The jumbo jet is officially going extinct - here's a look at its glory days

Boeing

Boeing might stop producing its iconic 747 aircraft.

"If we are unable to obtain sufficient orders and/or market, production and other risks cannot be mitigated, we could record additional losses that may be material, and it is reasonably possible that we could decide to end production of the 747," Boeing said in a regulatory filing.

Boeing is currently producing one 747 every month, but said it will cut down starting in September to one every other month.

For more than 40 years, the wide-body jumbo jet ruled the skies. But with changes in aviation regulations and airline-business strategy and improvements in turbofan-engine technology, the days of huge aircraft are drawing to a close. Since its introduction in 1969, the Boeing 747 has transformed the way people travel. With its ability to fly 500 passengers 6,000 miles, the jumbo jet allowed airlines to reach new destinations while achieving profitability by lowering the per-seat cost of operation.

Over the years, Boeing was joined in the long-haul wide-body market by offerings from McDonnell Douglas, Lockheed, and Airbus. In 2005, Airbus introduced the double-deck A380-800 - perhaps the most capable rival the Boeing jumbo jet had ever encountered.

But these days, Boeing and Airbus are having a hard time finding new buyers for both aircraft. The cost of purchasing such a large craft, combined with the fact that they're relatively energy inefficient, makes them impractical.

Demand for the big jets has also dwindled as aviation regulations changed, airlines moved away from the hub-and-spoke model for their routes, and jet-engine technology improved - making it safer for aircraft to fly long distances with just two engines. Sadly, even the 747's freighter business is struggling.

Airbus hasn't won an airline order for the double-decker jet since it sold Emirates a batch two years ago. Although there are rumors that Japan's ANA is looking to buy, don't expect many others to join in.

James Hogan, chief executive of Emirates' rival, Etihad, was unequivocal when asked by Business Insider if the group will buy another four-engine jet. "No, we're done," Hogan said. "We just believe in two-engine technology - they are much more efficient."

And Virgin Atlantic CEO Craig Kreeger told Business Insider that he was surprised Airbus was able to find as many takers for the A380 as they have. Long-distance and transoceanic flights were traditionally exclusively covered by the 747 and its fellow three- or four-engine, wide-body jumbos because, when it comes to the engine count on an airliner, the thinking was that there is safety in numbers.

But as modern turbofan engines became more reliable, and engine failures far less common, the thinking and the regulations changed. As a result, most airlines have turned to twin-engine mini jumbos that are more fuel-efficient.

Further, airlines are moving away from the hub-and-spoke business model that calls for massive numbers of passengers to be routed through a single mega hub. Smaller, fuel-efficient jets, such as the Boeing 787 Dreamliner, allow airlines to offer passengers nonstop, point-to-point service without transiting through a hub.

Here's a look at the glorious past of the jumbo jet: