we see it today, the near-term impacts have become visible but key long-term growth drivers remain as well.”
A Resilient Industry
The report in some ways shrugs off the effects of the COVID-19 pandemic. “While aviation has seen periodic demand shocks since the beginning of the Jet Age, our industry has recovered from these downturns every time.” In Boeing’s view, it should take about three years for air travel to return to 2019 levels. And it may be an additional three or four years for the industry to return to its long-term growth trends.
“Aviation remains an integral part of transportation systems around the world. The maturation of many emerging market economies will further increases consumer spending’s share of economic activity, bolstering demand for air travel. In addition, coming out of every crisis, the industry has innovated by improving service and value for the traveling public.”
Another trend described in the Outlook is fleet versatility. The market disruption caused by COVID-19 will determine how airlines configure their fleets long into the future. In deciding how to make decisions and resume growth, most airlines will likely look at putting together versatile fleets that “provide future network flexibility, maximizing capability while minimizing risk, and improving efficiency and sustainability.”
And some good news for those who are looking to work in the industry. Boeing sees a demand for a total of 117,000 commercial pilots, cabin crew members, and aviation technicians.
The current edition of the market outlook can be found on the Boeing web site.
Featured image: Nick Sheeder