Boeing: Latin America will need 3,020 new aircraft in next 20 years

Boeing 777

Boeing forecasts that Latin America (Latam) will need 3,020 new aircraft valued at $350 billion over the next 20 years – more than doubling the present fleet.

The US aircraft manufacturer gave no mention on exactly how many freighters will be needed over the next two decades in the forecast.

Boeing Commercial Airplanes vice president for sales in Latin America, Africa and the Caribbean, Van Rex Gallard says: “The economies of Latin America and the Caribbean will grow faster than the rest of the world over the long term.

“This economic growth, coupled with rising incomes and new airline business models that give more people access to travel, is causing passenger traffic in the region to grow by six per cent per year – well above the global rate. To accommodate that growth, we forecast that the region’s fleet will more than double.”

Boeing says of the 3,020 new aircraft needed, 83 per cent will be single-aisle aircraft spurred by intense regional traffic growth, while the widebody fleet will require 340 new aircraft as regional carriers continue to compete more strongly on routes traditionally dominated by foreign operators.

Boeing notes the average aircraft age in the region’s fleet has been reduced from more than 15 years to less than 10 years since 2005, giving Latin America and the Caribbean a younger fleet than the world average.

The region was also said to have a steady replacement cycle since the mid-2000s and that trend will continue as nearly 60 per cent of the current fleet is replaced over the next two decades.