Boeing has released its 2024 World Air Cargo Forecast, predicting a substantial growth in the global air cargo fleet by 2043. The fleet is expected to expand to 3,900 cargo aircraft, up from 2,340 in 2023, marking a two-thirds increase. The growth will be driven largely by rising demand in Asia, where the market for large widebody freighters is anticipated to nearly double.
The forecast highlights a robust performance in the air cargo market, with an expected annual growth rate of 4% over the next two decades. Economic expansion and increasing consumer demand are set to drive the highest annual growth rates in air cargo volume in East and South Asia.
The Asia-Pacific region's fleet is projected to grow nearly twofold, requiring the highest delivery volume of 980 aircraft. North America is expected to follow closely with 955 aircraft, with these two regions accounting for over two-thirds of global deliveries.
The report also notes that express air cargo is set to grow faster than the industry average, spurred by its increasing role in e-commerce distribution and the expansion of express networks in emerging markets. According to Darren Hulst, Boeing's Vice President of Commercial Marketing, air cargo's continued development positions it as a fast and reliable mode of transport, with a variety of factors, including the growth of emerging markets and the global expansion of manufacturing and e-commerce, driving sustained demand for freighters over the next 20 years.
