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Expanding trade as well as an expanding tourism market, the volume of goods and people moving from place to place around the world is consistently increasing. As more and more people around the world are able to get out of poverty, domestic travel and cargo markets are also likely to increase (we've already seen this in countries like China and India). In 2005, Boeing's Commercial Market Outlook stated that over the next twenty years, the Asia Pacific region would account for about 36% of total deliveries (Gross, 2005). Looking at Boeing's 2010 Commercial Market Outlook, Boeing notes that most economies in the Asia Pacific region were able to weather the recent economic recession and they are recovering. Boeing states that "with China and India leading the growth among emerging markets, the region's economy will grow at a rate of 4.6% per year for the next 20 years, significantly outpacing the world's average growth rate" (Boeing, 2010).
Boeing notes in its 2010 market outlook that because of rising passengers and cargo traffic, there is the need for a growth in fleet. Boeing must work to modernize their fleets and work to meet the growing demand for travel by air. Asia Pacific airlines is said to need 10,320 new airplanes, "valued at more than $1.3 trillion," over the next two decades (Boeing, 2010). With globalization comes the increased demand for travel and we can see that even places with a relatively low population (such as the United Arab Emirates) are demanding more aircraft as people from around the world flock to different and exotic destinations. Boeing's fleet is predicted to grow each year at a rate of 3.2%, nearly doubling all of the airplanes today to over 36,000 airplanes in 2029 (Boeing, 2010). Globalization, in the case of Boeing, is one of the greatest things to happen to the company.
Boeing predicts that the greatest demand for new aircrafts will come from the United States, then China, and thirdly, the United Arab Emirates -- even though they have a population of fewer than 5 million people, "yet home to several highly competitive airlines" (Boeing, 2010).
References:
Boeing. (2010). Long-term market -- world regions: Asia Pacific. Retrieved on August
14, 2010, from the Web site: http://www.boeing.com/commercial/cmo/asia-pacific.html
Georgetown Journal of International Affairs. (2003). Expanding horizons: Boeing's global business operations. Georgetown Journal of International Affairs,49, 49-
56.
Gross, Daniel. (2005). Boeing almighty. Slate. Retrieved on August 14, 2010, from the Web site: http://www.slate.com/id/2124024
http://lgo.mit.edu/?fileName=news_articles/lfm_boeing/lfm_boeing.html
Silverthorne, S. (2007). Best practices of global innovators. Working knowledge. Harvard Business School. Retrieved on August 14, 2010, from the Web site, http://hbswk.hbs.edu/item/5750.html
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