In the next 20 years, air traffic will grow at 4.7 percent annually, requiring more than 29,220 new freighters and passenger aircraft valued at nearly US$4.4 trillion (3.2 trillion euros), according to Airbus’ Global Market Forecast.
About 870 of these aircraft will be freighters.
Economic growth, growing middle classes, urbanization, tourism and migration are some factors increasing connectivity between people and regions. Increasing urbanization will lead to a doubling of mega cities from 42 today to 89 by 2032, and 99 percent of the world’s long-haul traffic will be between or through these.
Traffic growth has led to average aircraft size growing by 25 percent with airlines selecting larger aircraft or up-sizing existing backlogs.
“By 2032, Asia-Pacific will lead the world in traffic, overtaking Europe and North America,” John Leahy, COO, customers, said. “Today on average, a fifth of the population of the emerging markets take a flight annually and by 2032, this will swell to two-thirds.”