Boeing has forecast that air cargo traffic will
grow at an annual rate of 4.7% over the next 20 years, with global
air freight traffic expected to more than double by 2033.
The company released its biennial World
Air Cargo Forecast at the International Air Cargo Forum and
Exhibition on Tuesday.
"We see strong signs of a recovery as air
freight traffic levels continue to strengthen after several years
of stagnation," said Randy Tinseth, vice president of Marketing,
Boeing Commercial Airplanes. "The air cargo market is now growing
at nearly the long-term rates."
World air cargo traffic
began to grow again in second quarter of 2013 with growth reaching
4.4% for the first seven months of 2014, compared to the same
period a year earlier. If this trend continues, 2014 will be the
highest growth year for the air freight industry since 2010.
Much of the weak air cargo growth in the previous years can be
attributed to two principal causes Ė an underperforming world economy and lackluster trade growth, particularly in those
traditional commodities served by the air cargo industry.
The new Boeing forecast shows Asia-North America and Europe-Asia
will continue to be the dominant world air cargo markets with the
most traffic volume. Intra-Asia, domestic China and Asia-North
America markets are expected to have the fastest rates of growth
over the next 20 years.
With increased air cargo traffic,
Boeing expects the world freighter fleet to grow with deliveries
of 840 new factory-built airplanes and 1,330 passenger to
freighter conversion airplanes. More than 52% of those deliveries
are expected to replace retiring airplanes and the remainder used
More than 70% of the new factory-built airplanes
scheduled to deliver between 2014 and 2033 are forecast to be
"Boeing is committed to the cargo industry like no other
company," said Tinseth. "Our complete lineup of efficient, highly
capable freighters are well positioned to continue to carry more
than half of the world's air cargo traffic as the market continues
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