Boeing : Forecasts Africa's 20-year Commercial Aviation Market Opportunity Valued at Nearly $400 Billion
BA
DUBAI, United Arab Emirates, Oct. 21, 2021-Boeing [NYSE: BA] forecasts that Africa's airlines will require 1,030 new airplanes by 2040 valued at $160 billion and aftermarket services such as manufacturing and repair worth $235 billion, enabling growth for air travel and economies across the continent. Boeing shared the projection as part of the 2021 Commercial Market Outlook (CMO), the company's long-term assessment of demand for commercial airplanes and services.
Africa's strong, long-term growth prospects for commercial aviation are closely tied to the continent's projected 3% annual economic growth over the next 20 years. Initiatives such as the African Continental Free Trade Area and Single African Air Transport Market are expected to stimulate trade, air travel and economic cooperation. Additionally, the region's middle class and working population is projected to double by the end of the forecast period, driving increased demand for air travel, according to Boeing.
"Africa has healthy opportunities to expand travel and tourism, coinciding with increasing urbanization and rising incomes," said Randy Heisey, Boeing managing director of Commercial Marketing for Middle East and Africa. "African carriers are well-positioned to support inter-regional traffic growth and capture market share by offering services that efficiently connect passengers and enable commerce within the continent."
The 2021 Africa CMO also includes these projections through 2040:
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Contact: Ivan Gale Boeing Communications +1 571 228 0974 [email protected]
Zeina El Hakam Boeing International +971 50 210 0810 [email protected]
Brianna Jackson Boeing Communications +1 206 512-7388 [email protected]
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The Boeing Company published this content on 21 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2021 14:33:04 UTC.