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NEWS Last modified on July 11, 2016

Boeing predicts demand for nearly $6 trillion worth of new planes on first day of Farnborough Airshow

Boeing has made the first major announcement of the Farnborough International Airshow, projecting a demand for 39,620 new aircraft worth $5.9 trillion over the next 20 years.

The forecast, based on its annual Current Market Outlook (CMO), is 4.1% higher than it predicted last year.

"Despite recent events that have impacted the financial markets, the aviation sector will continue to see long-term growth with the commercial fleet doubling in size," said Randy Tinseth, vice president of marketing, Boeing Commercial Airplanes.

"We expect to see passenger traffic grow 4.8 percent a year over the next two decades."

It says that the single-aisle market will be especially strong, with low-cost carriers and emerging markets driving growth and believes that 28,140 new airplanes will be needed in this segment.

"There's no question the heart of the single-aisle market is around the new Boeing MAX 8 and the current 737-800. Airplanes that size already account for 76% of the global single-aisle backlog, and our products have the clear advantage in that space," he noted.

On the widebody side, 9,100 airplanes are in the forecast, with a large wave of potential replacement demand in the 2021- 2028 time frame. Boeing projects a continued shift from very large airplanes to small and medium widebodies such as the 787, 777 and 777X.

With cargo traffic forecasted to grow at 4.2% per year, Boeing projects the need for 930 new freighters and 1,440 converted freighters. The Asia market, including China, will continue to lead the way in total airplane deliveries over the next two decades. Boeing's Current Market Outlook is the longest running jet forecast and regarded as the most comprehensive analysis of the aviation industry.

The full report can be found at www.boeing.com/cmo

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