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Home BUSINESSOver 29,000 new aircraft required in next 20 years: Airbus
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Wed, 25 Sep, 2013 12:00:19 AM
FTimes-Xinhua Report, September 25
 
File picture of Finnair's new Airbus A321.Photo - Lehtikuva
Global air traffic will grow by 4.7 percent annually, requiring over 29,220 new passenger and freighter aircraft in the next 20 years, according to Airbus' Global Market Forecast published on Tuesday.
 
As aviation becomes increasingly accessible in all parts of the world, future journeys will increasingly be made by air particularly to and from emerging markets, the aircraft maker said.
 
Economic growth, growing middle classes, affordability, ease of travel, urbanization, tourism and migration are some factors increasing connectivity between people and regions and how often they travel.
 
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.
 
"By 2032, Asia-Pacific will lead the world in traffic overtaking Europe and North America. 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," said John Leahy, Airbus' Chief Operating Officer - Customers.
 
"The attraction of air travel means that passenger numbers will more than double from today's 2.9 billion, to 6.7 billion by 2032, clearly demonstrating aviation's essential role in economic growth," he said.
 
Domestic flows are also set to rise strongly with domestic India growing at the fastest rate with nearly 10 percent, followed by China and Brazil with 7 percent. 
 
Overall, with an above world average traffic growth rate of 5.5 percent, Asia-Pacific will account for 36 percent of all new passenger aircraft demand, followed by Europe and North America. 
 
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