Boeing says that the international air cargo traffic will triple over the next 20 years, with the industry already rebounding strongly from the global financial crisis.
In its latest World Air Cargo Forecast, Boeing predicts that global volumes of air cargo will grow by an average of 5.9 per cent per year until 2029, aided by a forecast average world GDP growth of 3.2 per cent. In the short term, it expects that the rebound in freight traffic which began in November 2009 will see it again reach volumes experienced in 2007 by the end of the year.
“Industrial requirements are driving the rebound, as air cargo is an essential tool for industry and commerce to manage supply chains and bring goods to market,” said Boeing’s vice president of strategic planning and analysis, Jerry Allyne. “As airlines return to profitability, they will begin to consider fleet renewal to improve long term operating costs.”
That growth is expected to see the global freighter fleet increase by nearly 70 per cent to 2967 by 2029, with large freighters such as the Boeing 747 and 777 expected to represent nearly a third of the market. That demand is expected to be met by 743 new-build freighters and 1751 conversions.