: The world's passenger fleet will be more than double to 48,000 aircraft in 20 years with traffic growing at a resilient 4.4 per cent per year, driving a need for 37,390 new passenger and freighter aircraft according to Airbus' new Global Market Forecast 2018-2037. It is valued at US$5.8 trillion.
Growth drivers include private consumption increasing 2.4 times in emerging economies, higher disposable incomes and a near doubling of the middle classes globally. Emerging countries will account for over 60 per cent of economic growth, with trips per capita to multiply 2.5 times for these nations. Combined with evolving airline business models and continuing liberalisation, the growing scale of air transportation will lead to an increasing resilience to regional slowdowns.
Greater aircraft range and capacity through technological developments allow airlines the flexibility to explore new business opportunities whilst maintaining focus on cost reduction.
Of the 37,390 new aircraft required, 26,540 are for growth and 10,850 will replace older generation less fuel efficient aircraft. The more than doubling in the world fleet to 48,000 aircraft results in a need for 540,000 new pilots. Airbus continues to evolve its service business to meet the needs of its growing customer base.