Logistics News | Boeing Predicts a Boost in Cargo Planes

Author Name: Tiffany Lee – Marketing Analyst at FreightAmigo｜4/8/2022

Boeing Company, an American multinational corporation that designs and sells aircrafts, released its 2022 Commercial Market Outlook recently. It predicts 80% boost in global cargo planes by 2041. It also outlines their long-term forecast of commercial air traffic and aircraft, including global and regional analysis. These are valuable analysis to airlines, suppliers, and the aviation industry.

According to Boeing, the global fleet will increase by 80% over the next 20 years, from 2,010 cargo planes in 2019 to 3,610 in 2041. Ihssane Mounir, Senior Vice President of Commercial Sales & Marketing of the company also noted that the demand for cargo planes will continue to remain robust due to the growing demand of supply chains and e-commerce services. Carriers will need extra 2,795 cargo planes over the next 20 years, including 940 general freighters and 1,855 converted freighters.

Under the impact of pandemic, global air cargo capacity declined by 10% in 2020. However, the demand for international air freight rebounded as markets continue to improve. An annual growth rate of 21% was recorded in 2021. This shows aviation industry’s resilience under the pandemic and its importance to global trade.

Boeing also predicts that over the next 20 years, the Asian markets will continue to expand rapidly, accounting for about 40% of long-term global demand for new cargo planes. Europe and North America each account for about 20% of the demand, and 15% for the remaining regions. With the robust growth of the East Asian market and the rapid development of global e-commerce, air cargo capacity will continue to grow at an average annual compound growth rate of 4.1%, which is higher than the prediction in 2021.

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