Boeing forecasts future growth in air cargo market
According to Boeing, the global air cargo market will expand at a 5.2 per cent annual rate over the next 20 years – despite the current worldwide economic uncertainty.
The US aircraft manufacturer has just released its World Air Cargo Forecast 2012-13, predicting that growth will be driven by world gross domestic product (GDP) that will nearly double over the forecast period.
As a global air charter specialist, we closely monitor these key market forecasts as we arrange thousands of flights on aircraft built by manufacturers like Boeing and Airbus (as well as a variety of Russian-built freighter types, private jet aircraft and helicopters).
In its latest WACF report, Boeing forecasts the world freighter fleet will increase to 3,198 airplanes from 1,738 by 2031. Large freighters – such as the Boeing 747 and 777 – will represent 36 per cent of the fleet, compared to 31 per cent today.
The Asia-Pacific region will lead the industry in growth, with domestic China and intra-Asia traffic experiencing the highest percentage traffic growth, at 8 per cent and 6.9 per cent, respectively, over the 20-year forecast period. North America-Asia, Europe-South Asia, Europe-Asia, and Europe-Middle East also will be above the world average.
In terms of analysing the current state of the cargo charter market, Boeing notes that generally charter freight share rises during times of strong world air cargo growth and falls during times of slow or negative traffic growth. But contrary to this general trend, world charter air freight remained nearly flat in 2011 while world scheduled air freight declined 1.1%.
If you want to read the full World Air Cargo Forecast 2012/2013 it’s available on the Boeing website