Boeing: Air Cargo Traffic to Double by 2043 as Emerging Markets Drive Growth
Rhea-AI Summary
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
News Market Reaction
On the day this news was published, BA declined 2.54%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
"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 byNorth 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
Contact:
Boeing Media Relations
media@boeing.com
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SOURCE Boeing
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