EVERETT — The Boeing Co. slightly increased its 20-year forecast for commercial airplane demand in Latin America on Monday.
The company expects the region’s commercial aviation market to “grow at one of the highest rates in the world over the next 20 years,” Boeing said in a press release.
In all, the aerospace giant projects Latin America will need 3,050 new airplanes worth $350 billion at today’s list price. Airplanes actually sell well below the list price after negotiations. That is a small adjustment above the 3,020 previously forecast by Boeing.
“The economies of Latin America and the Caribbean will grow faster than the rest of the world over the long term,” Van Rex Gallard, Boeing vice president and head of sales for Latin America, Africa and the Caribbean, said in Monday’s press release.
More and more people are flying to, from and in Latin America every year. The region’s passenger traffic is growing at 6 percent — compared to 4 percent for the world.
“To accommodate that growth, we forecast that the region’s fleet will more than double,” he said.
Most of that growth will come in regional travel. That means that single-aisle airplanes, such as Boeing’s 737 and Airbus’ A320, will make up a projected 83 percent of the new airplane demand, according to Boeing’s forecast.
The company estimates that the region’s airlines will need about 340 twin-aisle airplanes.
Airplanes are getting younger in Latin America and the Caribbean. Since 2005, the average airplane age has fallen from more than 15 years old to less than 10 years.
Boeing expects nearly 60 percent of the current fleet will be replaced by 2034.
Dan Catchpole: 425-339-3454; dcatchpole@heraldnet.com; Twitter: @dcatchpole.
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