Boeing's 2012 current market outlook (CMO) revealed that growth in emerging regions, such as China and India, will allow them to lead in total airplane deliveries during the 2012-2031 period.
Boeing Commercial Airplanes marketing vice president Randy Tinseth said that the world's aviation market was broader, deeper and more diverse than ever before.
"It has proven to be resilient even during some very challenging years and is driving production rate increases across the board," Tinseth added.
"As the market continues to grow, especially in emerging economies, air travel will become affordable to even more people."
The report revealed that the single-aisle aircraft market is expected to continually grow and wide body aircraft will account for nearly $2.5tn worth of new airplane deliveries during the period, with a 40% contribution from airlines in Asia.
According to the forecast, the growth of low-cost carriers is faster than the overall market and the old aircraft replacement demand is expected to account 41% of new deliveries by the end of forecast period.
Boeing's revised freighter fleet forecast revealed that the global freighter fleet was anticipated to almost double from the current 1,740 to 3,200 by the end of the forecast period.
The global freighter fleet will add 940 new-production airplanes and 1,820 converted airplane models, while large freighters with a capacity of over 88.2t will account for 680 new-build airplanes in addition to 260 medium freighters.
The report said that about 1,120 standard-body conversions were expected and the requirement for new standard-body freighters would cease during the forecast period.
Image: Boeing projected that the airline traffic and cargo traffic are projected to grow at a rate of 5% and 5.25% per year respectively over the next two decades. Photo: courtesy of Luis Argerich from Buenos Aires, Argentina.