Air cargo set for major growth by 2043 driven by emerging markets

Boeing has projected that air cargo traffic will experience significant growth over the next two decades, doubling by 2043. The company's 2024 World Air Cargo Forecast (WACF) indicates an average annual increase of 4% in air cargo traffic. This projection reflects a strong recovery from pre-pandemic levels.

Darren Hulst, Boeing's vice president of Commercial Marketing, commented on the trend: "As the quickest and most reliable way to move goods, air cargo's sustained growth has returned the industry to its long-term trend." He highlighted several factors driving this demand, including emerging markets' expansion and global manufacturing and e-commerce growth.

According to the forecast, the global air cargo fleet is expected to expand significantly, rising to 3,900 airplanes by 2043. This marks a two-thirds increase from the current fleet of 2,340 freighters in 2023. Notably, demand in high-growth Asian markets is anticipated to nearly double the large widebody freighter fleet. Additionally, nearly half of new production and conversion deliveries are intended to replace older models with more efficient aircraft due to evolving market needs.