Boeing predicts long-term air freight growth
Asian markets will drive demand after short-term pause
By Dave Hannon -- Purchasing, 11/5/2008 8:19:00 PM
 Japanese airline air freighter from Boeing |
Despite the current slowdown in freight demand around the world, aircraft maker Boeing’s long-term forecast for the air cargo market shows continued increases in demand for the next two decades.
"We've seen market contraction during the middle of this year for the first time since late 2003; however, history tells us that the air cargo market returns robustly when the economy strengthens," according to Jim Edgar, regional director, marketing for Boeing Commercial Airplanes in Boeing’s biennial forecast.
The report says global air cargo traffic has declined for two consecutive months through June and “early third-quarter 2008 reports from carriers point to either continuing weak or negative growth.”
But long-term global GDP will bring demand for air freight back. Specifically, Boeing’s forecast shows Asian air cargo market growth will continue to lead all global traffic routes for the next 20 years. Domestic Chinese and intra-Asian markets will grow 9.9% and 8.1% per year, respectively.
Boeing predicts the world freighter fleet will increase to 3,890 airplanes from 1,950 over a 20-year period. Large freighters like Boeing's 747 and 777 will ultimately represent 35% of the fleet, versus the 26% today.
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