Boeing Company boosted its 20-year forecast for aircraft demand by 3.5 per cent yesterday (June 10), predicting ‘strong and resilient’ growth as two out of every five newly built jets feed Asia’s booming travel market.

The US planemaker expects airlines and freight firms to take delivery of 38,050 jets worth $5.6 trillion by 2034, by which year more than seven billion people will be flying, said a report in the Gulf Daily News (GDN), our sister publication.

Boeing issued its latest forecasts ahead of the industry’s annual showcase, where jetmakers will be drumming up new business and gauging the reliability of their suppliers to keep pace with the record demand at the June 15-21 Paris Airshow.

For the same 20-year period, Boeing shaved its prediction for annual airline traffic growth to 4.9pc from 5pc, including a sharp downward revision for Russia, whose economy has been hit by falling oil prices.

Strong demand growth has pushed airliner production to record levels, driven by low-cost airlines and the rise of emerging markets.

Dominating production in terms of numbers of aircraft is the market for workhorse medium-haul jets like the Boeing 737 and Airbus A320, which carry 75 per cent of all passengers.

Boeing said the market for this category would top $2.7trn in the next 20 years, with 26,730 jets rolling off the production lines.

It revised up its forecasts for wide-body, twin-engined jets like the Boeing 787 and Airbus A350 the manufacturers will be showing off next week.

But once again, it lowered its view of demand for two four-engined jets: the Airbus A380 and its own 747.

The world’s dominant planemakers compete fiercely for orders in most categories.

Boeing maintained its longrange forecast for average annual cargo traffic growth at 4.7pc, but said the market was strengthening and that this trend was expected to continue. - TradeArabia News Service