Boeing [NYSE: BA] lifted its long-term forecast for commercial airplanes as rising passenger traffic and upcoming airplane retirements drive the need for 42,730 new jets – valued at $6.3 trillion – over the next 20 years. The global airplane fleet will also sustain growing demand for commercial aviation services, leading to a total market opportunity of $15 trillion.
The company’s annual forecast, renamed the Commercial Market Outlook (CMO) to include detailed analysis of the dynamic aviation services market, was presented today at the Farnborough International Airshow. Recognized as an industry benchmark for global air travel forecasting, the 2018 CMO projects the total number of airplanes increasing 4.1 percent over the previous forecast.
