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.