LONDON, July 6 (Xinhua) -- The world's passenger fleet will more than double to 48,000 aircraft in 20 years with traffic growing at a resilient 4.4 percent per year, driving a need for 37,390 new passenger and freighter aircraft, Airbus said in its new Global Market Forecast 2018-2037 released Friday in London.
According to the report, growth drivers include private consumption increasing 2.4 times in emerging economies, higher disposable incomes and a near doubling of the middle classes globally. Emerging countries will account for over 60 percent of economic growth, with trips per capita to multiply 2.5 times for these nations. Combined with evolving airline business models and continuing liberalisation, the growing scale of air transportation will lead to an increasing resilience to regional slowdowns.
Greater aircraft range and capacity through technological developments allow airlines the flexibility to explore new business opportunities whilst maintaining focus on cost reduction.
"There is a growing trend to use aircraft across a broader range of operations, with today's more capable aircraft blurring the boundaries between market segments. These realities made us develop a new segmentation with Small, Medium, Large and Extra-Large categories, reflecting more closely the way airlines operate aircraft," said Eric Schulz, Airbus Chief Commercial Officer."
According to the report, in the Small segment typically covering the space where most of today's single-aisle aircraft compete, there is a forecast future requirement for about 28,550 new aircraft, representing more than three-quarters of total expected demand.
In the Medium segment, for missions requiring additional capacity and range flexibility, represented by smaller widebodies and longer-range single-aisle aircraft, Airbus forecasts demand for around 5,480 passenger and freight aircraft.
For additional capacity and range flexibility,, there is a need for about 1,760 aircraft. In the Extra-Large segment, typically reflecting high capacity and long range missions by the largest aircraft types, Airbus forecasts demand for nearly 1,590 aircraft over the next 20 years.
Of the 37,390 new aircraft required, 26,540 are for growth and 10,850 will replace older generation less fuel efficient aircraft. The more than doubling in the world fleet to 48,000 aircraft results in a need for 540,000 new pilots. Airbus continues to evolve its service business to meet the needs of its growing customer base.
Airbus' CEO Tom Enders told Xinhua that his company attaches importance to China's market as Airbus is increasing procurement from Chinese partners.
"Well absolutely I mean the market is vital for us otherwise it would not been the market, the place that we put our first final assembly line (outside Europe)ever. We have expanded on this foot print, we are now having a completing center also for A330, our corporation volume, our procurement volume with Chinese partners is steadily increasing. And I am absolutely positive on our further development in China."
Schulz also said China's market is a very important one out of all of the market in the world because is the fastest growing single market.
"Basically in China today the rate of air transport is quite low and the middle class population is flying less than basically 0.1-0.2 flight to year, which means basically that is where the big growth is coming and of course we are working very very close with all of our Chinese customer which are as you know, big range of customer including leasing companies because this is the market that is also accelerating on the leasing side as well as on the passenger commercial side," he said.
Airbus is a global leader in aeronautics, space and related services. In 2017 it generated revenues of 59 billion euro restated for IFRS 15 and employed a workforce of around 129,000. Airbus offers the most comprehensive range of passenger airliners from 100 to more than 600 seats. (1 euro = 1.17 U.S. dollars)
