Pandemic has not diminished Boeing’s optimistic forecast for planes

Ransomware attack before holiday leaves companies scrambling

As recently as 2018, Boeing booked more than 1,000 orders. That was followed, however, by two deadly Max crashes that led regulators around the world to ground the plane for nearly two years, crippling Boeing’s commercial-planes business. Since then it has also struggled with production flaws on another plane, the larger 787. Boeing delivered 22 planes last month, trailing the 40 deliveries by European rival Airbus. Deliveries are a crucial source of cash for the companies.

The company predicted that the aerospace market will be worth $9 trillion over the next decade. That is up from Boeing’s prediction of $8.5 trillion last year and $8.7 trillion in 2019, before the pandemic torpedoed demand for airline jets. Separately, Boeing reported a small gain in new airliner orders during August, underscoring the fragile nature of the recovery in air travel. The company posted net orders for 23 commercial jets after accounting for 30 cancellations — 28 of them for the 737 Max. Boeing officials said the last year shows that air travel can rebound quickly, which was reflected in their upbeat long-term forecast.

“We lost about two years of growth,” said Darren Hulst, Boeing vice president of commercial marketing. “However, we see recovery to pre-virus levels by the end of 2023 or early 2024.” An average of 1.85 million passengers boarded planes in the U.S. each a day in August, up from about 700,000 per day last year. However, that was still down 23% from the 2.4 million daily average in August 2019, according to government figures.

In the U.S. and around the world, air travel within countries is picking up faster than cross-border travel, as many countries maintain high barriers to international travel. In July, global domestic travel was 84% of July 2019 levels, but international travel was only 26%, according to the International Air Transport Association, the main trade group for global airlines. Despite the setback from the pandemic, Chicago-based Boeing’s long-term outlook is little changed from a year ago. By 2030, the company predicts that airlines will need 19,000 new planes to replace old ones and for growth fueled by increasing demand for travel, especially in Asia. By 2040, the company forecast that the global fleet of airline planes will top 49,000, with nearly 40% of that in the Asia-Pacific region, led by China.

To fly those planes, Boeing Co. predicted the world will need 612,000 more pilots, 626,000 technicians and 886,000 flight attendants over the next 20 years.

The News Highlights

  • Pandemic has not diminished Boeing’s optimistic forecast for planes
  • Check the latest update on business news
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Dying Light Platinum Edition has a release date, and Dying Light 2: Stay Human – Cloud Version has been confirmed
Dying Light Platinum Edition has a release date, and Dying Light 2: Stay Human – Cloud Version has been confirmed
While the first game is a port, sequel Dying Light 2: Stay Human – Cloud Version was announced for 4th February 2022, so for those willing to stream it’ll be ...
Today marks the start of the final phase of laptop distribution to students
Today marks the start of the final phase of laptop distribution to students
In this phase of the initiative, coordinated under the Government Laptop Distribution Programme, some 20,000 laptops which were procured by the Government, ...
The government is warning banking customers about Android malware that claims to help with tax refunds
The government is warning banking customers about Android malware that claims to help with tax refunds
The Drinik malware was reportedly used as a primitive SMS stealer back in 2016. CERT-In, though, suggested that it evolved recently as a banking Trojan, ...
COVID-19 toll on WVa eclipses worst US coal mine disaster
COVID-19 toll on WVa eclipses worst US coal mine disaster
Justice opens each of his weekly news conferences by reading the ages and home counties of every COVID-19 victim. He occasionally asks why the deaths aren’t ...
New LCD-5 flagship reference headphones, launched by Audeze
New LCD-5 flagship reference headphones, launched by Audeze
This pair of headphones clearly targets the audiophile community, as well as dedicated professionals who know that their ears like to hear when ...
Realme Narzo 50A run  reveals its innards Geek bench
Realme Narzo 50A run reveals its innards Geek bench
According to previously outed information, the Realme Narzo 50A will have a 6.5-inch display with a waterdrop notch, a 6,000 mAh battery, and a triple rear ...
You’re not allowed to use the Apple Watch Series 7’s secret wireless dock
Apple Watch 7 rumors: Release date, price, possible new health features and more
Aspiring to make the best smartwatch even better, the Apple Watch 7 looks a bit different than its predecessors. Adopting smoother chassis curves and thinner ...
Bartomeu blames Laporta for Barcelona's poor financial management
Which encryption is likely to surpass the fastest Bitcoin?
What is Tether? According to Ethereum’s website, the purpose of this upgrade is to make Ether more scalable, more secure and more sustainable in relation to ...
Twitter Is Working To Resolve The Issue With Disappearing Tweets
Twitter Is Working To Resolve The Issue With Disappearing Tweets
However, this also means you could be mid-way through reading a tweet when the timeline refreshes and the tweet disappears suddenly. The more users are ...
UK Clashs for Truckers Amid Supply Woe
UK Clashs for Truckers Amid Supply Woe
The problems have several causes, but one stands out: There just aren’t enough truck drivers. The U.K. is short tens of thousands of drivers, as factors ...
Show next
Compsmag - Latest News from tech, business and health
Logo