Growth of sustainable transportation is key to all-round development

The global transportation market size, which was $7.90 trillion last year, is projected to reach $15.90 trillion by 2032, expanding at a CAGR of 8.10% during 2024–2032. Rapid advancement in autonomous vehicle technology and increase in e-commerce, necessitating enhanced logistics and delivery systems, are fuelling the market. As IATA Director-General Willie Walsh points out in a world of many and growing uncertainties, airlines continue to shore-up their profitability.

The expected aggregate net profit of $30.5 billion in 2024 is a great achievement considering the recent deep pandemic losses. With a record five billion air travellers expected in 2024, the human need to fly has never been stronger. He adds that the global economy counts on air cargo to deliver the $8.3 trillion of trade. Profitability enables investments in products to meet the needs of our customers and in the sustainability solutions we will need to achieve net zero carbon emissions by 2050, Walsh explained. With air travel expansion especially in emerging markets, the commercial aviation industry will require nearly 2.4 million new personnel as well as training to support new pilots, maintenance technicians and cabin crew.

Boeing expects demand for commercial services valued at $4.4 trillion ─ driven by maintenance and modification options and digital solutions that increase efficiency. With air travel fully recovered and even surpassing pre-pandemic demand, Boeing has projected a three per cent increase in airplane deliveries over the next 20 years, with carriers requiring nearly 44,000 new commercial airplanes by 2043. Leading into the Farnborough International Airshow, Boeing released its 2024 Commercial Market Outlook (CMO), which also predicts emerging markets and global single-aisle market demand will remain primary growth drivers for the industry.

The global commercial fleet is projected to grow 3.2 per cent annually, more slowly than air traffic as airlines continue to boost productivity by increasing load factors and using airplanes more hours per day. The air cargo fleet, with speed and reliability, consistently outperforms other modes of transport. It will increase by two-thirds by 2043, to support 4.1 per cent annual air cargo traffic growth.

The number of global routes served by commercial airlines has returned to the 2019 levels, even though nearly 20 per cent of them are new, illustrating the adaptability of aviation in a dynamic market. South Asia passenger traffic will increase 7.4 per cent, followed by Southeast Asia (7.2 per cent) and Africa (6.4 per cent), as emerging markets return to historical growth trends through the forecast period. Single-aisle airplanes will make up 71 per cent of the 2043 fleet after 33,380 new deliveries, serving short- to medium-haul routes with versatility.

Boeing expects demand for commercial services valued at $4.4 trillion ─ driven by maintenance and modification options and digital solutions that increase efficiency. With air travel expansion especially in emerging markets, the commercial aviation industry will require nearly 2.4 million new personnel as well as training to support new pilots, maintenance technicians and cabin crew. Aviation remains committed to its goal of achieving net zero carbon emissions by 2050. Travellers are quite hopeful that this commitment would help accomplish the desired levels.