According to the latest projections from US aircraft manufacturer Boeing, air cargo operators will need more than 2,600 freighters over the next two decades to keep up with increasing global freight traffic, which is expected to double with 4.2% growth annually.
Apparently, there will be demand for 980 new medium and large freighters and a further 1,670 converted freighters which will go towards replacing older aircraft and growing the global fleets of cargo operators to meet demand. "The air cargo market continues to be a major element of commercial aviation's growth story," said Darren Hulst, managing director of Market Analysis & Sales Support at Boeing Commercial Aeroplanes. "Our new forecast indicates strong long-term air cargo trends, which coincide with the market recovery that we have seen over the last few years across Europe, North America, and Asia."
The World Air Cargo Forecast was released by Boeing today at The International Air Cargo Association's Air Cargo Forum and Exhibition which detailed how some of the main forces behind the rise in demand for cargo aircraft comes from China. The global rise of e-commerce is also a key factor in the growth in demand as that industry is expected to rise by around 20% each year.
To meet growing market needs, Boeing also forecasts:
The world freighter fleet will expand by more than 70 percent, from the current total of 1,870 to 3,260 aeroplanes.Boeing projects new production freighter deliveries valued at $280 billion.Demand for regional express services in fast-developing economies will boost the standard-body share of the freighter fleet from 37 percent today to 39 percent.1,170 standard body and 500 medium wide-body passenger aeroplanes will be converted into freighters over the next two decades.Dedicated freighters, which provide unique capability that passenger belly-cargo cannot match, will continue to carry more than 50 percent of the world's air cargo demand. The majority will be in the large wide body freighter category, such as the 747-8 Freighter and 777 Freighters.
Boeing already has around 90% of the freighter market and are trying to quash all other competition so they can completely control the market, to drive up prices for both new and converted aircraft. Along with the sale of the aircraft, customers are often tied in to long maintenance, service and parts contracts. "With 90 percent share of the freighter market, Boeing is well positioned to capture this growth," said Darren Hulst. "We have invested in our freighter family to help express cargo and general freight operators carry out their missions around the world."
