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(Sharecast News) - French aerospace giant Airbus has predicted a 3.6% average annual increase in passenger traffic over the long term, it announced in its Global Market Forecast on Thursday.
The estimate is supported by an expected 2.5% expansion in global GDP, a 1.2bn increase in urban populations and 1.5bn more people entering middle class - the demographic most likely to fly.
According to Airbus, this growth will require around 43,400 new passenger and freighter aircraft deliveries over the next 20 years, comprising 34,250 single-aisle plans and 9,170 widebodies.
Importantly, the manufacturer said that 44% of these new deliveries will be to replace less fuel-efficient previous-generation models.
"A key benefit of aviation is to connect people and enable commerce, even in times of uncertainties, not only domestically but further afield. This is leading to some emerging flows and evolving markets," Airbus said.
The company estimates that domestic traffic within India will surge by 8.9%, followed by emerging Asia to China routes (+8.5) and Middle East with emerging Asia (+5.3%).
However, as demand grows, so will the need for skilled professionals within the industry, Airbus said. "A doubling in the global in-service fleet above 49,000 aircraft by 2044 will generate a need for new pilots, technicians, cabin crews and create careers throughout the aviation eco-system," the company said.
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