Boeing forecasts global air cargo traffic will continue to grow amid strengthening economy

Boeing projected (26-Oct-2016) air cargo traffic will grow at an annual rate of 4.2% over the next 20 years, with 930 new and 1,440 converted freighters needed to meet market demand by 2035. Boeing Commercial Airplanes VP marketing Randy Tinseth said: "The air cargo market has faced several years of below trend growth... As trade continues to recover, we're confident the air cargo market will see growth over the long-term." Details are as follows:

• e-commerce market: Boeing projects the e-commerce market will be one of the primary factors driving that growth, reaching USD3.6 trillion by 2020. Additionally, China's express market keeps expanding, with a five-year growth rate of 55% in volume and 39% in revenue;
• Growth led by Asia: The forecast shows markets linked to Asia will lead all other international markets in average air cargo growth. Dedicated freighters still carry more than half of air cargo traffic and remain the leading cargo capacity provider;
• Fleet forecast: Boeing forecasts that the world air cargo fleet will expand by 70% by 2035, adding a total of 2370 freighters to the market. The forecast sees demand for 550 large production freighters, 380 production medium widebody freighters, 400 widebody conversion freighters and 1040 medium conversion freighters;
• Market share: Boeing said its products make up more than 90% of the world's dedicated freighter capacity. [more - original PR]