In an annual forecast for the commercial, defence and space aerospace market. Boeing has released a press statement reflecting on signs of recovery following post-pandemic.
The aircraft manufacture predicts that domestic air travel will lead the recovery in 2022, followed by a rebound of intra-regional markets in 2023. Finally International travel will be back to the previous levels before pandemic by 2024.
The annual report also shows the documentation of projects a $9 trillion market over the next decade for aerospace products and Boeing services. The forecast on recovery progress shows the increase from $8.5 trillion a year ago to $8.7 trillion in pre-pandemic 2019.
“While we remain realistic about on-going challenges, the past year have shown the passenger traffic rebound when flying, public and governments have confidence in health and safety during air travel with the roll-out of covid -19 vaccines”, Marc Allen, Boeing chief strategy officer stated.
The new commercial market outlook (CMO) reflects on global market recovering swiftly based on Boeing projection 2020. Domestic travel is leading the recovery with ease in health and travel restrictions.
Within the Boeing Market Outlook, the CMO projects ten-year global demand for 19,000 commercial airplanes valued at $3.2 trillion. In a significant area of growth, projected demand has increased for dedicated freighters, including new and converted models.
Given the sustained demand for air cargo associated with the expansion of electronic commerce and the speed and reliability of air cargo, the CMO projects the global freighter fleet in 2024 will be 70% more than the pre-pandemic fleet.
“The aerospace industry has made important progress in the recovery, and Boeing’s 2021 forecast reflects our confidence in the resilience of the market. Our industry continues to serve an essential role of bringing people together and transporting critical supplies.” said Stan Deal, president, Boeing Commercial Airplanes.