07.10.202016:12 Forex Analysis & Reviews: Boeing cuts forecast for civil aircraft demand

Boeing reckons the airline industry will need 18,350 civilian vehicles worth $2.9 trillion. The same study a year ago showed that the numbers would be 11% higher. This change is associated with the Covid-19 pandemic which has negatively affected the entire industry.It is also worth noting that if a longer forecast is made, the growth of the civil aircraft fleet will resume. Boeing said more than 43,000 new airplanes will be in demand within 20 yearsThe total market for products and services in the aerospace industry in the next 10 years is estimated at $8.5 trillion against $8.7 trillion in last year's forecast. At the same time, the state order and the defense aircraft industry will remain stable.The demand for goods and services in the space and defense market segments may reach $2.6 trillion in the next decade. At the same time, 60% of such expenses will come from the United States.According to specialists, in the 20-year period in the services and civil aircraft market, passenger traffic is expected to increase by about 4% on a yearly basis. Narrow-body aircraft will invariably remain the largest segment. The fleet of civil aircraft expected to grow from 25.9 thousand aircraft to 48.4 thousand units by 2039. Wide-body aircraft are predicted to total 7.48 thousand units.In 2020, the forecast for freight demand remains favorable.Thanks to this, there will be a need for 930 new wide-body cargo planes and 1,500 converted cargo planes within 20 years, the corporation said.