Airbus said Tuesday the global airplane market will more than double in size over the next two decades as travel demand continues to grow.
The European airplane manufacturer said in a statement that it expects the airplane market to more than double to 47,990 in 2037 from 21,450 early this year, with traffic growing at an average of 4.4 percent a year.
Growth drivers include increasing private consumption in emerging countries, higher disposable incomes and a near doubling of the global middle class, the statement said.
“There is a growing trend to use aircraft across a broader range of operations, with today's more capable aircraft blurring the boundaries between market segments. These realities made us develop a new segmentation with small, medium, large and extra-large categories, reflecting more closely the way airlines operate aircraft,” Airbus Chief Commercial Officer Eric Schulz said in the statement.
Of the 37,390 new aircraft required, 26,540 are for growth and 10,850 will replace older, less fuel-efficient aircraft, it said.