The market for new planes over the next two decades is likely to reach USD 5.2 trillion as air traffic continues to grow at a steady 4.5 percent, annually, European aircraft manufacturer Airbus Industries said in a report Monday.
Airbus estimates that 33,000 new planes with a capacity of over 100 seats will be needed to satisfy demand, with 32,425 of the carriers needed in the passenger market and 645 transports in the freight market. In addition, the report said that 500,000 new pilots will be required to fill available jobs in the industry.
"By 2035, the world's aircraft fleet will have doubled from today's 19,500 aircraft to almost 40,000," Airbus said, adding that "13,000 passenger and freighter aircraft will be replaced with more fuel efficient types."
The growth in air traffic was attributed to "urbanisation and increased wealth in emerging economies, particularly in Asia," where economic growth is forecast to reach 5.6 percent per year, on average, and where the desire to travel will affect 75 percent of the population within 20 years, triple the 25 percent who travel at the present time.
The Middle Class in emerging economies is expected to double to 3.5 billion people by 2035, bolstering demand for air travel significantly higher.
Compared with the 300 percent traffic growth in Asia, Western Europe and North America will only record a 3.7 percent growth in travel, Airbus remarked. On the other hand, China's domestic air traffic will become the world's largest within 10 years, the report projected.