Air Cargo Traffic to Double By 2041November 14th, 2022
Air Cargo Traffic to Double By 2041
Global air cargo traffic is expected to increase by more than twofold, while the world’s aircraft fleet will grow by more than 60 percent. Boeing’s newly released 2022 forecast shows that $3 trillion worth of goods will be carried by air.
According to the U.S. manufacturer, the volume of cargo flights is expected to increase significantly over the next 20 years as a result of the growing e-commerce industry. The Asia-Pacific region will account for nearly 40% of all deliveries in that time.
The global coronavirus pandemic may have temporarily impacted demand for passenger flights, but the air cargo industry has experienced stronger year-over-year growth in revenues. Consumers in China continue to buy more and more high-quality durables from abroad. There are now about 300 more cargo freighters in the air today than just two years ago.
Darren Hulst, Boeing’s v-p of commercial marketing, said during a November 8 news conference that “The revenue generated by air cargo remains a huge bright spot for commercial aviation and a testament to the value of air cargo around the world, keeping supply chains moving.”
Because of its versatility, air cargo has grown along with my career. It’s changed as I have, and when there were changes in my life, it has made adjustments. I’m excited about the opportunities it offers now and into the future.”It’s been able to transport highly sensitive goods like pharmaceuticals and vaccines, not only within the U.S. but internationally, as well as just-in-time parts for supply chains around the world.”
The global airline sector is growing faster than ever. In 2022, it’s projected to make up nearly 20% of total aircraft demand. According to Boeing’s forecast, airlines will need an additional 2,800 freighters by 2041 with about 900 brand-new airplanes and nearly 1,900 converted or built from scratch airliners.
The growing demand for air cargo services will result in operators needing to use more fuel-efficient and sustainable aircraft. Around half of the fleet is at least 20 years old, and so while there’s a significant amount of 777 and 747-8 freighters available, there are almost 400 or over 350 aircraft that do need replacing.
On November 8, Emirates announced it will be expanding its fleet to include five Boeing 777 Freighters that are valued at more than $1.7 billion in total. The aircraft is destined for the Dubai-based carrier’s SkyCargo division, which has 11 aircraft of the type to operate.