Boeing says its global demand for new airplanes is stronger than it previously thought after it released its global long-term industry outlook,
The planemaker raised its global forecast for the commercial aircraft industry over the next two decades.
Boeing said the airline industry will need 44,040 new commercial airplanes worth $6.8 trillion by 2038, up 3% from $6.49 trillion estimated last year.
The biggest demand, Boeing says, will be in single-aisle jets, where the company estimates airlines will need to make 32,420 narrow-body planes by 2038.
The outlook values the aerospace and defense market at $8.7 trillion over the next decade, up from $8.1 trillion a year ago.
Supporting the defense, space and commercial platforms with lifecycle solutions will fuel a services market valued at $3.1 trillion through 2028.
"Aerospace and defense continues to be a healthy and growing industry over the long term, boosted by strong fundamentals across the commercial, defense and services sectors and demand that is geographically-diverse and more balanced between replacement and growth than ever before," said Boeing chief financial officer and executive vice president of enterprise performance & strategy Greg Smith.