Boeing expects that demand for new commercial airplanes will fall over the next decade due to the impact of Covid-19, cutting its 2019 projections by 11%.
The company said in a press release Tuesday that the new projection amounts to 18,350 commercial planes over the next ten years, valued at about $2.9 Trillion.
"Commercial aviation is facing historic challenges this year, significantly affecting near- and medium-term demand for airplanes and services," said Darren Hulst, vice president of Commercial Marketing, in Boeing's annual 20-year forecast. "Yet history has also proven air travel to be resilient time and again.”
The company forecasts 43,110 commercial aircraft deliveries over the next 20 years, down 2% from the 44,040 projected a year ago.
However, Boeing says air cargo demand is “a relative bright spot in 2020,” expecting it to grow 4% annually.