The company has revised its 20-year forecast issued last year, raising its estimate of the number of planes airlines worldwide will purchase by 2031 from 33,500 to 34,000, and upping the amount to be spent on those planes from $4 trillion to $4.5 trillion.
Given that it can take years to move a new airplane from design to production, aircraft manufacturers often make business plans a decade or more in advance, the Associated Press noted. In assessing the growing demand, Boeing predicts emerging markets in China and India will cause Asia to account for most of the new airplanes manufactured by 2031.
After Asia, Europe will constitute the region with the second-highest demand, followed by North America.
The greatest demand over the next 20 years will be for passenger planes, while cargo plane demand is expected to lag for the foreseeable future.