U.S. planemaker Boeing has raised its industry-wide forecast for new jetliner deliveries over the next 20 years by 3%, now predicting 43,975 new planes. This increase is driven by strong passenger demand, heightened airline competition, and the need to replace older, less efficient aircraft.

The aviation industry, heavily impacted by the pandemic, saw air travel plummet but then recover sharply. This resurgence has left many companies dealing with labor and parts shortages, as well as other supply chain issues. Manufacturers like Boeing and Airbus are struggling to meet the significant demand, leading to multi-year waits for new planes.

Boeing updated its forecast just before the Farnborough Air Show near London, which begins on Monday. The company noted that airlines will need a growing number of planes through 2043.

Darren Hulst, Boeing's vice president of commercial marketing, highlighted that the retirement rate of older airplanes has halved over the past four years due to the lack of new aircraft entering the market. He expects this issue to be resolved in the medium to long term as supply constraints ease.

Boeing projects that single-aisle airplanes will make up 33,380 of the forecasted deliveries, or 76% of the total demand. The remaining deliveries by 2043 are expected to include 8,065 widebody planes, 1,525 regional jets, and 1,005 freighters.

Approximately half of the new jet deliveries will replace older models, while the other half will expand airline fleets. Boeing anticipates the global aircraft fleet to nearly double in the next 20 years, from about 26,750 jets in 2023 to 50,170 by 2043. The company also raised its industry-wide passenger traffic growth rate forecast to 4.7%.

Boeing has faced a safety crisis since January following an in-flight emergency involving an Alaska Airlines 737 MAX 9. The Federal Aviation Administration (FAA) has taken the unprecedented step of halting Boeing's expansion of 737 MAX production until it is satisfied with the company's quality and safety improvements.

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