According to a new Boeing 2024 Commercial Market Outlook (CMO), the global freighter fleet is forecasted to nearly double over the next twenty years.

The American aerospace company said the air cargo fleet, with speed and reliability, consistently outperforms other modes of transport and will increase by two-thirds by 2043 to support 4.1% annual air cargo traffic growth.

Boeing noted that 1,005 freighters will be delivered between 2024-2043.

Meanwhile, in general, Boeing said aeroplane deliveries over the next 20 years are projected to increase by 3%, with air travel fully recovered and even surpassing pre-pandemic demand and carriers requiring nearly 44,000 new commercial aeroplanes by 2043.

Boeing also predicts emerging markets and global single-aisle market demand will remain primary growth drivers for the industry. 

 [Source: Boeing CMO]

"Air travel demand continues to outpace economic growth in an increasingly connected world. Four years after the pandemic grounded most of the global fleet, air traffic growth has returned to the long-term trend Boeing forecast 20 years ago," it said.

Boeing noted that compared to 2023, passenger air traffic will rise an average of 4.7% annually over the next two decades.

"This is a challenging and inspiring era for aviation. The return to more typical traffic growth shows how resilient our industry is, even as we all work through ongoing supply chain and production constraints amid other global challenges," said Brad McMullen, Boeing senior vice president of Commercial Sales and Marketing.

CMO forecasts that the global commercial fleet is projected to grow 3.2% annually, more slowly than air traffic, as airlines continue to boost productivity by increasing load factors and using aeroplanes more hours per day.

Boeing said in its CMO that single-aisle aeroplanes will make up 71% of the 2043 fleet after 33,380 new deliveries, serving short- to medium-haul routes with versatility.

The global widebody fleet will more than double, with twin-aisles comprising 44% of the Middle East fleet.