Airbus Says World Jet Fleet To Double
Airbus has forecast a doubling of the size of the world’s passenger aircraft fleet over the next 20 years, worth USD$5.3 trillion in sales.
The company’s Global Market Forecast 2017-2036 sees traffic growing at a rate of 4.4 percent per year as rising disposable income expands tourism and increases the number of first time flyers. Emerging markets will account for almost 50 percent of private consumption by 2036, as they grow by double the rate of mature markets.
Airbus COO John Leahy said “Asia Pacific continues to be an engine for growth, with domestic China to become the world’s largest market. Disposable incomes are growing and in emerging economies the number of people taking a flight will nearly triple between now and 2036.”
Over the 20 years covered in the report, Airbus forecasts the need for 34,170 passenger and 730 freighter aircraft, worth a combined $5.3 trillion. Of the total, 70 percent would be single-aisle aircraft, with 60 percent of sales supporting traffic growth, and 40 percent to replace older and less fuel efficient jets.
In the single aisle market, Airbus forecasts the need for 24,810 aircraft, with a value of $2.4 trillion. For wide-bodies, the forecast is for 10,100 aircraft, worth $2.9 trillion.
With the doubling of the world fleet, additional pilots and maintenance engineers will be needed to support the growth. Airbus forecasts that at 530,000 new pilots and 550,000 engineers, with parallel growth in global service companies.