Boeing (NYSE: BA) announced in a press release on Monday that the company anticipates mutual projects with the Latin American commercial aviation. The region is expected to be highly active and grow exponentially over the next 20 years. Boeing claims that the Latin American region is going to need about 3,050 new airplanes, valued at $350 million.
Van Rex Gallard, vice president, Sales, , and , of Boeing Commercial Airplanes said, "The economies of and the will grow faster than the rest of the world over the long term…This economic growth, coupled with rising incomes and new airline business models that give more people access to travel, is causing passenger traffic in the region to grow by 6 percent per year – well above the global rate.”
Boeing revealed estimates that out of the 3,050 new airplanes needed, 83% will be single-aisle airplanes popular in regions where intense regional traffic growth is witnessed. As for the widebody planes, the region will need about 340 new ones.
The Latin American region has been in a steady replacement cycle of their fleet for the last 15 years, and Boeing is expecting this trend to continue and accelerate, with about 60% of the current fleet to be replaced over the next two decades.