Boeing Projects 4% Annual Growth in Air Cargo Traffic Through 2043

Published: Thursday, December 19, 2024

Boeing forecasts a robust future for the air cargo industry, predicting an average annual growth of 4% in air cargo traffic through 2043. The projections are outlined in the company’s 2024 World Air Cargo Forecast (WACF), a comprehensive biennial report providing an outlook for the global air cargo market.

“As the quickest and most reliable way to move goods, air cargo’s sustained growth has returned the industry to its long-term trend,” said Darren Hulst, Boeing vice president of Commercial Marketing. “There will be many drivers for continued freighter demand over the next 20 years, including expansion of emerging markets and global growth in manufacturing and e-commerce.”

Key highlights from the 2024 WACF include:

  • Fleet Expansion: The global air cargo fleet is expected to grow to 3,900 airplanes by 2043, a two-thirds increase from 2,340 freighters in 2023.
  • Asian Market Surge: High-growth Asian markets will drive the nearly doubling of large widebody freighters, with the Asia-Pacific fleet projected to nearly triple.
  • Fleet Modernization: Nearly half of the freighter deliveries by 2043 will involve replacing older models with more capable and fuel-efficient aircraft.
  • Regional Growth: East and South Asia will experience the highest annual traffic growth, supported by expanding economies and rising consumer demand. India’s domestic air cargo market is set to nearly quadruple as e-commerce networks expand.
  • Express Carriers: The share of express carriers in the air cargo market is anticipated to increase to 25% from the current 18%, driven by the growth of e-commerce and the expansion of express networks in emerging markets.

“By adopting smart airside solutions, the industry can reduce turnaround times, improve reliability, and significantly lower its environmental footprint,” Hulst added. “These are all key priorities for aviation executives around the world.”

The forecast also highlights significant increases in freighter deliveries, with 1,005 production and 1,840 conversions expected between 2024 and 2043. Delivery types will include 1,250 standard-body, 785 medium widebody, and 810 large widebody freighters.

Boeing emphasizes the importance of innovation and sustainability in meeting the growing demands of the air cargo sector. The complete 2024 World Air Cargo Forecast is available at www.boeing.com/wacf.