Boeing has said that it expects Latin American and Caribbean airlines to purchase 2,610 new aircraft by 2039.

The figure is based on Boeing’s 2020 Commercial Market Outlook (CMO) and the manufacturer’s opinion of near-term, medium-term and long-term market dynamics.

The market valuation of commercial aircraft during this period stands at $365bn.

The annual demand forecast also shows that the industry will need a total of 117,000 commercial pilots, cabin crew members, and aviation technicians.

Boeing Latin America and the Caribbean sales vice-president Ricardo Cavero said: “While the aviation industry across Latin America and the Caribbean has been hard hit by the pandemic, fundamental growth drivers in the region remain strong.

“South America, in particular, has considerable untapped market potential for air travel expansion driven by economic expansion and a large geographic area best served by air travel.”

During these next two decades, passenger traffic across the region is anticipated to grow 5.1% annually while the aircraft fleet will expand 3.5% annually.

The data also showed that the number of people travelling in South America will outnumber the traffic flows between Central and North America.

Besides Latin America, Boeing’s forecast shows airlines in South-East Asia to demand 4,400 new aircraft valued at $700bn.

On a global scale, Boeing predicts the demand for 43,110 new commercial aircraft during the same period while aftermarket services demand will be equivalent to $9tn.