CHICAGO, July 20 (UPI) -- The Boeing Co. said Tuesday it sees a $5.4 trillion market for new commercial airplanes and aviation services during the next 20 years.
The Chicago-based Boeing said that would bring about a doubling of the world's airplane fleet by 2023 and accommodate a forecast 5.2 percent annual increase in world air travel.
The company released its outlook during the Farnborough Air Show in the United Kingdom.
"The long-term market outlook remains positive," said Boeing Commercial Airplanes Vice President of Marketing Randy Baseler. "Even severe downturns such as we've experienced during the past few years do not change the fundamentals of economic growth and the need for people to travel."
Boeing projects operators will invest $2 trillion for approximately 25,000 new commercial airplanes during the next 20 years.
Of that, 17 percent will be regional jets; 59 percent will be single-aisle airplanes; 21 percent will be for intermediate, twin-aisle aircraft; and 3 percent will be for 747-size and larger airplanes.
