The impact of the pandemic has led Boeing to lower its 10-year outlook on aircraft demand by 11 percent over last year, writes Gillian Rich for investors.com.

Boeing expects deliveries of 18,350 commercial jets, including those from rival Airbus, in the next decade.

Boeing’s 20-year forecast sees 43,110 deliveries of new aircraft through 2039, down from a previous projection of 44,040 planes by 2038.

The International Air Transport Association does not expect air travel to rebound to 2019 levels until 2024.

Most of the new aircraft will come from replacing older planes.

Air cargo demand will grow about 4 percent annually, requiring 930 new freighters and 1,500 converted freighters.

The largest market segment will come from single-aisle aircraft like the Boeing 737 Max, with 32,270 new aircraft needed over the next 20 years.

“Single-aisle demand will recover sooner due to its key role in short-haul routes and domestic markets as well as passenger preference for point-to-point service,” the report said.

Boeing doesn’t expect to increase 737 production to 31 per month until the beginning of 2022, later than a prior estimate of 31 per month in 2021.

Widebody production will fall with long-haul commercial flights being hit the hardest.

Read more about airplane production in Investors.com.

You Might Also Like                            

Boeing’s Ridley Plant Workers to Benefit From New Chinook Helicopter Contract

Boeing’s Focus on Safety, Not Sales, Netted Results at Paris Air Show

Boeing’s Ridley Plant Part of the Political Landscape of Military Spending in a Swing State