Boeing's latest forecast sees increase in growth projections

The Boeing 2011 Current Market Outlook (CMO) was released today in Paris ahead of the Paris Air Show.

The company's annual commercial aviation market analysis foresees a market for 33,500 new passenger airplanes and freighters between 2011 and 2030.

"The world market has recovered and is now expanding at a significant rate," said Randy Tinseth, Boeing commercial airplanes’ vice president of marketing, pictured below.

"Not only is there a strong demand for air travel and new airplanes today, but the fundamental drivers of air travel – including economic growth, world trade and liberalisation – all point to a healthy long-term demand."

Passenger traffic is expected to grow at 5.1 percent annual rate over the long-term, according to Boeing and the world fleet is expected to double by 2030. The single-aisle market will continue to see strong demand around the world and is expected to increase its share of the market. Fleet composition will change significantly by 2030 with single-aisle jets making up 70 percent of the total.

Robust growth in China, India and other emerging markets will lead to a more balanced airplane demand worldwide. China, which has experienced double-digit growth in gross domestic product in recent years, is forecasted to grow at 7 percent per annum, while South Asia, which includes India, is forecast to grow at 7.1 percent.

Asia Pacific is forecasted to need the most new airplanes over the next 20 years and will represent the largest market by value of deliveries at more than $1.5 trillion. The region will account for more than a third of new deliveries worldwide, while the Middle East and Latin America will also continue to show very strong growth.

The Boeing projections see a forecast for 2,520 new commercial aircraft for the Middle East over the next two decades.

New Airplane Deliveries: 2011-2030           

Forty percent of all new airplanes delivered over the next two decades will be replacements.

Boeing also announced projections for the world freighter fleet which it said will  virtually double by 2030 with an increase from 1,760 to 3,500 airplanes. Additions to the fleet will include 970 new-production freighters (market value of $250 billion) and 1,990 airplanes converted from passenger models.