Chicago-based aircraft manufacturer Boeing has revised its historically accurate forecast of aircraft sales upward, saying the world will need 34,000 new airliners over the next 20 years and the business will be worth $4.5 trillion. That is an increase of half of a trillion dollars up from a mere $4 trillion predicted in its previous forecast.
The pace of aircraft production forecast by both Boeing and European airliner manufacturer Airbus will require 466,650 more commercial pilots be trained by the year 2029. That will require an average of 23,300 new pilots a year. Nearly 40% of the new pilots will be required to meet the rapidly increasing travel market in the Asia-Pacific region. Boeing predicts in their market forecast that more than 97,000 new pilots will be needed to fly in North America. Since Asian Airlines hire thousands of their pilots from the United States, many more US trained pilots will be needed.
“It’s incredible to see just how much air travel has changed since I took my first flight back in 1977,” said Boeing’s VP of marketing, Randy Tinseth. “It has become critical to business and something we do for pleasure, to connect with family and friends. As the market continues to grow, especially in emerging economies, air travel will become affordable to even more people.”
Low-cost carriers will fuel much of the growth so Boeing is predicting that more than two-thirds of the market is for single-aisle airliners, chiefly its 737 and the Airbus A320. Aircraft with two rows, like the 787 and the A350, will account for about 8,000 units. Approximately 2,020 regional airliners will be needed and 790 large (747/A380) airliners will be sold. Only about 940 new freighters will be ordered but about 1,120 older airliners will be converted to freight hauling aircraft.