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Market shrinking for Boeing's jumbo jet

The market for Boeing’s jumbo jet is getting smaller.

The 747 was an aviation marvel for its size and range when it debuted in 1970. But anymore, its sleeker siblings are taking bites out of the jumbo jet’s airspace.

The company has logged just one order this year for the latest passenger version of the 747. Chicago-based Boeing recently discussed a 747 order with Emirates Airlines but executives and analysts figure it’s unlikely because Emirates is already buying 150 Boeing 777X jets, Bloomberg reports.

The main customer for new jumbo jets could be the White House. The president isn’t a bad customer to have, but how many planes can one world leader order? The Air Force plans to upgrade the all-747 presidential fleet by 2023. The planes in the presidential fleet date back to August 1990.

“Air Force One is it unless a miracle happens in the airfreight business,” said Glen Langdon, president of Langdon Asset Management, a San Francisco firm that has extensive experience selling used 747s and other wide-body freighters.

via Bloomberg