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Which Airlines are Ordering the Most Commercial Jets?

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Visualizing the Largest Commercial Jet Orders, by Airline

Which Airlines are Ordering the Most Commercial Jets?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Commercial jet orders hit records in 2023 as travel demand soared.

India’s IndiGo airline ordered 500 jets in June, estimated to be valued at a $55 billion list price. In reality, this price is likely lower given that it was a large order (the financial statements have not yet been disclosed). Just months earlier, Air India ordered 470 jets.

The last time an order was this large was in 2011 with American Airlines purchasing 460 aircraft.

This graphic, from Julie Peasley, shows the biggest orders of aircraft around the world in 2023.

Which Airlines Bought the Most Aircraft?

The aircraft industry is run by a duopoly between Boeing and European giant Airbus, with a commercial jet running at more than $100 million.

Here are the top airlines by aircraft orders in 2023:

RankingAirlineCountryNumber of Aircraft
Ordered in 2023
1IndiGo🇮🇳 India500
2Air India🇮🇳 India470
3Southwest Airlines🇺🇸 U.S.156
4Emirates🇦🇪 UAE156
5Ryanair🇮🇪 Ireland150
6United Airlines🇺🇸 U.S.110
7Wizz Air🇭🇺 Hungary75
8Qatar Airways🇶🇦 Qatar73
9SunExpress🇹🇷 Türkiye45
10Avolon🇮🇪 Ireland40
11Riyadh Air🇸🇦 Saudi Arabia39
12Saudia🇸🇦 Saudi Arabia39
13Pegasus🇹🇷 Türkiye36
14Cathay Pacific🇭🇰 Hong Kong SAR32
15Flynas🇸🇦 Saudi Arabia30
16flydubai🇦🇪 UAE30
17airBaltic🇱🇻 Latvia30

As the above table shows, airlines in India purchased more jets than the next 13 countries combined.

Travel demand in India is projected to boom as the most populous country in the world continues to grow. India is the world’s third-biggest domestic aviation market and by 2042, its market is projected to be five times larger than 2019 levels.

Across India, discretionary spending accounted for 24% of household consumption in 2020, up from 13% in 2000.

Southwest Airlines and United Airlines each purchased over 100 jets. U.S. air travel hit records last year at 16.3 million flights.

Saudi Arabia’s new airline, Riyadh Air, purchased 39 jets as the country looks to boost international tourism. Prior to 2019, most foreign visitors couldn’t travel to the country. The airline is financed by the Public Investment Fund, the Saudi sovereign wealth fund and one of the biggest in the world. This investment is projected to add $20 billion to the economy.

Safety Concerns in the Spotlight

After a window blew out of a Boeing 737 Max 9 aircraft in early January, regulators are requiring the temporary grounding of almost 200 planes for safety inspections.

The Max 9’s are used by just two American airline operators, Alaska Air and United Airlines.

Prior to this incident, deliveries of Max 9’s were delayed due to potential manufacturing flaws involving loose bolts in the rudder-control system. In 2018 and 2019 an earlier version of these planes, the Max 8, crashed twice resulting in the death of 346 passengers. Max 8 and 9 planes were grounded for two years.

The two fatal crashes have cost Boeing an estimated $20 billion in settlements and fines, including a $2.5 billion criminal investigation settlement surrounding safety issues.

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This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.

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Markets

Visualized: Mid-Year Interest Rate Cut Forecasts for 2024

Today, the majority of institutions are forecasting one or two interest rate cuts in 2024, a notable decline from earlier projections.

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This bar graphic shows forecasts for interest rate cuts in 2024 across institutions.

Mid-Year Interest Rate Cut Forecasts for 2024

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Today, many institutions are trimming back their rate cut expectations given strong labor market data and slow progress on inflation.

At the beginning of 2024, several banks forecasted five or more interest rate cuts over the year, while the median projection for Federal Reserve policymakers was three quarter-point cuts by fiscal year-end in March. Now, it has pared this back to one rate cut this year.

This graphic shows mid-year interest rate forecasts, based on institution reports via Nick Timiraos of the Wall Street Journal.

Will the Fed Cut Interest Rates This Year?

Below, we show interest rate forecasts across 21 institutions as of June 2024:

Forecasted Rate Cuts
in 2024
Number of Institutions
as of June
Number of Institutions
as of April
Names of Institutions
0 bps31Jefferies, Mizuho, Societe Generale
25 bps80Bank of America, Barclays, BNP Paribas,
Deutsche Bank, HSBC, JP Morgan,
LH Meyer, RBC
50 bps71Evercore ISI, Goldman Sachs, Nomura,
Oxford Economics, TD Securities, UBS,
Wells Fargo
75 bps29Citigroup, Morgan Stanley
100 bps15MUFG
125 bps03N/A

Overall, more than half of the institutions seen in the above table anticipate the first rate cut to take place in September.

Citigroup, for example, is forecasting quarter-point rate cuts in September, November, and December. In June, the bank scaled back their projections, which were previously calling for four cuts beginning in July. A key indicator that the bank is watching is the unemployment rate, which slowly increased to 4% in May, up from 3.9% a month earlier. It also expects inflation to continue cooling over the coming months.

Like Citigroup, Goldman Sachs and Nomura see the first rate cut taking place in September.

In more of a hawkish camp, JP Morgan anticipates the first cut to be in November due to continued momentum in the labor market. This year, the bank has shifted from three interest rate cuts to one, citing that job weakness may take several months to play out.

Today, many banks are aware that while inflation has moderated, the Fed is keeping a close watch on future inflation risks. As of May, inflation stands at 3.3%, falling for two consecutive months after trending upward in early 2024.

U.S. interest rates have remained at 5.25-5.50% since July 2023, sitting at their highest level in 23 years. Yet, despite higher borrowing costs, it is taking longer than anticipated to beat inflation or dampen consumer spending. Part of the reason is that many people and corporations locked in low interest rates seen during the pandemic, and the impact of higher interest rates hasn’t fully begun to bite.

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