Boeing predicts a demand for more than 35,000 new airplanes over the next two decades valued at $4.8tr. Both cargo and passenger traffic are expected to grow 5 percent annually.

"This forecast gives us confidence as we increase our production rates and invest in new products like the 777X and 787-10X," Randy Tinseth, vice president of marketing, Boeing Commercial Airplanes, said. "Airlines are demanding more efficiency, and that is exactly what we'll be giving them."

The single-aisle market, served by Boeing's Next-Generation 737 and the future 737 MAX, is the main driver of the forecast.

Widebodies, such as Boeing's 747-8, 777 and 787 Dreamliner, also make up a large part of the forecast. This is due in part by airlines replacing their older fleet with new, more fuel-efficient airplanes.

After facing high and volatile fuel prices and a competitive environment, airlines have been forced to change the way they manage their business.

"Our customers are focused on growing their networks, managing their capacity and investing in new fleets," Tinseth said. "These trends will shape market demand for airplanes that have highly efficiency, low operating costs, environmentally progressive technologies and a great passenger experience. We believe Boeing's current and future products are perfectly aligned to meet those needs."

Source: Air Cargo World