GLOBALIZED DEMAND
Aviation is an increasingly integral part of life, bringing people
closer together. As the world’s emerging markets continue to grow
and new business models expand, airplane manufacturers are
seeing greater diversity in their customer base. In 1994, airlines in
Europe or North America carried more than 73 percent of all traffic.
By 2034, that share will shrink to 38 percent, with Asia Pacific
and Middle East airlines becoming prominent in global aviation.
The low-cost business model continues to drive growth in the
single-aisle market. Passengers have access to a wider range of
destinations and the benefit of the speed and convenience that
flying offers over traditional modes of transportation. Meanwhile,
new, efficient widebody airplanes are enabling smaller operators
in developing markets to compete on longer routes that large
foreign network carriers have traditionally dominated. The range
and economics of these airplanes are
dramatically expanding the number of
long-haul nonstop city pairs offered.
Rapidly evolving aviation services
in emerging regions are broadening
the geographical balance of airplane
demand, spurring a worldwide
requirement for 38,050 new jet
airplanes, valued at $5.6 trillion.