Aircraft manufacturer Boeing has projected a demand for more than 35,000 new airplanes over the next 20 years, valued at $4.8 trillion.

The company released its annual Current Market Outlook today in Paris, forecasting the world fleet to double over the next two decades.

Both passenger traffic and cargo traffic are expected to grow five per cent annually.

“This forecast gives us confidence as we increase our production rates and invest in new products like the 777X and 787-10X,” said Randy Tinseth, vice president, marketing, Boeing Commercial Airplanes.

“Airlines are demanding more efficiency and that is exactly what we’ll be giving them.”

The single-aisle market, served by Boeing’s Next-Generation 737 and the future 737 MAX, is the main driver of the forecast and continues to show strength. 24,670 new airplanes will be needed in this segment due to the growth of low-cost carriers and airlines from emerging markets. 

Widebodies, such as Boeing’s 747-8, 777 and 787 Dreamliner, also make up a large part of the forecast. 8,590 new airplanes will be needed in this segment, fuelled in part by airlines replacing their older fleet with new, more fuel-efficient airplanes.

The market for new airplanes will continue to become more geographically balanced over the next two decades. Asia-Pacific, including China, will lead the way in total airplane deliveries.

After facing high and volatile fuel prices and a highly competitive environment, airlines have been forced to change the way they manage their business.

“Our customers are focused on growing their networks, managing their capacity and investing in new fleets,” said Tinseth.

“These trends will shape market demand for airplanes that have highly efficiency, low operating costs, environmentally progressive technologies and a great passenger experience.

“We believe Boeing’s current and future products are perfectly aligned to meet those needs.”