Airbus has raised its 20-year forecast for plane demand in the global aviation sector.
The European aircraft manufacturer now expects some 26,000 new passenger and freighter aircraft will be needed by 2029 in order to meet global demand.
This is roughly 900 more aircraft each year than expected in the last Airbus forecast released last year.
The increase in demand has largely been driven by replacement of aircraft for newer more eco-efficient models in mature markets, dynamic growth in new emerging markets, low-cost carriers particularly in Asia and capacity growth on existing routes.
“The recovery is stronger than predicted and reinforces both the resilience of the sector to downturns and that people want and need to fly,” said John Leahy, chief operating officer for customers at Airbus.
“Our entire product range is very well positioned to meet the economic and environmental needs for sustainable growth for the decades ahead.”
Out of the almost 26,000 additional passenger and freighter aircraft needed, around 25,000 will be passenger aircraft valued at over US$2.9 trillion.
Of these additional passenger aircraft, 10,000 will replace older less eco-efficient aircraft and some 15,000 will be for growth.
Taking into account today’s passenger fleet of over 14,000 aircraft, the world passenger fleet will rise to some 29,000 aircraft by 2029.
Boeing recently lifted its expectations for the next two decades, with demand from China seen as a key to growth.