Aviation data firm Cirium expects the world’s freighter fleet to grow at 2.3% per year over the next 20 years.

The data provider predicts that the world’s freighter fleet will reach over 4,100 aircraft by 2041 on the back of a 3.7% per year increase in cargo demand. The forecast also predicts the supply of some 3,560 freighter aircraft over the next 20-year period, including 1,060 new builds and 2,480 conversions from passenger aircraft.

This figure reflects the near-term boom in conversions due to air cargo market dynamics of the Covid-19 pandemic, including e-commerce growth and rising feedstock availability.