Northwest Aerospace News February | March Issue No. 13 | Page 23

N
otwithstanding some mod-
eration this year in the growth
of passenger and cargo traffic,
key indicators continue to point
to the aviation industry sustain-
ing its unprecedented streak of
growth and profitability. In fact,
the analysis shows a market
that is broader, deeper and more
balanced than we have seen in
the past.
First, some quick history. When
Boeing first published its market
forecast in 1961, the number of
commercial operators numbered
in the dozens. Today, that has
matured to more than 500, while
passenger traffic has grown by a
factor of nearly 70. More recent-
ly, since 2000, the global airline
network has expanded 2.5 times,
while industry innovation and
productivity have enabled trav-
elers to fly for nearly 40 percent
lower average fares in real terms.
Looking ahead, Boeing’s 2019
Commercial Market Outlook sees
more opportunities for product
innovation, fleet productivity and
network expansion. Overall, the
forecast shows a rising require-
ment for new jetliners, up three
percent from a year ago to 44,040
new jets valued at $6.8 trillion
through 2038. And as operators
refresh and grow their fleet to
meet the increase in passenger
and cargo demand, they will also
spend more than $9 trillion on
services to maintain, repair and
overhaul their jets and train pilots
and technicians to operate them
safely and efficiently. Combined,
we see a commercial aviation
market valued at $16 trillion over
the next two decades.
Photo Credit: The Boeing Company
44 percent of new airplane deliveries are projected to go toward replacing aging aircraft.
Photo Credit: The Boeing Company
FEBRUARY | MARCH 2020 ISSUE NO. 13
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