Commercial aviation is a dynamic industry, always changing and adapting to market forces—and the market for commercial aviation is steadily growing. Year-over-year traffic growth averaged 6.5 percent during the past five years, according to Boeing’s Commercial Market Outlook. The IATA (International Air Transport Association) estimates that, in less than 20 years, the number of aircraft passengers will double, and Boeing predicts that there will be 7.3 billion people flying by the end of 2034. The key drivers behind this steadily rising demand are economic growth and income growth, which, in turn, led to rising levels of consumer spending on travel and tourism.
Global demand for air travel is growing, driven in part by the rise in middle-income travelers in places such as India and China. The next few years should see the rise of narrow-body planes designed to ferry a smaller number of passengers between hub cities.