Boeing: Air Cargo Traffic to Double by 2043 as Emerging Markets Drive Growth

Boeing [NYSE: BA] projects air cargo traffic to grow by 4% annually through 2043, with the global air cargo fleet expected to increase by two-thirds from 2,340 to 3,900 airplanes.

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Boeing [NYSE: BA] projects air cargo traffic to grow by 4% annually through 2043, with the global air cargo fleet expected to increase by two-thirds from 2,340 to 3,900 airplanes. The company's 2024 World Air Cargo Forecast predicts that East and South Asian markets will lead growth, with the Asia-Pacific fleet nearly tripling. The forecast includes 2,845 freighter deliveries between 2024-2043, comprising 1,005 production and 1,840 conversions. Express carriers are expected to increase their market share from 18% to 25%, driven by e-commerce growth. India's domestic air cargo market is projected to quadruple due to expanding express and e-commerce networks.

Positive

• Projected 4% annual growth in air cargo traffic through 2043
• Global air cargo fleet expected to increase by 66% by 2043
• Forecast of 2,845 freighter deliveries through 2043
• Express carriers' market share projected to grow from 18% to 25%
• Strong growth potential in Asian markets with fleet nearly tripling

Negative

• Aging fleet requiring significant replacement investment
• Heavy dependence on emerging markets performance for growth targets

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MIAMI, Nov. 12, 2024 /PRNewswire/ -- With a strong air cargo market exceeding pre-pandemic levels, Boeing [NYSE: BA] forecasts continued long-term growth, saying air cargo traffic will increase by an average of 4% per year through 2043. These projections appear in Boeing's 2024 World Air Cargo Forecast (WACF), the biennial overview and long-term outlook for the air cargo industry.

"As the quickest and most reliable way to move goods, air cargo's sustained growth has returned the industry to its long-term trend," said Darren Hulst, Boeing vice president of Commercial Marketing. "There will be many drivers for continued freighter demand over the next 20 years, including expansion of emerging markets and global growth in manufacturing and e-commerce."

Further insight from the 2024 WACF:

• The global air cargo fleet is forecast to rise to 3,900 airplanes by 2043, a two-thirds increase from 2,340 freighters in 2023.
• Driven by demand in high-growth Asian markets, the large widebody freighter fleet will nearly double.
• Nearly half of production and conversion deliveries will replace retiring freighters with more capable and fuel-efficient models — due to recent market needs, many older jets remain in service.

Regional movers:

• East and South Asian markets will see the highest traffic growth per year, driven by expanding economies and consumer demand.
• With the Asia-Pacific fleet expected to nearly triple, carriers in that region will require the most deliveries (980), followed closely by North America (955). These two regions will account for more than two-thirds of global deliveries.
• India's domestic air cargo market will nearly quadruple as express and e-commerce networks expand.

Express carriers forecast:

• Express carriers will serve one quarter of the air cargo market (up from current 18%).
• Express carriers are poised to grow faster than the industry average due to an increasing role in e-commerce distribution and the expansion of express networks in emerging markets.

By the numbers:

Freighter deliveries (2024-2043)	2,845
Production	1,005
Conversions	1,840

 

Delivery types
Standard-body	1,250
Medium widebody	785
Large widebody	810

The complete 2024 World Air Cargo Forecast can be found at www.boeing.com/wacf.

As a leading global aerospace company, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. As a top U.S. exporter, the company leverages the talents of a global supplier base to advance economic opportunity, sustainability and community impact. Boeing's diverse team is committed to innovating for the future, leading with sustainability, and cultivating a culture based on the company's core values of safety, quality and integrity. Join our team and find your purpose at boeing.com/careers.

Contact:
Boeing Media Relations
media@boeing.com

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SOURCE Boeing

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Boeing's (BA) air cargo traffic growth forecast through 2043?

Boeing forecasts air cargo traffic to grow at an average rate of 4% per year through 2043.

How many freighter deliveries does Boeing (BA) predict for 2024-2043?

Boeing predicts 2,845 total freighter deliveries for 2024-2043, including 1,005 production and 1,840 conversions.

What is the projected size of Boeing's (BA) global air cargo fleet by 2043?

Boeing projects the global air cargo fleet to reach 3,900 airplanes by 2043, up from 2,340 freighters in 2023.

What market share will express carriers have according to Boeing's (BA) 2024 forecast?

According to Boeing's forecast, express carriers will serve 25% of the air cargo market, up from the current 18%.