Boeing Raises Long-Term Plane Demand Forecast, Reuters Reports

Tim Hepher and Alwyn Scott of

, reported in an article on Tuesday that

has increased its 20-year forecast for airplane demand. The U.S. plane manufacturer stated on Tuesday that it expects airlines, lessors, and freight firms to demand 35,280 new jets worth $4.8 trillion over the next twenty years. Leaders at Boeing have raised this metric by 3.8 percent as of last year. Boeing's positive forecasts reflect beliefs that a surge in Asia Pacific travel will spike consumer demand. Growth from this region of the world is expected to keep global production positive, even as rates in Europe and America begin to decline. Randy Tinseth, vice president for marketing at Boeing Commercial Airplanes stated in a news conference on Tuesday that, “By 2032, Asia-Pacific will be by far the world's largest travel market.” Tinseth also went on to comment that; “There is no doubt the industry's center of gravity is moving from the U.S. to Asia. Right now, 37 percent of all traffic touches Asia -- by 2032 it will approach 50.” Boeing maintains positive outlooks on its short-term forecasts as well. In addition to its twenty-year outlook Boeing also expects to see passenger and cargo traffic to grow by 5 percent for this upcoming year. By 2014 the company expects to see faster increases in its passenger traffic compared to its cargo traffic. Last year Boeing's global fleet of commercial airplanes hit 20,310, the first time this number has ever risen above 20,000. By 2032 Boeing hopes to double its fleet to 41,000 planes. Of the 2032 fleet 41 percent will be replacement aircrafts for jets coming out of service, and 59 percent will reflect growth in travel. Twenty years is a long time to wait, but non-the less, the future looks bright for Boeing.