Air Travel May Return to Pre-Pandemic Levels By 2024: Boeing Says
Single-Aisle Aircraft, Including Boeing 737 Max 10 Are Expected to Have A Dominating Demand for New Aircrafts
The airplane manufacturing firm Boeing stated that they are currently expecting that it will probably require around two more years for the entire global aviation to be able to return back to their pre-pandemic levels. The vice president of commercial marketing said that the aviation industry is currently gradually on the verge to recover to the previous levels of air travel, as they were back in 2019, by the end of the year 2023, and in the early period of 2024; while the flying of domestic flights is to be at the forefront of any kind of positive recovery levels.
The longest time that would be required to recover in air travel would be for international flights with long routes, according to the forecast given by Boeing, which is majorly due to the restrictive measures that have been imposed by the government over air travel.
Boeing also said that these restrictions are required to be slightly eased to be able to recover from the pent-up demands that have already existed in the market amid the coronavirus pandemic.
According to IATA, the airline body, in the previous year, due to the onset of a deadly worldwide pandemic, the number of passengers had fallen around 60% to 1.8 billion, and the aviation industry had lost more than $126 billion from restrictions imposed on global air travel and has been recorded as the worst year.
Boeing also stated that the strength of the current economic condition globally is key to be able to recover from the ongoing slump. Using the data collected by the HIS Economics, the economy worldwide is currently trending back towards where it might have been in the rapid spread of viral pathogens all across the world would not have happened.
It is currently being expected by the International Monetary Fund that the global economy is likely to grow around 6% by the end of this year, and almost 4.9% in the upcoming next year, as it would be able to recover from the damages that have been inflicted over the entire world by the coronavirus pandemic.
But by having a coordinated approach globally on the restriction placed over air travel is also a significantly important factor in the process towards recovery. The common understanding of the rules of air travel enables the general population to resume their businesses, visitations, and their usage of the global transportation system, similar to that they had been using before the onset of the deadly worldwide pandemic.
According to the entire world, the governments have been taking their self-made approaches for the recognition of vaccines along with the Covid testing status. There also have been different kinds of requirements around the period allotted for quarantine for those individuals that recently have been traveling internationally, which has resulted in an extremely complicated set of affairs.
However, in the previous month of August, the European Union has introduced a specified passport for the vaccine that would make it easier for the general population to be able to make air travels across borders within the bloc.
The entire aviation industry plays a major role in the economic condition of the world. The International Civil Aviation Organization of the United States had estimated that before the onset of the coronavirus pandemic, the industry had been worth about 3.6% of the economy globally due to excessive air travel and has supported a large amount of 65.5 million jobs throughout the world.
Rising industry in China
An increased forecast has been estimated by Boeing regarding the new aircraft that the global aviation industry will require over the upcoming 20 years. By the year 2040, about 43,610 new commercial aircraft will be needed for air travel, which is slightly more than the previous number of 43,110 that had been predicted by the United States aircraft-making firm in the past year. They are likely to have a combined worth of around $7.2 trillion.
The growing number of shares are to go to Asia and the Middle East, as the country of China is looking to replace the United States as the biggest market for aviation globally.
The recently predicted amount of required new commercial aircraft is sligEconomyhtly lower than the quantity that had been given before the coronavirus pandemic when according to Boeing, the requirement for the industry due to increasing air travel would be more than 44,040 over the coming 2 decades.