Boeing projected that Africa’s airlines will require 1,030 new airplanes by 2040 valued at $160 billion.
Including aftermarket services such as manufacturing and repair worth $235 billion, Africa’s 20-year commercial aviation market opportunity will hit $400 billion.
According to Boeing, Africa’s strong, long-term growth prospects for commercial aviation are closely tied to the continent’s projected 3% annual economic growth over the next 20 years.
“Initiatives such as the African Continental Free Trade Area and Single African Air Transport Market are expected to stimulate trade, air travel and economic cooperation,” said Boeing. “Additionally, the region’s middle class and working population is projected to double by the end of the forecast period, driving increased demand for air travel, according to Boeing.”
Randy Heisey, Boeing managing director of Commercial Marketing for Middle East and Africa said in a written statement that the continent has healthy opportunities to expand travel and tourism, coinciding with increasing urbanization and rising incomes.
“African carriers are well-positioned to support inter-regional traffic growth and capture market share by offering services that efficiently connect passengers and enable commerce within the continent,” said Heisey.
The company also estimated that demand for aviation personnel will rise to 63,000 new professionals, including 19,000 pilots, 20,000 technicians and 24,000 cabin crew members.