Russian and CIS airlines to need 1170 aircraft over next 20 years, two thirds for fleet renewal

Boeing estimated (20-Aug-2013) that Russian and CIS airlines will need 1170 aircraft, valued at USD140 billion, over the next 20 years. 860 of these aircraft are expected to be required by Russian airlines. Two thirds of the aircraft will be for fleet renewal with a considerable number of aircraft required over the next five to seven years. Boeing Commercial Airplanes director of marketing Mike Barnett also forecast: "The demand for aircraft will also stimulate the growth of passenger traffic on international and domestic flights in Russia and the CIS. According to our estimates, the volume of passenger traffic in the region is expected to grow on average by 4.5% per year". Mr Barnett also noted that in the next 20 years, the growth potential of domestic traffic will create a need for 860 new single-aisle aircraft. The scale and geophysical characteristics of the country will contribute to the development of air transport, while the volume of air traffic will grow together with the income of the population, and the liberalisation of air transport legislation will make services more accessible, Boeing forecast. He also noted that commercial air travel in Russia has been demonstrating rapid growth, with growth of 17% year-on-year in 1H2013 to 37 million passengers. In the cargo market, Russian airlines handled 998,000 tonnes of cargo, according to Boeing Commercial Airplanes regional marketing director Tom Crabtree, who noted that while the growth rate of the global air cargo market has decreased due to the general downturn of the economy and trade, the market in the CIS will be restored with the growth of 5.0%. [more - original PR - Russian]