Boeing says that Russia, Ukraine, and the Commonwealth of Independent States (CIS) will need 1,540 new planes between now and 2040. In its 2021 Commercial Market Outlook (CMO) for the region published today, the American planemaker says that the commercial aircraft market and after-sales and service will be worth $520 billion.
Boeing predicts that Russia will lead other countries in the region in the recovery of air travel following the COVID-19 pandemic. The Seattle planemaker also says that it expects to see an increase in both leisure and business travel.
The growth will be driven by single-aisle aircraft
According to Boeing, the growth in the commercial aviation market in the region will be driven by the sales of single-aisle aircraft. Russia and the surrounding countries will also need aftermarket aviation services such as maintenance, repair, and the conversion of passenger aircraft to freighters and digital services. Boeing values all these after-sales services to be worth $320 billion.
Last year, Boeing predicted that global and regional air travel would quickly recover after one of the worst periods in aviation history passed. We are now witnessing this happening following a robust economic rebound from the medical emergency. The public's desire to travel again following lockdowns and restrictions is also evident following an increase in bookings. Boeing pointed out that of all the countries in the region, Russia recovered first with a tremendous pent-up demand for domestic flights in all of its 11 time zones.
Boeing is ready to support airlines in Russia and the region
When speaking about its 20-year prediction for Russia, Ukraine, and the CIS in a company statement, Boeing managing director of Commercial Marketing for Russia, Ukraine, and the CIS, Randy Heisey, said:
"Boeing is ready to support carriers in Russia, Ukraine, and the CIS as they transform their business models and take advantage of opportunities for further growth. Aviation is vitally important for enabling robust domestic tourism growth and a rebound in long-haul leisure travel while also supporting trade and cargo links across a huge geographic region."
Hear from aviation’s movers and shakers. Book your free ticket for the Future Flying Forum!
83,000 new jobs will be created
In its 2021 Commercial Market Outlook (CMO) for the region, Boeing made the following predictions for the next 20 years:
- Air traffic will grow at a rate of 2.9% annually, tied to an economic growth forecast of 2.1% a year
- More than a half of all new aircraft deliveries to the region will be to support airline growth
- Older aircraft will be replaced with newer, more fuel-efficient aircraft
- By 2040 airline fleets in the area will number 2,000 planes
- Single-aisle airplanes will represent 75% of all new deliveries, with demand for 1,150 airplanes
- Low-cost-carriers will lead the way with new airlines emerging while established ones expand their routes
- 160 new widebody jets will be needed to serve long-haul leisure and air cargo markets
The region will also require 83,000 new aviation personnel made up of the following jobs:
- 25,000 pilots
- 25,000 technicians
- 33,000 cabin crew
What do you think about Boeing's 20-year forecast for Russia, Ukraine, and the CIS? Please tell us what you think in the comments.