Boeing projects air cargo traffic will grow at an annual rate of 4.2 percent over the next 20 years, with 930 new and 1,440 converted freighters needed to meet market demand by 2035.
The company released its biennial World Air Cargo Forecast at TIACA (The International Air Cargo Association) Air Cargo Forum and Exhibition in Paris today.
“The air cargo market has faced several years of below trend growth,” said Randy Tinseth, vice president, Marketing, Boeing Commercial Airplanes. “As trade continues to recover, we’re confident the air cargo market will see growth over the long-term.”
Boeing projects the e-commerce market will be one of the primary factors driving that growth, reaching $3.6 trillion by 2020. Additionally, China’s express market keeps expanding, with a five-year growth rate of 55 percent in volume and 39 percent in revenue.
The forecast shows markets linked to Asia will lead all other international markets in average air cargo growth. Dedicated freighters still carry more than half of air cargo traffic and remain the leading cargo capacity provider.
Boeing forecasts that the world air cargo fleet will expand by 70 percent by 2035, adding a total of 2,370 freighters to the market. The forecast sees demand for 550 large production freighters, 380 production medium widebody freighters, 400 widebody conversion freighters and 1,040 medium conversion freighters.
Boeing products make up more than 90 percent of the world’s dedicated freighter capacity. Boeing offers integrated solution for freighter operators, whether they carry express cargo or industrial goods.
“Air cargo is critical to global trade, and Boeing offers the most comprehensive product lineup in the industry,” said Tinseth. “Our airplanes provide capacity and reliability advantages that will help our customers adapt and succeed in the evolving air cargo marketplace.”