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Boeing sees full air travel recovery by 2024
Plane maker Boeing sees a full air travel recovery by 2024.
The company is painting a rosy outlook with increased orders for commercial planes over the next decade, according to its annual market outlook report.
"We’ve lost about two years of growth. However, we see a recovery to pre-virus levels by the end of 2023 or early 2024," said," Darren Hulst, VP for commercial marketing at Boeing.
Looking further into the future, Boeing said the 20-year outlook ‘remains intact’ with about 4% annual growth in air travel.
The current gradual recovery is mostly fueled by domestic travel.
It says about 84% of domestic travel had returned to pre-pandemic levels as of July, but international travel remains at only one-quarter of 2019 levels.
Long haul air travel will take at least two more years to get back on track.
Overall, Boeing is projecting a $9 trillion aerospace market over the next 10 years.
Boeing sees demand for more than 30,000 new single-aisle planes through 2040, which is about the same as predicted before the pandemic.
However it sees a big increase of about 70% for cargo jetliners through 2040 to meet e-commerce demand.
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