Boeing has projected the Latin American commercial aviation market will grow at one of the highest rates in the world over the next 20 years.
As a result, Boeing forecasts the regionâ€™s airlines will need 3,050 new airplanes valued at $350 billion.
â€œThe economies of Latin America and the Caribbean will grow faster than the rest of the world over the long term,â€ said Van Rex Gallard, vice president, Sales, Latin America, Africa and Caribbean, Boeing Commercial Airplanes.
â€œThis 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 six per cent per year â€“ well above the global rate.
â€œTo accommodate that growth, we forecast that the regionâ€™s fleet will more than double,â€ he said.
The widebody fleet will require 340 new airplanes as regional carriers continue to compete more strongly on routes traditionally dominated by foreign operators.
Average airplane age in the regionâ€™s fleet has been reduced from more than 15 years to less than ten years since 2005, giving Latin America and the Caribbean a younger fleet than the world average.
The region has been in a steady replacement cycle since the mid-2000s and that trend will continue as nearly 60 per cent of the current fleet is replaced over the next two decades.
â€œCommercial aviation and economic expansion go hand-in-hand in this region and around the world,â€ Gallard said.
â€œPassenger traffic grows as economies grow, and economies grow as commercial aviation grows. Every dollar that commercial aviation adds directly to a countryâ€™s GDP generates four times as much activity in the larger economy.â€