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Boeing: 4.7pc annual air cargo growth until 2034 calls for 920 new planes

US aircraft manufacturer Boeing is optimistic that the global air freight market, including express traffic, will grow 4.7 per cent each year over the next two decades and will require 920 new aircraft over the forecast period.

Boeing predicts that overall, global air cargo traffic measured in revenue tonne-kilometres (RTKs) will rise from 207.8 billion RTKs in 2013 to 521.8 billion in 2033, reported London's Freightweek.

In RTK terms, Asia cargo traffic will increase by 5.7 per cent between 2015 and 2034; Latin America, 5.5 per cent; the Middle East, 6.3 per cent; Africa, 6.9 per cent; and North America 2.9 per cent.

"We've seen two years of solid growth in the air cargo market and we expect that growth to continue," said vice president Randy Tinseth.

Boeing projects a demand for 38,050 new aircraft over the next 20 years, an increase of 3.5 per cent from last year's forecast. Rival Airbus is forecasting a four per cent rise to 32,600 new aircraft in the same period.

Boeing estimates the total market value at US$5.6 trillion of which $2.2 trillion will be in Asia.

It expects the widebody segment will require 8,830 new aircraft, led by "small widebody" aircraft up to 300-seats of which 1,530 will be ordered in Asia and 880 by Gulf and Middle East carriers.

If Boeing抯 forecast proves correct by the end of 2034 the world's commercial airplane fleet will have doubled to 43,560 aircraft of with 58 per cent will be the result of market growth.