Over the next 20 years nearly 26,000 new passenger and freighter planes will be needed according to aircraft company Airbus. The world's passenger fleet amounts to more than 14,000 planes at the moment and this figure is expected to rise to 29,000 by 2029, representing a value of around £1,880 billion.
The company's forecast is 900 planes higher than its long-term prediction made at the end of 2009.
10,000 of the new planes will replace older and "less-green" aircraft.. The other 15,000 will be to accommodate passenger growth, said Airbus .
Demand for ultra-large aircraft such as the Airbus A380 superjumbo is expected to account for 7% of the total number of new planes over the next 20 years.
Around 24% of the new aircraft will be twin-aisle planes, with 69% being single-aisle aircraft.
Airbus said the demand for new planes was being driven by replacement of aircraft for newer, more eco-efficient models in mature markets; dynamic growth in new emerging markets; low-cost carriers particularly in Asia; further market liberalisation and capacity growth on existing routes.
Airbus customer chief operating officer John Leahy said: "The recovery is stronger than predicted and reinforces both the resilience of the sector to downturns and that people want and need to fly."
Chris Emerson, Airbus's head of product strategy and market forecast, said: "Airlines in Asia Pacific including China and India will carry one third of the passenger traffic by 2029, making it the largest region, overtaking the USA (23%) and Europe (23%)."
You can now view all QMT Magazine issues on your favourite tablet or smart phone.
Download the free Quality Manufacturing Today App from the Apple iTunes App Store or from QMT Magazine on Google Play.