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06:32 AM EDT, 07/06/2018 (MT Newswires) -- The world's passenger fleet will more than double to 48,000 aircraft in 20 years with traffic growing at a resilient 4.4% per year, according to Airbus. That rate of growth will drive a need for 37,390 new passenger and freighter aircraft, which will cost an estimated $5.8 trillion, Airbus said in its new Global Market Forecast for 2018-2037. The European aircraft manufacturer noted that the growth drivers behind the surge included 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% of economic growth, with trips per capita to multiply 2.5 times for these nations, Airbus said. Of the 37,390 new aircraft required, 26,540 are for growth and 10,850 will replace older generation, less-fuel-efficient aircraft, the company pointed out. The more-than-doubling in the world fleet to 48,000 aircraft will result in a need for 540,000 new pilots. |