Boeing cuts long-range industrywide outlook for planes
Boeing released its forecast ahead of the start of the Farnborough International Airshow where manufacturers book orders
Boeing has cut its industrywide forecast for airplanes over the next 20 years, but expects deliveries to be stable, excluding one specific market.
That market is Russia, which is taken out of the equation because of the war in Ukraine.
There is uncertainty around when manufacturers could again sell planes to Russian carriers.
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Boeing's new projection is that airlines worldwide will need 41,170 new airplanes over 20 years with half of the deliveries for replacement aircraft, and with single-aisle aircraft accounting for about 75% of planes.
The forecast is down from its previous 20-year-forecast of 43,610 deliveries.
The new estimate excludes the Russian market and its projection of 1,540 planes.
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Boeing's new market outlook was released on Sunday ahead of the Farnborough Airshow.
The Farnborough International Airshow, is an industry trade show for the aerospace and defense industries, where manufacturers demonstrate their aircraft in an attempt to book orders.
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Boeing did however increase its 10-year demand forecast slightly to 19,575 airplane deliveries, excluding the Russian market.
Boeing sees strong near-term demand for aircraft despite the risk of a recession.
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Still, Boeing projects the global airline fleet will nearly double by 2041 as it sees a worldwide aviation demand COVID-19 recovery by early 2024.
Reuters contributed to this report.