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Boeing forecasts $350 billion market for new airplanes in Latin America

Staff writer |
Boeing projects the Latin American commercial aviation market will grow at one of the highest rates in the world over the next 20 years.

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As a result, Boeing forecasts the region's airlines will need 3,050 new airplanes valued at $350 billion.

Of the 3,050 new airplanes needed, 83 percent will be single-aisle airplanes, spurred by intense regional traffic growth. The widebody fleet will require 340 new airplanes as regional carriers continue to compete more strongly on routes traditionally dominated by foreign operators.

Average airplane age in the region's fleet has been reduced from more than 15 years to less than 10 years since 2005, giving Latin America and the Caribbean a younger fleet than the world average.

The region has been in a steady replacement cycle since the mid-2000s and that trend will continue as nearly 60 percent of the current fleet is replaced over the next two decades.

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