The number of jet planes in the world is set to double in the next two decades, mainly due to the developing markets, notably China. This is a recent statement of the European manufacturer Airbus which has released its market predictions for the period running up to 2032.
The air traffic is expected to grow by 4.7% each year. To facilitate this growth, 29,220 new aircrafts will be required both in the passenger and freighter categories. 10,400 of those will replace the existing fleet. This number is an increase from last year when the figure had been placed at 28,200.
The budget for this project is placed at $4.4 trillion. Two thirds of the new planes will be of the single aisle model. Very large aircrafts such as the Airbus A380 will be about 1,700. The worldwide Airbus fleet is expected to double to almost 36,560. The increase is attributed to economic growth, expansion of the middle class, tourism and migration.
By 2032, Airbus predicts that mega cities will increase from 42 to 89. Such cities have airports which handle over 10,000 long distance passengers daily.
According to Airbus CEO for customers, John Leahy, Asia Pacific will be handling higher traffic compared to North America and Europe by 2032. He added that a fifth of the population in the upcoming markets takes a flight every year, and this number will increase to two thirds by 2032.
The projections of Airbus match those of its American competitor Boeing, which has projected the need for 35,280 new planes by 2032 at a cost of $4.8 trillion. Boeing also intends to make more single-aisle planes as compared to the larger models to satisfy the demands expected to come from Asia, notably China. Leahy notes that the larger planes will see increased orders mostly in Asia Pacific.