Outrigger Hotels and Resorts

Published on Wednesday, September 15, 2021

Boeing sees full air travel recovery by 2024

Plane maker Boeing sees a full air travel recovery by 2024.

The company is painting a rosy outlook with increased orders for commercial planes over the next decade, according to its annual market outlook report.

"We've lost about two years of growth. However, we see a recovery to pre-virus levels by the end of 2023 or early 2024," said," Darren Hulst, VP for commercial marketing at Boeing.

Looking further into the future, Boeing said the 20-year outlook 'remains intact' with about 4% annual growth in air travel.

The current gradual recovery is mostly fueled by domestic travel.

It says about 84% of domestic travel had returned to pre-pandemic levels as of July, but international travel remains at only one-quarter of 2019 levels.

Long haul air travel will take at least two more years to get back on track.

Overall, Boeing is projecting a $9 trillion aerospace market over the next 10 years.

Boeing sees demand for more than 30,000 new single-aisle planes through 2040, which is about the same as predicted before the pandemic.

However it sees a big increase of about 70% for cargo jetliners through 2040 to meet e-commerce demand.

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