Airbus predicts demand for 37,390 new aircraft globally

Aircraft manufacturer Airbus on Friday predicted a global demand of 37,390 new passenger and freighter planes valued at $5.8 trillion over the next 20-years.

According to Airbus` new Global Market Forecast (GMF) 2018-2037, the world`s passenger fleet is expected to more than double to 48,000 aircraft in 20 years with traffic growing at a resilient 4.4 per cent per year.

The GMF said that growth drivers include private consumption increasing 2.4 times in emerging economies, higher disposable incomes and a near doubling of the middle classes globally. 

"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," Airbus Chief Commercial Officer Eric Schulz was quoted as saying in a statement. 

"These realities made us develop a new segmentation with small, medium, large and extra-large categories, reflecting more closely the way airlines operate aircraft." 

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The report added that out of the 37,390 new aircraft required, 26,540 are for growth and 10,850 will replace older generation less fuel efficient aircraft.