Express market in China and rise of e-commerce behind growth
Aviation giant Boeing has predicted that air cargo operators will need more than 2,600 freighters over the next two decades to keep up with increasing global freight traffic, which is expected to double with 4.2% growth annually, according to its latest research.
The 980 new medium and large freighters and 1,670 converted freighters will go toward replacing older airplanes and growing the global fleet to meet demand, according to the new World Air Cargo Forecast, released by Boeing today at The International Air Cargo Association's Air Cargo Forum and Exhibition.
"The air cargo market continues to be a major element of commercial aviation's growth story," said Darren Hulst, managing director of Market Analysis & Sales Support at Boeing Commercial Airplanes.
"Our new forecast indicates strong long-term air cargo trends, which coincide with the market recovery that we have seen over the last few years across Europe, North America, and Asia."
Some of the factors driving the growth in air cargo include a growing express market in China and the global rise of e-commerce, which is forecast to increase 20% annually to nearly $5 trillion in 2021 according to Boeing's analysis.
To meet growing market needs, Boeing also forecasts:
"With 90 percent share of the freighter market, Boeing is well positioned to capture this growth," said Hulst.
"We have invested in our freighter family to help express cargo and general freight operators carry out their missions around the world.
“Whether it's our 777 Freighter or our 737-800BCF program, Boeing offers the most capable family of freighters with the best combination of payload, range and fuel efficiency."
Since January 2017, Boeing has sold 128 freighters, including 80 production and 48 converted freighters.
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