According to Boeing’s latest Commercial Market Outlook, the global aviation industry will require 42,565 new aircraft by 2042, an increase of 1,395 from their 2022 prediction.
The majority of the demand, approximately three-fourths, is for narrow-body jetliners. The total cost of these jets is estimated to be over USD 8 trillion, with commercial services such as spare parts, digital solutions, and training costing an additional USD 3.8 trillion.
Of the 42,565 new aircraft, 32,420 will be narrow-body jets, 7,440 will be widebodies, 1,810 will be regional jets, and 925 will be freighters.
“The aviation industry has demonstrated resilience and adaptability after unprecedented disruption, with airlines responding to challenges, simplifying their fleets, improving efficiency, and capitalizing on resurgent demand. Looking to the future of air travel, our 2023 CMO reflects a further evolution of passenger traffic tied to the global growth of the middle class, investments in sustainability, continued growth for low-cost carriers, and air cargo demand to serve evolving supply chains and express cargo delivery.” Brad McMullen, Senior Vice President, Commercial Sales and Marketing, Boeing
Boeing’s Commercial Market Outlook is an annual report that provides a long-term forecast of the global aviation industry. The report takes into account factors such as economic growth, emerging markets, and technological advancements to predict the demand for new aircraft and services.
The demand for narrow-body jets is driven by the growth of low-cost carriers and the increasing popularity of point-to-point travel. Narrow-body jets are typically used for short to medium-haul flights and can carry between 100-200 passengers.
Wide-body jets, on the other hand, are used for long-haul flights and can carry between 200-600 passengers. They offer more space and amenities for passengers, making them a popular choice for international travel.