1、USA|Aerospace&Defense ElectronicsBoeingEquity ResearchJuly 22,2025 SheilaKahyaoglu*|Equity Analyst+1(212)336-7216|GregKonrad,CFA*|Equity Analyst+1(212)284-2391|KyleWenclawiak*|Equity Associate+1(212)323-7671|ConorWalters*|Equity Associate+1(212)323-3395|Global Pilot Outlook Unchanged at 2.4MMPersonn

2、el to 2044 on 4.2%RPK GrowthBA released its Pilot and Technician Outlook(PTO)for 2025-2044 estimating aglobal need for 2.4MM new comml pilots,technicians and cabin crew(unchfrom last yr)on+4.2%RPKs.New personnel demand is driven primarily byNBs,with an est need for 660K pilots,710K technicians and 1

3、MM cabin crewmembers to sustain projected 3.1%comml fleet growth.Two-thirds of newpersonnel will address replacement while the remaining third will support fleetgrowth.PTO Flat at 2.4MM on 4.2%Air Traffic Growth.Boeing released its Pilot and Technician Outlookfor 2025-2044 with a global need for nea

4、rly 2.4MM new commercial pilots,technicians and cabincrew(flat from last year)on 4.2%air traffic growth(vs 4.7%last year).New personnel demand isprimarily driven by NB aircraft,with the industry estimated to need 660K pilots,710K maintenancetechnicians and 1MM cabin crew members to sustain the proje

5、cted global commercial fleet.As inprevious reports,Eurasia,China and NA drive demand for 50%of new industry personnel.SouthAsia and Southeast Asia are expected to see staffing grow over 3X,representing the most rapidlygrowing regions by 2044.Across the globe,only one-third of new personnel will supp

6、ort fleet growth,while the remaining two-thirds of new personnel will address replacement.660K Pilots Needed Globally or 4.1%Annual Growth Rate.BA expects a need for 660K new pilotsthrough 2044(or 33K/yr)to meet growing demand from commercial operators,resulting in anannual personnel growth rate of