Aircraft maker Boeing says intra-regional and domestic flight networks across Africa will grow at 6.1 percent compound annual growth rate (CAGR), driving a 20-year demand for 1,010 new airplanes by 2040, valued at $176 billion.
The firm said this week that with Europe remaining the most prominent origin/destination for African carriers, overall African air traffic growth is forecast at 5.2 percent, the third highest globally.
Boeing provided the data as part of its 2022 Commercial Market Outlook, the company’s long-term assessment of global demand for commercial airplanes and services.
According to the statement, African aviation traffic has recovered strongly in 2022, with pent-up demand and economic growth driven by higher global commodity prices allowing African airlines to recover flight operations to 80 percent of pre-pandemic levels.
Africa’s above world average annual economic growth of 3.1 percent, combined with increasing rates of urbanisation and a growing middle class population will continue to drive the continent’s long-term traffic demand.
