projects the world's fleet of commercial aircraft will double through 2032, with airlines requiring $4.4 trillion in new jets.
(An info-graphic of highlights from Airbus' 2013 Global Market Forecast. Photo, courtesy of Airbus.
In its latest 20-year Global Market Forecast (GMF), the airframe manufacturer said airlines will require 29,222 jets in the forecast period, which is an increase of 3.7 percent from a year ago. Airbus said the growth of middle classes and economic growth within emerging economies will lead to airlines needing to replace existing aircraft with more fuel efficient ones.
The forecast projects single aisle short and medium-haul aircraft such as the Airbus A320 and Boeing
737 will garner the highest demand, accounting for 71 percent of new deliveries or 20,242 new aircraft valued at $1.8 trillion.
In contrast, the market for the Airbus A380 and Boeing
747 will see the lowest demand with airlines requiring just 1,334 new jetliners from the larger aircraft segment.
John Leahy, COO of Airbus, said by 2032 the Asia Pacific region will "lead the world in traffic overtaking Europe and North America." According to its forecast, the region will lead the world in demand for new passenger aircraft, accounting for 36 percent of fleet upgrades, followed by Europe and North America.
In June, Airbus rival Boeing increased its own 20-year market outlook by 3.8 percent, based on similar regional trends in air traffic growth and passenger demand.
Related: Boeing Raises 20-Year Global Aircraft Market Forecast