Boeing projects a $4.5tn market for the delivery of 34,000 new aircraft over the next 20 years, according to its 2012 current market outlook released today.
Growth in China and India and the replacement of less fuel-efficient aircraft are being considered as major factors for the projected increase in aircraft delivery.
The CMO forecasts that replacements will account for 41% of deliveries over the next 20 years and that 12,030 aircraft will be delivered to countries in the Asia-Pacific region, compared to 7,760 and 7,290 in Europe and North America respectively.
Randy Tinseth, vice president of marketing at Boeing Commercial Airplanes, said: “The world’s aviation market is broader, deeper and more diverse than we’ve ever seen it.”
Low cost airlines are also being attributed as a factor in the forecast, with low fares generating increased air traffic.
Mr Tinseth commented: “As the market continues to grow, especially in emerging economies, air travel will become affordable to even more people.”
